I don’t want a term sheet—especially if you’re not asking any questions. That means if they’re on our board that they’re actually not going to be all that constructive in terms of really asking the tough questions. That is the role of the board. It’s to look outside and bring all their insight and wisdom to us and help guide the company.”

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The increased financialization of start-ups have led to CFO focusing on fundraising and M&A, so the responsibilities of a CBO are split between the CEO and CFO