Forming a board... It's what the best performing companies do once they take on outside investors. Board members can provide useful feedback, help to focus the founding team, and provide a network of contacts.
Unfortunately, many companies don't get financing--because they don't get any of the above. They don't get the feedback they need, especially around priorities.
Sometimes, the founders lack focus to the point where they don't even get to the point of company formation. They get caught in a sea of too many problems, too many opportunities, without a good idea of what to do first to coalese their ideas into a single vision.
