Despite many positive changes in managing stress in the startup ecosystem, mental health issues continue to be an epidemic.
In 2017, 500 Startups Managing Partner Khailee Ng stated that:
“If you ask any founder how he’s doing, he’s probably going to say that he’s killing it. But deep down inside, the product is broken; customers are leaking out; your co-founder hates you; you just made a bad hire; your team hates you; if you go back home, maybe your partner or spouse hates you; your pet hates you, and you don’t even know whether you are supposed to be a founder or not!”
This statement continues to hold true today especially since the COVID-19 pandemic started. The mental health epidemic has especially escalated after COVID-19 where gloomy news spreads like wildfire and many companies have to switch their business models. It is undeniable that many founders are suffering from more stress despite putting up a strong front.
According to a whitepaper report by Action Community for Entrepreneurship (ACE) and Safe SpaceTM, male founders in Singapore were seen to be twice as likely to experience a toll on mental health, but are also twice as likely to confide in no one.
Also Read: How ThoughtFull aims to destigmatise mental health through daily chats with professionals
Another key finding was that whilst 78 per cent of startup founders agreed that mental health is important in a high-functioning team, only 12 per cent of them admitted to having a mental health advocate in their companies.
This could be since startups are mostly too focused on growth and have the tendency to overlook other things such as wellness.
On being asked what strategies were employed to cope with stressors, more than half of the founders (54 per cent) said exercise, followed by mindfulness (40 per cent), peer support (36 per cent), and family support (32 per cent).
However, in spite of these strategies, the report found that many founders lack practical strategies for managing stress, and are perhaps unaware that therapy is accessible online, where therapists are increasingly offering more flexible hours for sessions.
ACE and Safe Space are calling on all members within the startup ecosystem and their investors to show commitment and place greater importance on mental health.
Members can take the first step forward by signing up for the Startup Mental Wellness Pledge, a statement that affirms that your startup is committed to implementing a practical and effective mental wellness policy.
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