Key Points
Consider this: Byjus which is going through its worst crisis since inception, finally appointed a board advisory council comprising former SBI chairman Rajnish Kumar and ex-Infosys CFO Mohandas Pai to guide the founder out of the crisis while restoring corporate governance standards at the edtech company which at one point was the countrys most valued startup...
It is important to have operators on your board, people who have run startups themselves, they understand the founders point of view much better, said a founder of a fintech startup...
If you do not have control, then even for simple decisions you will toe the line of the board, which might kill the enterprising nature of a startup, he said.. Legal position of the board: Talking specifically about the Indian scenario, legal statutes define the companys board and its shareholders position as extremely critical...
Founders must always maintain a transparent channel of communication with the board of directors since law mandates companies to be legally compliant in all respects and it is the duty of the founders to ensure the same, said Dipti Lavya Swain, founder, DLS Law Offices...
Founders might have built a product, but as the company gets structured, raises external funding, it needs to be seen as a whole, as a separate being, and its interests need to be put in the front, he said.. Goal-setting with investors: In the wake of several incidents around BharatPe and others, many startups went out and hired senior industry executives to join them as advisors...
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