BY ROBIN GHOSH
(FORMER CHIEF ECONOMIST, BENGAL CHAMBER OF COMMERCE AND INDUSTRY)
KOLKATA, 20 OCTOBER 2022
Many startups take things easy and fail. The reason is they never take governance seriously.
They underestimate the basic tenet of business – profitability and high quality of governance.
Many startups feel that since they are small, governance is not so important. They try shortcuts and get hit in the long term. Size of a startup is not important – every startup has to improve governance.
Many startups in their craze to enhance valuation take shortcuts and improper methods and lose trust of the investors.
There is nothing more damaging than losing trust of the investors.Trust is the keystone of business. High level of trust can only be maintained by transparency and high quality of governance.
To be a unicorn is the goal of most of the startups. But they have to understand and feel that the future is going to be a lot different.
Fast changing . Very tecno-intensive. It will pose many threats as well as many opportunities.
Robotics and artificial intelligence will disrupt the existing situation and call for an attitude of resilience and flexibility.
Be brave, be transparent, be honest and be human is the slogan for the future.
STARTUPS: CHISEL PURPOSE DRIVEN CAMPAIGN
You cannot be just silent about your brand.You need to nudge your brand occasionally to keep it alive and jumping.
Take for example the campaign Scam se Bachao ( Beware of Scam ) by WhatsApp or Protinex Protein Abhijan to promote intake of protein among senior citizens by Protinex are examples of purpose driven advertising campaigns.
Startups should know why such campaigns are launched online or in the standard media platforms.
Primarily for three reasons:
1. Influence customers to perceive the brand as a responsible entity
2. Improve Customer loyalty.
3 . Reduce Customer Acquisition cost over the long run.
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