The success of startup founders now depends not only on their intelligence quotient (IQ) and emotional quotient (EQ), but also on their governance quotient (GQ). Aman Gupta, the cofounder and CMO of Boat, a prominent startup, emphasized the growing importance of GQ during a recent discussion.
“Apart from other things, founders need IQ, EQ, and GQ. 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, a respected startup founder and angel investor. His words echo the increasing significance of strong corporate governance practices right from the start.
Deep Bajaj, an angel investor and the founder of FemTech startup Sirona, shares Gupta’s perspective. Bajaj believes that startups must establish robust structures and practices, especially once they secure funding. He emphasizes that funded startups benefit from external accountability and have the resources to focus on implementing best practices. Bajaj highlights the criticality of laying a solid foundation, as failure to do so can lead to a perilous path to recovery.
During India’s G20 presidency, as part of the Startup20 summit, a comprehensive 63-point self-regulatory framework was recommended for startups, covering all stages from the early phase to the initial public offering (IPO). These recommendations from leading think tanks, released in June of this year, aim to instill a culture of responsible governance within the startup community.
In another significant development, Google, the global technology powerhouse, has chosen 20 promising Indian startups to participate in its renowned accelerator program. This program serves as a launchpad for startups, providing them with invaluable tools and resources for accelerated growth. The selected startups will gain access to Google’s extensive network, mentorship from industry experts, and tailored support to supercharge their growth trajectory.
Google’s accelerator program presents an unparalleled opportunity for these Indian startups to connect with renowned professionals, expand their business networks, and leverage Google’s cutting-edge technology and resources. The recognition bestowed by Google positions these startups for remarkable achievements and substantial contributions to the Indian business landscape.
As the startup ecosystem continues to evolve, the integration of effective governance practices emerges as a crucial success factor. Founders who understand the importance of governance quotient alongside intelligence quotient and emotional quotient position themselves for long-term sustainability and growth. By prioritizing 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.
The selection of 20 Indian startups for Google’s accelerator program, combined with the growing focus on governance quotient, signifies a transformative period for the Indian startup ecosystem. Founders who embrace governance practices and seize opportunities for growth are set to make significant contributions, propelling the growth and prosperity of the Indian business landscape.