“A key lesson we’ve learned is the importance of seeking help. Many entrepreneurs hesitate, fearing rejection, but reaching out can yield unexpected support.”
Divya Momaya and Neha Shah are the founders of MentorMyBoard, a pioneering platform established in 2018 to address crucial gaps in corporate governance at the board level.
Divya, a seasoned company secretary with over 16 years of practice, previously worked with a listed company and the Bombay stock exchange before founding MentorMyBoard. Her deep expertise in corporate governance laid the foundation for the platform’s inception.
Neha Shah, an HR professional with extensive experience in HR and compliance, brings a strategic perspective to MentorMyBoard. Her journey from corporate roles to co-founding MentorMyBoard reflects her commitment to enhancing boardroom effectiveness through mentorship and upskilling.
Finding Inspiration
Together, Divya and Neha recognised the critical need for structured mentoring and skill development among directors and boardroom executives. This vision led them to create MentorMyBoard as a comprehensive B2B and B2C tech-enabled platform for Governance, facilitating networking, learning, upscaling, bringing together tools and services and mentoring opportunities tailored specifically for board-level professionals.
MentorMyBoard stands as a unique platform, bridging the gap between theoretical governance frameworks and practical implementation across a wide spectrum of companies. Divya and Neha’s collaborative leadership continues to shape MentorMyBoard’s mission to nurture and empower organisational leaders through effective boardroom mentoring and education.
About MentorMyBoard
MentorMyBoard caters to a diverse range of companies and individuals involved in governance across various business structures. Their audience includes public limited companies listed on stock exchanges, private limited companies, LLPs, and startups. The platform focuses on equipping directors, executives, and entrepreneurs with essential governance skills necessary for effective boardroom leadership.
MentorMyBoard offers several specialised programs designed to enhance leadership and governance capabilities:
- WOMB Program (Women on Management and Board):
Aimed at women leaders aspiring to enter or advance within the boardroom. This three-month program involves intensive mentoring from 12 to 13 mentors, fostering a mindset shift and broader perspectives critical for leadership roles.
- Boardroom Mastery for Promoter Directors:
Specifically tailored for promoter directors, focusing on strategic decision-making at the board level while maintaining a clear distinction from operational responsibilities. This program equips directors with skills to navigate complex situations and align diverse visions.
- IDEAL Program (Independent Directors Education and Learning):
A one-month program designed for independent directors, providing essential education and skills necessary for effective governance and compliance.
Till now, MentorMyBoard has partnered with Dhruv Consultancy Services Ltd., Anil Engineering Pvt. Ltd. (AEPL), and ICCL (a subsidiary of the Bombay Stock Exchange), training over 500 directors through various initiatives.
Collaborative Market
Interviewer: Is there a lot of competition in the boardroom education industry?
Neha: “When we talk about competitors, boardroom education is not a very old phenomenon. It gained limelight after 2019 when the Ministry of Corporate Affairs mandated education for independent directors. Before that, the Institute of Directors was one of the few entities in existence. Today, education for promoters or founders is not widely discussed, unlike the focus on women directors and independent directors. However, upskilling promoters and founders is crucial, and we see a significant role for ourselves in this space. The market in India is vast, with around 1.3 crores of potential directors. Collectively, current programs have reached maybe 100,000 directors, highlighting a considerable gap. So, competition is more collaborative than competitive, as everyone has their niche.”
MentorMyBoard stands out by creating a comprehensive ecosystem for boardroom effectiveness, focusing on upskilling not just independent directors but also promoters and founders.
Unlike others, they provide an all-encompassing platform offering knowledge, resources, and a forum for open discussion, aiming to enhance governance and market capitalisation in India. Divya adds,
“Our goal is the creation of good governance, which will ultimately result in better governance across India and enhanced market capitalisation. This is the ultimate objective we are working towards together.”
About the Mentors
Today, MentorMyBoard has over 80 mentors, each bringing rich industry experience from both Indian and international markets. These mentors have held significant roles in management and boardrooms, often as venture capitalists, investors, or nominees. The platform’s mentors possess specialised skill sets, covering various aspects of governance and boardroom dynamics.
Some mentors focus on governance, offering expertise in regulatory and compliance matters. Others provide insights into soft skills, essential for effective boardroom functioning. They address crucial topics such as managing egos, understanding boardroom psychology, and handling high-pressure situations. This combination of technical and behavioural expertise ensures a holistic approach to boardroom leadership.
MentorMyBoard follows a rigorous process to match mentors’ skills with the needs of mentees. After each program, mentees rate their mentors, and these ratings are used to enhance the mentors’ profiles. This continuous feedback loop ensures that the platform maintains a high standard of mentorship, adapting and evolving to meet the needs of boardroom professionals.
Challenges Faced
From 2018 to 2019, MentorMyBoard struggled to change the mindset of potential clients. The concept of a dedicated institution for boardroom education was new, and many were sceptical about its necessity.
Developing a comprehensive online platform was a significant challenge. The founders aimed to combine features similar to LinkedIn, Udemy, Amazon, and Calendly. Finding a technology partner who could understand and build this multifaceted platform was difficult. Continuous revamps and upgrades were necessary to meet high standards.
Recruiting the right mentors and team members was another challenge. Ensuring mentors had the necessary expertise and aligning them with the platform’s goals required careful selection. Despite this, MentorMyBoard now has over 80 mentors and a waiting list of professionals.
The advisory board members have been crucial, providing strategic direction and keeping the company focused on its goals. Their support has been instrumental in navigating various challenges and growing steadily.
Maintaining continuous improvement and upgradation of the platform is an ongoing challenge. Backend changes and updates are a constant process to ensure the platform remains at the cutting edge of boardroom education and support.
Interviewer: Do you also have an advisory board in the company?
Divya: “Yes, we do have our own advisory board, comprising six members, who have been invaluable in guiding us and keeping us focused on our goals. They’ve truly been game-changers for us.”
Celebrating Feats
The company has achieved significant recognition and accolades till now:
- Divya Momaya Award: Recognized as “Woman Power in Legal & Compliance 2021” by Billennium Divas.
- Best Promising Startup Award: Received from FICCI-TIEN, presented by the IT Minister of Tamil Nadu.
- 6th Dr. Sarojini Naidu International Award: Divya Momaya honoured for her contributions to working women in 2022.
- Bharat Startup Award: Named Edtech Startup of the Year 2022-2023 by International Brand Equity.
- Best Startup Award: Awarded by FICCI FLO under the initiative “She Rises” for the year 2023-2024 for creating an Impact in the Governance Space.
They have also garnered extensive media coverage, partnering with over 75 PR agencies for their signature events like the Woman Directors Conclave and Independent Directors Summit, graced by distinguished personalities including Finance Minister of India Smt. Nirmala Sitharaman, Women and Child Development Minister Smt Smriti Irani, Dr. Kiran Bedi, Ektaa Kapoor, IAS Vinita Vaid Singhal and Mr. Ajay Tyagi, ex-SEBI Chairman among the other dignitaries from regulatory authorities like ROC, SEBI, etc and industry veterans.
Plans Ahead
MentorMyBoard has ambitious plans for the future, aiming to expand its impact both nationally and internationally. Divya shares,
“We aim to bring mentoring to entrepreneurs, leaders, and especially boardrooms. Therefore, enhancing technology enablement is crucial. Over time, we plan to reach out to various cities, including smaller and tier 2-3 cities. We’ve already begun hosting ‘Director Meets’ in multiple cities and aim to establish local chapters and partnerships to spread governance practices nationwide.”
Neha also talks about their aim to expand their footprint by establishing partnerships with various Incubation Centers. Simultaneously, the platform plans to venture into international markets, leveraging India’s abundant talent pool to bring valuable global leadership insights to local companies.
Targeting boardrooms and directors as its primary audience, MentorMyBoard strives to evolve into a pivotal platform for governance-related services, akin to how LinkedIn or Facebook function for professional networking and content creation, thereby fostering a robust ecosystem for thought leadership and collaborative governance practices.
