Board Control in VC-Funded Startups: How Founder Control Diminishes with Funding Rounds

Jason Lemkin addresses the percentage of Silicon Valley startups with $10M+ in VC funding that maintain founder-controlled boards. He explains that board control typically shifts from founders to VCs after 2-3 rounds of funding, with each lead investor typically gaining one board seat. By Series C, VCs generally hold the majority of board seats despite exceptions like Facebook.