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As discussed above, venture governance should not be mistaken with the governance of a startup. Rather, venturing is a fundamental value-creation mindset that companies embrace across their lifecycle. As a result, the governance challenges evolve through the lifecycle.

Nevertheless, there are common characteristics of venture governance that help to define the principles of venture governance. To ensure a comprehensive and integrated perspective on corporate governance, we utilize the Board Diamond framework. This stipulates that a full understanding of corporate governance takes into account three key dimensions: the board composition, board collaboration and board culture.

– Board culture: What values are important to enable effective corporate governance?

– [18] Board collaboration: How does the board interact with the key stakeholders?

– Board composition: Who should be part of an effective board?

Exhibit 5: Board diamond (Hilb 2018, boarddiamond.com)

As previously stated, a venture board is the glue that bonds entrepreneurs and investors. All players in the venture ecosystem face diverging expectations, and mastering dilemmas is a core skill of successful entrepreneurship (Wasserman 2012). The venture board cannot escape the management of dualism, i.e. the active dealing with diverging interests. At the same time, the venture board, in its role as a bridge between entrepreneurs and interests, must apply a dualistic approach to corporate governance that focuses on how to relate and integrate opposite requirements. Six dualistic principles are proposed for the three dimensions introduced above.