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      • Grow with Governance: PadUp Ventures' Rajat Jain Demystifies Correlation of Governance and Economic Growth
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      • NEW REGULATORY PROVISIONS RELATED TO INDEPENDENT DIRECTORS
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Grow with Governance: PadUp Ventures' Rajat Jain Demystifies Correlation of Governance and Economic Growth

Grow with Governance: PadUp Ventures' Rajat Jain Demystifies Correlation of Governance and Economic Growth

By Divya Momaya & Jescilia Karayamparambil
Calendar

Aug 13 th 2021

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In today’s edition of Grow with Governance, Rajat Jain, founder of PadUp Ventures (a tech start-ups incubator) and also Independent Director with Fino Payment Bank and TIM Delhi Airport Advertising (TIMDAA), talks about his journey as a board member. Grow with Governance is a series by Mentormyboard (MMB) and Free Press Journal (FPJ).

In an interview with MMB's Divya Momaya and FPJ's Jescilia K, Jain shares some learnings from his three decades of experience. Some of his past leadership roles include Managing Director of Xerox India and Managing Director (MD) of The Walt Disney Company of India. He also serves as a Non-Executive Director on several boards and advisory boards; and has experience in sectors such as consumer, telecom, media, and technology.

https://youtu.be/j89Bn0xEquI

Edited excerpts:

Tell us your board journey.

I started this journey as a board member in 2004 with an Executive Director’s role as Managing Director (MD) of Walt Disney India and later Xerox India. I am the MD and Chairman of my own start-up. I moved into non-executive and independent director roles in 2015.

This journey has been full of learning and very enriching. It helped me understand the different facets of the board's roles and responsibilities -- advantages and disadvantages. It is full of risks and liabilities. There are differences in the duties of various board members -- Executive Director, Whole-time Director, Non-Executive Director, and Independent Director. I hold all four roles in different kinds of companies.

In a couple of companies, I am Executive Director, Whole-time Director in Neva Garments, Independent director in one of Bennett Coleman companies, and Fino Payment Bank.

Overall, the experience has not been limited to contributing but learning as well. The networks that were built over the last 30 years have been useful as well. For me, it is essentially about sharing past experiences, expertise, networks, and wisdom.

How do you switch between these multiple roles?

The Independent Director’s role requires you to be responsible to minority shareholders. Also, responsible for protecting the rights and making sure compliance is right. Non-executive roles are more about advising; helping business strategy and guiding management teams. The Whole-time Director’s role is more like an executive role where you take the responsibility of the part of the operations. I was in an operating and non-operating role as well.

In the last seven-eight years, I have learned the role of an Independent Director. I am able to seamlessly switch between these roles. I like doing multiple things. I am also a trustee in many social NGO boards, Management School, and Advisory Board of some family-owned groups. I like such a variety of roles.

What are the similarities and differences between advising start-ups and becoming a board member?

I run Pad Up Ventures which is a mentoring and knowledge platform where we mentor and incubate early-stage technology start-ups. We also help them build a viable business. We have mentored 100-odd start-ups. Our goal is to mentor 1,000 start-ups. I spend half of my time working with start-ups and half of my time in early-mentioned roles.

Boards need a more structured, calm, process-oriented approach, while start-ups need a more entrepreneurial, risk-taking, more energetic approach.

Start-ups are less about processes and structure and more about survival and sustainability. Board members are seen as fiduciaries that steer the organisation towards a sustainable future with sound, legal and ethical governance. Meanwhile, start-ups are looking at solving problems with innovative, and unique solutions.

Both need different skills and approaches. However, both need integrity, passion, good communication, team management skills, etc. There are some similarities but lots of differences.

Have you been able to sync your experience with start-ups and boards?

When you meet start-ups, you hear a lot of technology applications to problems. It may be a great idea but not a business.

For instance, I saw a start-up that was into solving problems related to anti-money laundering (AML) for banks. I sit on a bank board where AML is a challenge. In this case, one is able to take learning from one side and pass it to another.

Eventually, start-ups have to become big companies. These start-ups have to be compliant and build a board of their own in the future. The DNA has to be about integrity and compliance in the case of start-ups as well.

You learn many things when you sit on the board. You try to imbibe them into the start-ups. It is about transposing and fusion of ideas and policies which evolves both sides.

What is your view on the current regulatory framework?

The role of Independent Directors (IDs) is an evolving thing in India. It is a recent thing and is a learning process for the regulator, people involved and the companies involved. Initially, it was a slow start. But now a lot of qualified people are beginning to join boards.

There is a lot to learn in this area from the developed markets as well. Both in terms of corporate governance and board processes as well as diversity and inclusion.

There is also a need to train people with the right kind of skills.

How do you see the role of IDs evolving in a growing economy like India?

The role of IDs will increase significantly. The economy can only grow if corporate India delivers high growth. It is fundamental. Corporate India has to deliver growth. For this to happen, there is a need to have good-quality teams, promoters, and a board of directors that steer organisations. Good governance has a positive correlation with economic growth. And for good governance independence is the key requisite.

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Category

  • All
  • Boardrooms
  • BOARDROOMS
  • Independent Directors
  • Role of Board
  • Mindset Shifts of Boards
  • Independent Directors and Promoters
  • Sustainability / ESG
  • business implication
  • employee exits
  • COMMITTEE MEETINGS
  • Union Budget
  • Independent Director
  • Grow with Governance
  • Grow with Governance
  • INDEPENDENT DIRECTOR
  • Entrepreneurial Board
  • ESG & ITS IMPORTANCE
  • leadership coaching
  • Change Management
  • Advisory Boards
  • Boards
  • Boardroom
  • Brand Yourself as a Leader of the Company
  • Kindness
  • Are you hesitant to speak in the Boardroom!
  • Governance & ESG
  • Directors
  • Independent Directors
  • Corporate Governance
  • Leader development
  • Gratitude, Purpose
  • decision making
  • Systematic Investment Plans in Emotional Intelligence
  • Corporate Governance
  • The Board’s Role in ESG!
  • Balance Boards
  • Agility and Compassion
  • Governance and Board
  • Diversity and Inclusion
  • Directors,Promoter Directors
  • Board Members, Directors and Independent Directors
  • Board and Senior Management
  • New Directors
  • Cyber Insurance
  • Salary Increment
  • Economy Growth
  • Human Resources
  • Generating Wealth Beyond Money
  • Agile Mindset for Leadership
  • Aspiring Independent Directors
  • Board Leadership
  • Corporate Governance & Women on Boards
  • BOARD MEMBER
  • SME
  • WOMEN DIRECTOR
  • BOARD MEMBERS

Archive

  • 2021
    • April (3)
      • Will you drive your vehicle without a dashboard?
      • Are you making SIPs to improve your Emotional Intelligence
      • Corporate Governance needs a Moral Compass – Ethics in Indian Boardrooms!
    • August (9)
      • Grow with Governance: ESG is the umbrella for CSR, says Vedanta's Roma Balwani
      • Grow with Governance: PadUp Ventures' Rajat Jain Demystifies Correlation of Governance and Economic Growth
      • Grow with Governance: Family governance impacts the culture of a family-run business, says Equations Advisors' Mita Dixit
      • Entrepreneurial Board
      • NEW REGULATORY PROVISIONS RELATED TO INDEPENDENT DIRECTORS
      • ESG & ITS IMPORTANCE FROM THE POINT OF VIEW OF BOARD MEETING
      • Start early, don't wait till retirement to become an Independent Director, says Increate Value Advisors' Milind Sarwate
      • The winding road of leadership coaching in the post-pandemic era
      • Challenges of Organizational Culture Change
    • February (4)
      • Re-examination of Purpose by the Boards in Post -Pandemic Era
      • What Makes Great Boards Great! Performance Evaluation by Boards and Role of Independent Directors
      • Promoter Director – Time to become Custodian of Governance!
      • Diversity and Inclusion – The Board Perspective!
    • January (2)
      • New Directors - Have you done your due diligence
      • Cyber Security Insurance and Boards
    • July (7)
      • Why Advisory Boards Are Important for Indian Business Corporates?
      • Grow with Governance: ESG essential to repair the damage economic activities caused to the earth, says CA Shailesh Haribhakti
      • Top 10 areas to contribute in Boards as Independent Directors
      • Top 10 Questions to Ask in Boardrooms!
      • Essential HOWs of Boardroom!
      • Kindness is key
      • How to Brand Yourself as a Leader of the Company?
    • June (6)
      • Leading from the Boardroom
      • Are you hesitant to speak in the Boardroom!
      • The Neem Project a Leadership case study
      • Directors Liability in India
      • Why do promoters need Independent Directors?
      • Corporate Governance Deviation – Infosys Case Study
    • March (4)
      • Board Refreshment: Finding the Right Balance for your Board!
      • HR Governance and Board – How Important Is It?
      • Agility and Compassion: Two Pillars for Boards in the Post Pandemic Era!
      • Modernizing Governance: The Board’s Role in ESG!
    • May (3)
      • Restructuring appraisals in 2021 – Gratitude, Purpose & Meritocracy
      • How do you make your personal Brand?
      • Leadership Coaching: How does it help Leaders
    • October (2)
      • Are Independent Director’s required on the Board?
      • 'Ethics & Governance' lesson should start from school, says Federal Bank's Independent Director, Sankarshan Basu
    • September (3)
      • Grow with Governance: As an Independent Director ensure your voice is heard, says Apurva Purohit
      • Grow with Governance: Push for ESG agenda; pool CSR funds to maximise impact, says Ranganath NK, former MD of Grundfos Pumps
      • Grow with Governance: Boards should prepare companies for different risks, says National Insurance Academy's G Srinivasan
  • 2020
    • August (4)
      • WOMEN DIRECTOR-An Emerge
      • ARE YOUR BOARD MEMBERS SAVVY WITH FINANCIAL TERMS AND EXCEL IN FINANCIAL LITERACY QUOTIENT AS PER COMPANIES ACT 2013 MANDATES.
      • BOARD MEMBER SELECTION- A TASK OF PERFECTION
      • SME IPO – AN OPPORTUNITY TO CAPITALIZE YOUR BUSINESS
    • December (3)
      • Good or bad, Salary Increments always cause a heartburn among employees
      • Is Economic Progress Enough?
      • Emotional Intelligence
    • November (3)
      • Generating Wealth Beyond Money
      • "Agile Mindset for Leadership"
      • Tips for Aspiring Independent Directors
    • September (3)
      • Independent Director
      • Lean Thinking Boards
      • Corporate Governance & Women on Boards
  • 2022
    • August (1)
      • Liability of Independent Directors – An Important Aspect of Corporate Governance
    • February (4)
      • A Hero's Farewell: How to handle employee exits with dignity
      • Green Bonds: An Instrument for Financing a Sustainable Future
      • Tool for effectiveness of Board Committees - Ask Right Questions
      • Russia-Ukraine war and India’s Business Implication
    • July (2)
      • Stagnation or Evolution – Mindset Shifts of Boards when Company sees Stagnated Growth
      • Risk Assessment and Minimization Procedures – Role of Board
    • March (2)
      • A study on Sustainability Report of Container Shipping Companies.
      • India and The ESG impact of Crypto Currencies
    • May (1)
      • Independent Directors liability under GST
    • November (1)
      • Workplace Sexual Harassment and the Role of Board
    • October (2)
      • How many Boards are too many?
      • Women in Indian Boardrooms Vs Diversity = Inversely Proportionate
    • September (2)
      • Organizing for the Future – Important keys to becoming future ready
      • Are you ready to serve on the Board?