Corporate governance might not always be the first priority for entrepreneurs building and scaling their business, especially if they are the founders or executives of innovative social impact organizations with the next disruptions in their pockets.
FMO and the Center for Financial Inclusion (CFI) have published an easily accessible resource guide based on direct testimonials from entrepreneurs, investors and industry practitioners.
Innovative early-stage startups provide great opportunity to promote financial inclusion by serving the unbanked population.
Executive leadership is crucial for helping these firms go from an idea, to proof of concept, to tangible, lasting benefits to base-of-pyramid end users. Building adequate corporate governance structures and practices is essential for the long-term success of those companies.
This is why board governance is so important. By having a dedicated board of directors that has the right experience, network, expectations and is fit for purpose overall, these growth-stage companies not only can scale their business models but also put in place governance structures that will evolve as an innovative company matures – not to mention become a more appealing impact investment.
'Corporate Governance for Early-Stage Innovative Companies: A Practical Resource Guide', compiled by FMO and CFI is a practical and normative guide, featuring resources and testimonials from consultative interviews from company founders, investors, academics and others who have been closely involved with growth-stage innovative startups.
The resource guide isn’t meant to be exhaustive or encompass all situations and companies, but it raises key topics and points readers to further resources. It encourages entrepreneurs to think about corporate governance.
This report's intended main audience is both board members and founders or executives of innovative companies. It is also of interest to financial community professionals, academics, students and anyone with a general interest in financial inclusion or impact investing.