Divya Momaya and Neha Shah, the founders of Mentor My Board (MMB), are challenging the notion that mentorship is only beneficial for beginners and midlevel executives. Their innovative startup focuses on providing mentorship specifically for directors and senior members of boards. Mentors play an important role in the world of business, acting as wise figures who guide professionals on their paths to success.Divya Momaya and Neha Shah, the founders of Mentor My Board (MMB), are challenging the notion that mentorship is only beneficial for beginners and midlevel executives. Their innovative startup focuses on providing mentorship specifically for directors and senior members of boards. Mentors play an important role in the world of business, acting as wise figures who guide professionals on their paths to success.
A Gap in Governance Awareness
In September 2017, the Ministry of Corporate Affairs in India banned almost two lakh directors under Section 164(2) of the Companies Act, 2013. This action is conducted against businesses who fail to file financial statements or annual returns for three consecutive fiscal years. According to Momaya and Shah, this occurrence highlighted a crucial gap: directors’ lack of awareness of fundamental governance practices.
MMB: Bridging the Governance Gap
Momaya, a business secretary, and Shah, an HR specialist with vast experience, saw a need. They saw an opportunity to educate founders, promoters, and board members about good governance methods. In 2018, they established MMB with the goal of assisting corporate leaders in creating ethical and innovative leadership behaviors. MMB provides these leaders with vital insights to help their boardrooms become more competitive and efficient.
Expanding Horizons: Pune and Beyond
Last year, MMB went beyond its home city of Mumbai to have a Directors’ Meeting in Pune. This program aims to expose Pune’s corporate executives to new ideas, real-world board difficulties, and a growth trajectory based on learning, collaboration, and critical leadership appraisals. Following the success of the Pune meeting, MMB has planned a similar event in Bengaluru in May 2024.
Building Communities: Collaborative Learning in Pune
“We’re currently establishing a small community in Pune,” explains Momaya. “This platform will ensure the best practices from each member are readily available, fostering a collaborative learning environment. In Pune, we have about seven mentors and a community of 25-30 individuals who connect and network regularly, fostering knowledge exchange.”
Traditional Businesses and the Transformation Journey
Pune serves as a hub for both startups and established, traditional industries. As the younger generation takes over from the elder age, many of these businesses seek to change and align with current global norms. MMB plays an important part in this change.
Catering to Diverse Needs
“Many startups operate as ‘solopreneurs,'” says Shah. “We work with such companies during their initial stages, guiding them in establishing advisory boards. On the other hand, we’ve also collaborated with a listed company in Pune that’s experiencing steady growth. The promoter, while having a competent secretary and other resources, expressed a desire to enhance their governance practices. We created a mentor panel specifically for this company, providing them with the necessary guidance.”
The Importance of Informed Leadership in a Booming Economy
As India strives to bolster its economic strength, businesses are increasingly at the center of the government’s focus. MMB’s services are designed to contribute to this growth journey. “In 2023, we witnessed a decline in the creation of unicorns,” Momaya observes. “Instead, governance challenges have come to the forefront. To ensure sustainable growth through collective wisdom, we need a new generation of well-informed directors, promoters, and boardroom members.”
MMB: A Catalyst for Effective Governance
Mentor My Board is an innovative project that fills a vital gap in the Indian corporate scene. MMB empowers directors and boards to lead their organizations to success via ethical and effective governance practices by offering focused mentorship and establishing collaborative learning communities. As India’s business landscape evolves, MMB is well positioned to shape the country’s corporate governance future.
Read more: Marketing News, Advertising News, PR and Finance News, Digital News
