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What is at stake?
What are the guiding principles that influence the startup's activities and relationships with all its stakeholders?
Why is it important?
For a seed-stage startup, formalizing business ethics allows you to:
➡️ Demonstrate consistency with the startup's purpose, values, and commitments shortly after its creation;
➡️ Reflect on the concrete implementation of these different concepts and define how they manifest in the organization's daily operations;
➡️ Hold the startup accountable in its relationships with various stakeholders and have an actionable regulatory tool internally and for external partners.
3 actions to implement right now
1️⃣ Conduct an assessment of ethical values within the organization
⇒ Identify the ethical principles and moral values on which to base the activities.
This may include respect for human rights, transparency, loyalty, social responsibility, sustainability, stakeholder respect, equity, and diversity...
2️⃣ Integrate the defined values into operations using an ethical code
- The ethical code, also known as a code of conduct or a charter of good conduct, is an official statement of values and business practices addressed to the company's employees and sometimes its suppliers.
- The ethical code includes a breakdown of the values into a series of "commitment principles"
- Rigorous application of laws, regulations, and internal standards;
- Respect for employees;
- Honesty, fairness, and transparency;
- Sincerity and reliability;
- Compliance with free competition rules and rejection of corruption;
- Loyalty to the company, including avoiding conflicts of interest;
- Spirit of solidarity;
- Protection of the Group's assets;
- Continuous concern for quality and sustainable development;
- Political neutrality of the company.
- Identify the different components of the startup's operational model, from its supply chain to its management style to its internal policies, and ensure they align with the defined commitment principles.
3️⃣ Promote an ethical culture and integrate the ethical code into decision-making
- Use the ethical code to guide decisions regarding partnerships, recruitment policies, supplier choices, etc.
- Foster a company culture that supports and reinforces the startup's ethical values and create an inclusive environment that values diversity and treats all team members with respect.
- A highly effective lever is also to communicate regularly about progress made in terms of ethical commitments to maintain team engagement and strengthen trust with stakeholders.
📚 Further Reading
📝 Ethical Code Template (Apiday)
📖 Example of Ethical Code (TooGoodToGo)
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