While most tech companies are laying off employees or offering exit packages, Bengaluru-based iD Fresh Food is doing something different. Its CEO, Musthafa P., is encouraging employees to quit and start their own businesses.
The company is even providing financial help, mentorship and support, and has said that it will even welcome them back if things don't work out.
Musthafa announced the policy on LinkedIn, saying employees should chase their business dreams without fearing financial insecurity. The initiative offers three kinds of support to aspiring entrepreneurs.
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“We started iD in a tiny kitchen in Bengaluru with Rs 50,000 and a lot of fear. We made mistakes. We had sleepless nights. But we kept going because a few people believed in us when we couldn't fully believe in ourselves. I've never forgotten what that belief meant. Today, we want to extend that same belief to our people…,” he said, announcing the policy.
He explained that the intention behind the policy was to provide people with a safety net so that they don't have to worry about finances while wanting to chase their dreams.
“Saying goodbye to some of our best people will hurt. But one day, seeing them build something of their own and create an impact in society greater than what we've built at iD will fill my heart with immense pride…,” he added.
As per the post, the policy will work by offering different kinds of support to the employees. They will have access to the entire iD ecosystem, including their partner network, mentorship, a partially paid sabbatical as well as the freedom to return to the company if things don't work out.
Musthafa, an alumnus of IIM Bangalore and NIT Calicut, has received widespread praise on LinkedIn for the move. He has been leading iD Fresh Food as its CEO since 2008. According to his LinkedIn bio, he is a school dropout who worked with several MNCs before deciding to follow his entrepreneurial dream and build iD Fresh Food.
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