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Governance of Ventures

The Role of Venture Boards, Entrepreneurs and

Investors in Entrepreneurial Value Creation


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In times of disruption, venturing becomes a key source of value creation. As new opportunities emerge and existing models fade, entrepreneurs, corporates and investors are eager to explore and exploit those opportunities. Venture governance, i.e. defining, implementing and following a fit-for-purpose model to provide direction and control in the best interest of all stakeholders, plays a crucial role in enabling and ensuring entrepreneurial value creation.


This book presents twelve perspectives on the governance of ventures, bringing together viewpoints from both practitioners and academics. It provides practical insights, introduces new perspectives and invites the reader – whether a member of a venture board, an entrepreneur or an investor – to reflect on their own approaches to venture governance.


Chapter 1 | Foundations of Venture Governance

Michael Hilb | Venture Governance – The Hidden Value of Entrepreneurial Value Creation

Dietmar Grichnik and Manuel Hess | The St. Galler Startup Navigator as a Governance Tool

Bijan Khezri | Free-Energy Governance – An Approach to Effective Venture Governance 

Hermann Arnold | Leading and Overseeing Ventures – Fourteen Decisive Questions


Chapter 2 | Governance of Founder-led Ventures

Sebastian Becker | Venture Governance: How the Lean Startup Philosophy Changes the Work of the Board

Thomas Duebendorfer | After a Financing Round is before a Financing Round – The Role of the Investor in Venture Governance

Menno van Dijk | Ten Principles of an Effective Scale-up Board Member

Rico Baldegger | Governance in International High-Tech Startups


Chapter 3 | Governance of Corporate Ventures

Thomas Sieber | Mastering Corporate Startups – Opportunities and Challenges

Jan Sedlacek | A Principles-based Approach to Corporate Venturing

Michael Hilb | Cracking the Collaboration Codes – How to Succeed in Ecosystems

Jan Paul Grollé | The Innovation Partnering Canvas – Getting Innovation Partners on the Same Page




















GoV Cover.webp

Hilb, Michael (Editor)

Governance of Ventures

The Role of Venture Boards, Entrepreneurs and Investors in Entrepreneurial Value Creation

ISBN: 978-3-258-08165-6

1st edition 2020


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