Whalesbook
Jab founders ka stake listing ke time tak kaafi kam ho jaata hai na, toh ek bada gap aa jata hai.
Investors toh founder ke 'magic' pe invest karte hain – unki energy, unka long-term vision. But jaise hi stake kam hota hai, founders shayad owner se manager ban jaate hain, aur woh intensity kam ho sakti hai jiske liye public market unko value dete hain.
Yeh ho kaise raha hai? Sabse bada reason hai VC funding. India mein startups ko boom karne ke liye VC paisa chahiye, but har funding round mein founder ka stake thoda dilute ho jaata hai. Founders pehle toh growth ke liye yeh trade-off accept karte hain, but baad mein problem tab hoti hai jab ownership bahut spread ho jaati hai.
Purane rules ne bhi is issue ko aur bigada tha. Founders jo 'promoters' kehlaate the, unpar listing ke baad stock compensation par limits thi. Ab rules mein thoda relief hai, but system mein abhi bhi koi clear rule nahi hai founders ke liye. Is inconsistency ki wajah se founders ko owner ki tarah lead karna padta hai, but earn employee ki tarah karte hain.
Log sochte hain ki founder-led companies ko professional management easily handle kar sakti hai. Yeh galat hai. Founders kuch aisi cheezein late hain jo replicate karna mushkil hai – uncertainty tolerate karna, bold decisions lena, customer ko deeply samajhna, aur long-term focus.
Aise bhi nahi hai ki founders ka control control se bahar ho jaye. Governance concerns valid hain. Solution ownership, management, aur oversight ko balance karne mein hai. Independent boards, clear roles, transparent reporting, aur performance-based equity se founders ke interests align ho sakte hain shareholders ke saath, bina agility ko damage kiye. Founders ko accountability owner jaisi hi honi chahiye, managers hone ke bawajood.
Public ownership mein shift founders ke economics ko badalna chahiye, khatam nahi karna chahiye. Global markets mein aksar founders listing ke baad performance-linked grants se apna stake increase karte hain. India abhi bhi thoda cautious hai, but governance aur incentives alag nahi hone chahiye. Private aur venture investors ko IPOs ke baad value creation par focus karna chahiye, dilution ko strategic decision samajh kar.