One of the biggest challenges for start-up leaders is to remain objective. A great way to remove subjectivity is to cajole the smartest people in your industry to give you 3 hours to collectively consider and give guidance on how they would run your company.

About nine months ago we did this, and it was beyond valuable. We got dream-team outsiders such as Josh Kopelman (First Round Captial), James Hong (ex-HotorNot), Dave McClure (ex-Paypal) and Biz Stone (Twitter) to join an all-too-rare gathering of angels Jeff Clavier (SoftTech VC), Jeremy Liew (Lightspeed Ventures), and Mike Jones (UserPlane/AOL).

To prep everyone we sent them an advance info packet and commenced the meeting with slides and charts of all our core data. Keep this data to pure facts: Geniuses will see right through any beautification you attempt to apply, so don’t waste anyone’s time. Make sure to show all company data, not just what you are proud of.

To lead the discussion we had someone intimately involved with the company but not an actual employee. Founders should simply sit back and listen unless answering direct questions. Listen carefully to everything that is being said. Record the session in audio or video so you can share with the rest of your management team or listen again to the meaty parts.

It’s most likely you will not agree with everything that is being said. You will be hurt that some things you deeply value get summarily dismissed. Do not try to defend anything, or you’ll likely miss out on how they do think it should be done. Check your ego and emotional attachment to your perspective and historical efforts at the door. Become the person who only answers questions asked and who only can speak the absolute truth. Pay close attention, and the magic will happen.

At the end of the day, we really felt that the one strategic path we had been leaning toward was valid, but we also realized it was time to stop focusing on anything else. Moreover, in that short 3-hour period the brain trust was so strong we were able to crystallize the path and fine-tune our immediate execution plan. We would highly recommend getting your industry geniuses together whenever you are considering the best way to move your company forward.

Here’s a refresher list of tips for organizing a similar session:

• » Variety – two spoonfuls of VC, three cups of entrepreneur, a dash of McClure makes a yummy brainstorm pie.
• » Don’t ask people who are too close to the company – that is a different session.
• » Keep your mouth shut: just present facts and answer questions with facts. Say We don’t know whenever you are unsure. Let your Rock Stars do the talking.
• » Record the session. Turn off phones and laptops.
• » Select an outsider who knows the company well to lead the conversation, perhaps an investor or existing advisor. We recommend a French advisor if you have one – they know how to cut through the BS.
• » Try asking VC’s who decided not to invest in you. They just might come. Josh Kopelman came, and he had decided not to participate in our Series ‘A’ in 2006. You rock Josh!
• » Take everyone out to a sumptuous dinner afterwards.
• » Don’t dilute the talent pool, Rock Star geniuses shine best when harmonizing amongst themselves.

This blog entry, by the way, is long overdue. We’ve already been able to bring about significant change because of this focus session, and it was high time we acknowledged and thanked these folks.

Don’t let the relaxed nature of the pictures fool you. When everyone was focused and the group magic was happening I was listening, not taking pictures. ;>