Real governance mistakes that helped founders grow

Startup founders rarely highlight their governance mistakes in glossy pitch decks, yet these hidden moments often shape the long‑term resilience of a startup. At the Luxembourg Venture Days 2025, three entrepreneurs openly shared situations that slowed them down, or in one case almost derailed a funding round.

Their stories offered honest insight and a welcome reminder that missteps are not a sign of weakness but a part of the journey. Learning from them, especially when others are willing to share their experiences, is what strengthens both founders and their companies.

When a board becomes a bottleneck instead of a boost

For Vitalie Schiopu of ClimateCamp, the first seed investment came with an immediate governance reality check. A newly installed board, built around investors and trusted acquaintances, lacked the expertise and operator experience the company needed. Meetings turned into lengthy reporting sessions rather than strategic discussions. Decisions stalled and progress slowed. 

We spent very long hours in sessions but did not make decisions.”
Vitalie Schiopu, ClimateCamp

Resetting the board with independent and industry‑specific advisors, combined with clear agendas and decision memos, transformed the dynamic. More focus, sharper debates and quicker decisions followed.

He encouraged founders to define board criteria early and to prioritise clarity, trust and discipline so that governance becomes a growth enabler rather than an obstacle.

Turning scientific complexity into actionable decisions

Pixel Photonics faced an entirely different challenge. With seven co‑founders, including two professors and several physicists joining as early shareholders, the company’s governance became as complex as its quantum technology.

Deep technical discussions slowed key decisions and posed a risk to momentum. Christoph Seidenstücker explained that installing a decision‑making advisory board provided a solution.

We achieved a massive speedup of the decision‑making process.” Christoph Seidenstücker, Pixel Photonics

The advisory board also played a vital role in fundraising, helping reduce the perceived risk of the management structure. Securing a seasoned industry chairman at a symbolic fee further strengthened credibility. 

He recommends establishing an advisory board early to streamline decisions and reduce friction, when operating in highly regulated or technical fields.

A near‑miss on the way to series A

Kevin Muller of Passbolt shared a story many startups can relate to. Solid KPIs and healthy bank accounts created confidence as the team prepared for a series A. The strategy was to go all in on marketing, supported by strong early signals. 

Then the fundraising winter of 2023 hit. Many experiments did not deliver the expected results and high cash burn became a red flag for investors leading to extremely low valuations. 

A good strategy articulated at the wrong time will not work.”
Kevin Muller, Passbolt 

The team acted quickly, cutting costs, refocusing on product and returning to investors a few months later with stronger fundamentals. 

He summed up his experience with three clear lessons: bring in industry‑specific advisors, understand the metrics expected at each funding stage and always prepare for market shifts beyond your control.

Resilience built on structure and shared experience

The stories may differ, but a clear message emerged. Governance is not about paperwork, it is about structure, diversity of skills and building the right decision‑making environment.

Whether it is forming a board with real operational insight, using advisory groups to navigate complexity or adjusting strategy when the market moves unexpectedly, founders benefit from surrounding themselves with the right support.

In sharing what went wrong, these entrepreneurs showed that mistakes are normal, even inevitable. What matters is learning from them and building resilience as good governance should not be a burden, but a catalyst for growth.