It is a public company, not a private one
They may behave like a private one but legally they are public.
This means that the Board has legal responsibilities. I am not just suggesting it. Why do you think D&O insurance is so expensive! There are some limitations on the responsibility but you can sue a Board member personaly. Liability can also vary with the State of incorporation.
I am not suggesting changing the Board at all. I do not know the Present outside BOD members to make a judgement on their capabilities. I am talking about expending the Board.
Startup definition from dictionary:
"New business venture. In Venture Capital parlance, start-up is the earliest stage at which a venture capital investor or investment pool will provide funds to an enterprise, usually on the basis of a business plan detailing the background of the management group along with market and financial Projections. Investments or loans made at this stage are also called Seed Money.
A company may cease to be a startup as it passes various milestones, such as becoming profitable, or becoming publicly traded in an IPO, or ceasing to exist as an independent entity via a merger or acquisition."
Staff of 600
$75M of revenue
$5+M of profit
Operations in 6 or 7 countries
Public
They do not qualify as startup. If they think they are maybe that's the problem.
The WIFI does qualify as a startup. No revenue, patents, a bunch of good idea.
BG
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