22
Jul
2003
This week's feature story on DavenportOne's New Ventures Initiative (NVI) presents some bold new ideas in business development. The concept of a full-service business-development center is progressive, dynamic, and full of promise ... hopefully.
The credibility of this new organization will rest with two things: the makeup of its board of directors, and the application criteria and related policies that will govern the process for choosing and developing business plans to be presented to a cultivated group of angel investors.
One of the problems, as I see it, with many Quad Cities organizations that employ boards is the board-membership makeup and a prevalent lack of term limits. Not only do many boards recycle members term after term; there is also a great deal of cross-pollination with members seated simultaneously on more than one board. The result is often a lack of diversity, vision, and vitality. Not to mention that this modus operandi puts a lot of control in the hands of a very narrow few.
In addition, many times these board members reflect the viewpoint of management rather than the organizations' stakeholders. When this occurs, there is a disconnect and deterioration of public trust. A healthy skepticism on the part of a board is not only necessary but crucial to a board's role as guardian of the organization's mission and success in fulfilling it.
DavenportOne needs to reach out and aggressively seek new blood within the community, doing due diligence to recruit board members with the necessary competencies to effectively govern the NVI. If the same familiar faces that have traditionally served QC boards populate this new board, the effect could very well be inertia and nepotism. This could mean very little measurable progress or, worse yet, a handful of deals that get chosen to be developed by the NVI because of their connections, rather than their pro formas.
The old guard is known for its exclusiveness. The NVI should strive to position itself at the polar opposite of this governing philosophy. Board development for the NVI should utilize proven criteria that ensure robust member participation based on professionalism, qualification, and commitment, with a measure of altruism, passion, and civic pride.
Of equal importance is the policy that issues forth from this new board, because it will define the organization and will set the tone out of the gate. Policy should be such that any corruption of the process would be difficult, if not impossible. Taxpayers should not forget that they have a voice in how this particular process occurs. Our tax dollars through Vision Iow, as well as the funds we've contributed through the county and city, help make the NVI possible. This public component allows for transparency and should be utilized as often as possible.
At a minimum, policy should provide for a process that treats all comers equally, without bias or the potential insertion of special interests. Policy should also dictate comprehensive measurables by which each phase of any business plan's development can be gauged, without exception.
Finally, board accountability followed by management accountability should be non-negotiable. Expectations and performance of board members should be crystal clear from the beginning. This requires leadership from all members, not just a select few. If DavenportOne takes this holistic, transparent approach in implementing the New Ventures Initiative, then Quad Citians have every reason to be genuinely excited, even optimistic, about our community's economic future.
The credibility of this new organization will rest with two things: the makeup of its board of directors, and the application criteria and related policies that will govern the process for choosing and developing business plans to be presented to a cultivated group of angel investors.
One of the problems, as I see it, with many Quad Cities organizations that employ boards is the board-membership makeup and a prevalent lack of term limits. Not only do many boards recycle members term after term; there is also a great deal of cross-pollination with members seated simultaneously on more than one board. The result is often a lack of diversity, vision, and vitality. Not to mention that this modus operandi puts a lot of control in the hands of a very narrow few.
In addition, many times these board members reflect the viewpoint of management rather than the organizations' stakeholders. When this occurs, there is a disconnect and deterioration of public trust. A healthy skepticism on the part of a board is not only necessary but crucial to a board's role as guardian of the organization's mission and success in fulfilling it.
DavenportOne needs to reach out and aggressively seek new blood within the community, doing due diligence to recruit board members with the necessary competencies to effectively govern the NVI. If the same familiar faces that have traditionally served QC boards populate this new board, the effect could very well be inertia and nepotism. This could mean very little measurable progress or, worse yet, a handful of deals that get chosen to be developed by the NVI because of their connections, rather than their pro formas.
The old guard is known for its exclusiveness. The NVI should strive to position itself at the polar opposite of this governing philosophy. Board development for the NVI should utilize proven criteria that ensure robust member participation based on professionalism, qualification, and commitment, with a measure of altruism, passion, and civic pride.
Of equal importance is the policy that issues forth from this new board, because it will define the organization and will set the tone out of the gate. Policy should be such that any corruption of the process would be difficult, if not impossible. Taxpayers should not forget that they have a voice in how this particular process occurs. Our tax dollars through Vision Iow, as well as the funds we've contributed through the county and city, help make the NVI possible. This public component allows for transparency and should be utilized as often as possible.
At a minimum, policy should provide for a process that treats all comers equally, without bias or the potential insertion of special interests. Policy should also dictate comprehensive measurables by which each phase of any business plan's development can be gauged, without exception.
Finally, board accountability followed by management accountability should be non-negotiable. Expectations and performance of board members should be crystal clear from the beginning. This requires leadership from all members, not just a select few. If DavenportOne takes this holistic, transparent approach in implementing the New Ventures Initiative, then Quad Citians have every reason to be genuinely excited, even optimistic, about our community's economic future.
