In an era where startup success is gauged not only by intelligence quotient (IQ) and emotional quotient (EQ), but also by the governance quotient (GQ), founders are recognizing the importance of strong corporate governance from the very beginning. This sentiment was shared by Aman Gupta, co-founder and CMO of Boat, a prominent startup, during a recent event. Gupta emphasized that founders need to possess a balanced combination of IQ, EQ, and GQ to thrive in today’s competitive business landscape.
“Governance quotient now will become more important than ever, and it’s good for the ecosystem that corporate governance is taken seriously from Day Zero,” tweeted Gupta, who is also a seasoned angel investor. His words resonate with the increasing significance of effective governance practices in startups.
Deep Bajaj, an angel investor and founder of FemTech startup Sirona, echoed Gupta’s views. Bajaj emphasized the need for startups to establish robust structures and practices, particularly once they secure funding. He stressed that unlike regular young businesses, funded startups carry the burden of external accountability and possess the necessary resources to focus on implementing great practices. Bajaj underlined the importance of laying a strong foundation from the outset, as failure to do so can lead to a perilous and challenging path to recovery.
Recognizing the critical role of governance in the startup ecosystem, the Startup20 summit, held during India’s G20 presidency, put forth a comprehensive self-regulatory framework. Released in June of this year, the framework consists of 63 points that guide startups from the early stages to the initial public offering (IPO) phase. These thinktank recommendations aim to instill a culture of responsible governance within the Indian startup community.
In a parallel development, Google has chosen 20 Indian startups to participate in its highly coveted accelerator program. This program, which seeks to nurture promising startups and equip them with the necessary tools and resources for growth, has become a launching pad for many successful ventures worldwide. The selected Indian startups will gain access to Google’s extensive network, mentorship from industry experts, and tailored support to accelerate their growth trajectory.
Google’s accelerator program holds immense potential for these Indian startups. It provides a unique opportunity for founders to connect with renowned professionals, expand their business networks, and leverage Google’s cutting-edge technology and resources. With this esteemed recognition, these startups are poised to achieve new milestones and make significant contributions to the Indian business landscape.
As the startup ecosystem continues to evolve, the integration of effective governance practices is emerging as a critical success factor. Founders who understand the importance of governance quotient alongside intelligence quotient and emotional quotient are positioning themselves for long-term sustainability and growth. By embracing strong governance principles from the outset and leveraging opportunities like Google’s accelerator program, Indian startups are poised to thrive in the dynamic and competitive business environment.
Readmore:
Builder.ai Raises $250 Million in Series D Funding, Led by Qatar Investment Authority
To get more updates, Follow us on Facebook, Twitter, Instagram and LinkedIn
The Entrepreneur Today Desk