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At formation, a typical board is entrepreneur\u2010controlled. Independent directors join the median board after the second financing and hold a tie\u2010breaking vote. Their presence is particularly likely when potential VC\u2010entrepreneur conflicts are larger. At later stages, control switches to VCs and independent director characteristics change. These patterns align with key financial contracting theories, but also highlight unique roles of independent directors over the life cycle: mediation followed by advising. Independent directors thus represent another potential source of value\u2010add to startup\u00a0performance.<\/jats:p>","DOI":"10.1111\/jofi.70072","type":"journal-article","created":{"date-parts":[[2026,8,3]],"date-time":"2026-08-03T06:47:07Z","timestamp":1785739627000},"page":"2543-2594","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["Board Dynamics over the Startup Life 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