Bowen Pan: Boards are key to building successes that can shift a country’s trajectory

Building a business of global scale in less than a decade requires boards that are active, involved, and invested – often in every sense of the word. Successful Silicon Valley startups often adopt a governance model that looks unfamiliar to New Zealand boards, says entrepreneur and director Bowen Pan.

With a career that includes founding Facebook Marketplace (which now has more than 800 million monthly users) and leadership roles with global names including Stripe, Dropbox and Common Room, Pan is passionate about the potential of New Zealand companies to achieve big on the world stage. But he argues this will take a significant shift in governance culture.

Boards with skin in the game

In the United States, high-growth startup boards typically include investors, the CEO and one or more co-founders.

“That’s pretty typical,” Pan explains. “As companies prepare to go public, the board evolves into a more formal structure. Regardless, having directors with ‘skin in the game’ can be a powerful advantage.”

He points to Common Room, an AI-driven sales and marketing platform, backed by Greylock Partners (LinkedIn, Airbnb, Dropbox) and Index Ventures (Figma, Notion, Revolut).

“The venture firms had representation on the board, and I worked with them not just quarterly, but monthly, weekly, sometimes even daily. As a startup, you have to strategically leverage your board to drive the critical business outcomes – sales, market insight, introductions and investor perspective.”

These directors, Pan says, are deeply connected to the zeitgeist of global tech and bring invaluable signals about how the company is perceived, what execution looks credible and where the market is moving. 

“It elevates your perspective beyond day-to-day execution. Founders often get tunnel vision. Engaging at board level forces you to think like an investor and shareholder about how to grow long-term value.”

Rethinking ambition in New Zealand

Back in New Zealand, Pan sees progress – but also room for improvement. 

“In Silicon Valley, ambition is the default. Companies are built with the expectation of becoming multi-billion-dollar businesses. If you want to attract significant capital, you have to aim high, because for the first five to seven years you’re targeting 200% to 300% growth annually, sometimes much more.”

Not every business has to fit that mould, he notes. Lifestyle companies are legitimate in their own right. But the small percentage of ventures that aim to be the best in the world are the ones that move the needle for a country’s economic growth. 

“Those are the companies that we need to help fund the future we want in this country.”

New Zealand’s venture sector remains young but promising. “We now have a real venture-backed startup industry, and that’s exciting. The boards of these firms are leaning in a lot more, and the rest of corporate New Zealand can benefit from doing more of that. Sometimes that means bringing in experienced operators who’ve built scale before. Sometimes it’s about forming advisory boards with equity stakes. Either way, governance has to get closer to the engine room.”

Beyond compliance

This approach can bring governance and management closer together, which Pan sees as a practical necessity in high-growth companies (or those aspiring to become one).

Ultimately, management remains accountable for running the business, but Pan argues the board has a vital role in setting ambition, challenging leadership to move faster, backing bold decisions and leaning in where its expertise or networks can accelerate progress in a constructive way.

He contrasts this with what he sees as New Zealand’s default mode. Boards in New Zealand, in his view, often lean heavily on compliance and risk, important disciplines, but too rarely balanced with a focus on growth and long-term value. 

“Compliance and risk are essential – but they should be the guardrails. The main purpose of the board is to drive value: to push leadership to move faster, take bolder bets and execute at a higher level.”

Pan highlights NZME, where he serves as a director, as an example of a more engaged model. 

“Our board meets regularly and spends meaningful time with management to really understand both opportunities and challenges. That depth of understanding means we can provide the right guidance when it matters. Directors also go deeper in areas where they can add value – for example, I chair the OneRoof advisory board and support projects to accelerate growth. That level of engagement has been energising.”

The path forward

For Pan, the formula is simple but demanding. 

“What New Zealand companies can benefit from, across both startups and corporates, are three things: higher ambition to win globally, stronger performance cultures and a relentless focus on execution. If boards see their role as maximising long-term shareholder value and fulfilling a company’s true potential, those are the levers that matter most.”

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Bowen Pan will be delivering a keynote presentation at the IoD’s 2025 Leadership Conference in Auckland on 18 September about why New Zealand is uniquely placed to build world-class companies that think differently, move faster and scale globally. Tickets are still available.