Business entertainment TV show, Shark Tank India judge, and Boat co-founder, Aman Gupta, in his social media post on LinkedIn, highlighted that the BluSmart crisis serves as a reality check for others in the startup ecosystem.“The BluSmart situation is tough. Sad for everyone involved. But also a much-needed reality check for all of us in the ecosystem,” said Aman Gupta in his post. Also Read | Shark Tank’s Aman Gupta backs Piyush Goyal amid startup row: ‘Not every day…’The angel investor also expressed empathy for the investors who lost money, the employees who lost their jobs, and the customers who lost a cab-hailing service. He said that this incident had also “dented” the ecosystem.“But more than that, this has also dented trust in the ecosystem. You’ll now hear: ‘Yaad hai Blusmart ke saath kya hua tha?!’” said Gupta.‘Damage we can’t afford’Aman Gupta also emphasised how global multinational companies (MNCs) have had their meltdowns, and even though people might say that this incident will cause damage that the Indian startup can’t afford, the key factor is how the system bounces back after the issue.“And, one might say that that’s the damage we can’t afford. But, let’s zoom out. Even global MNCs have had their meltdowns. What matters is how we as a country and ecosystem bounce back,” he said. Also Read | Gensol, BluSmart under MCA watch, may launch probe: ReportHe also showed his confidence in the Indian startup ecosystem, and highlighted how the compliance and ethical factor in a company is not just another tick box, but the ‘foundation’ of the system.“The Indian startup ecosystem is resilient. We always rise stronger. And we will this time too. For all founders, here’s the biggest takeaway: Compliance and ethics aren’t boxes to tick. They’re the foundation,” said the Shark Tank India judge.The ‘not-so-cool tasks’Aman Gupta also said that the so-called “not so cool tasks” like maintaining a clean book, carrying out timely audits, and maintaining transparency are the only ways to keep businesses sustainable.“Being a CA, I’ve seen this up close: Clean books, Timely audits, Transparent reporting. All so called “not so cool tasks” make businesses sustainable. Aur bachpan mein parents ne sikhaya tha – Jo bhi karo, dil se karo. Par Galat na karo. Same rule applies in business too,” he said. Also Read | BluSmart halts services: 10k+ drivers lose jobs, want release of due paymentsHe urged the startup founders to push more towards “due diligence” activities and not just in finance but also in other aspects of the business like the company culture, along with operations and responsibility.“EQ, IQ & GQ (Governance Quotient) sab important hote hai. I hope more founders push for real due diligence, not just in finance, but in culture, operations, and responsibility. Because at the end of the day your vision matters. Your growth matters. But how you build matters just in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. 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