The importance of integrity 🤥
The recent coverage of the CEO of Vizzio Tech raises valid questions about the value of integrity and the dangers of condoning falsehoods in startups, in the name of "fake it till you make it".
The CEO was outed for forging his computer science doctorate from University of Cambridge, and his company was accused of inflating its client list on its website. Worse, the board stood behind the CEO and defended him (notably, prominent AI leader Lee Kai-fu quit the board before the news broke).
The reminds me of someone I know.
In one meeting with then-prospective investors, this person made claims about the firm's progress in business goals and tech development, most of it was highly embellished.
What's worse was that he made a commitment that funds were to be raised within three months, when one of the investors asked, even though this was untrue. There was no path toward securing funds within that timeline at all, from all indications.
When concern was brought up to this person, his reply was "let's get them in first, and we make excuses later". So much for honesty and integrity.
Fast forward some months, this person talked to a company in secret and got a loan for the company, despite not being authorised to at the time.
This time round, the board was in on it, and the new shareholders went along with it, going so far as to retroactively "make good" this person's authorization to secure the loan. No checks and balances in sight there.
Thankfully, all this is history, but the current saga with Vizzio Tech made it clear the importance of integrity in management, and the greater importance of being held accountable by an independent board and shareholders when things go wrong.
What say you, fellow corporate leaders and warriors? How far do you think yarn-spinning is acceptable?
I am Stephen Tan, and I write about #leadership, #management and #fundraising.
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