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View: “Innovation” is valued by startups, but for large companies it is “governance”

 



As the governance standards of listed companies become stricter, the lack of norms that govern startups is becoming more prominent. Governance is usually a priority for start-ups when they reach their goals and institutional investors want to withdraw from the stock market.

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Recently, it has become one of the few Nifty 50 companies to hold an analyst conference for the first time in history. Unicorn, which was first listed in India, proposed to solicit analysts’ earnings once a year instead of the traditional quarterly practice. Sure, startups aren’t a mundane business. They exist on the premise of doing things differently, and in the process face an imbalanced share of challenges that may not be profitable from day one. Naturally, the failure rate is also high.

Maintaining a high level of governance often does not emerge as a top priority in the struggle to do it right. Venture capitalists and private equity representatives on the board of directors of these start-ups are not always the bearers of good governance practices. What’s more, startups often work in unknown business areas that have not yet gained regulatory visibility. Their fate often depends on the regulatory stance adopted for their business activities. The threat of regulatory crackdown has led major Indian edtech startups with controversial business practices to adopt a common code of conduct for self-regulation.

As fraud increased, he was called to regulate the digital education industry and attracted the attention of the Ministry of Education. Fraud related to a new era of start-ups has resulted in inadequate employment policies and poor employment policies, from unfair means of customer acquisition, lack of privacy and data protection considerations, mis-selling, and the placement of customer debt traps. It extends to various customer service. Anything that annoys listed companies and is prone to penalties and immediate declines in reputation tends to be overlooked and unpunished by startups. By the way, innovation is valued by startups, but in the case of large companies, it is governance.

So should unicorns be regulated and their quotient of innovation threatened? Or does their stock market listing need to be when their value comes out for testing? If startups are governed early, they may not necessarily grow to become the pioneering business they expect. But if they remain ungoverned for a long time, they may set the wrong industry precedent, undermine consumer confidence and urge governments to crack down. China has banned educational technology companies from making profits and raising capital, effectively throwing early industries under the bus. India has been found to be home to more than 80 unicorns, more than half of which joined the club in 2021 alone.

When the first Startup India Innovation Week ends on Sunday and GoI shows its commitment to provide a more peaceful environment for startups to thrive, formulate and coordinate legislation to regulate business and funding practices. is needed. Startup ecosystems prefer self-regulation, but what and how much to govern is a dilemma that GoI will soon face.

In the United States, the Securities and Exchange Commission (SEC) is preparing to increase transparency for large private companies raising funds. The January 3 indictment of Elizabeth Holmes in the United States, the founder of health tech startup Theranos, has emerged as an extreme example of what could go wrong with a startup. Here in India, the controversy involving the founders of startups gives a glimpse of such a wonderful aspect of the startup ecosystem.

It’s time to emphasize to startups to consider governance as a continuous priority as much as innovation. Encouraging self-regulation, hosting Startup India Governance Week, setting up startup awards with the highest governance, and conducting governance sensitization workshops for startup founders and mentors is a good first step. It may be. The next logical step is regulatory monitoring.

Sources

1/ https://Google.com/

2/ https://economictimes.indiatimes.com/opinion/et-commentary/view-innovation-is-what-gets-valued-in-startups-while-its-governance-in-case-of-large-companies/articleshow/88937727.cms

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