In her Foundation Day lecture, the Harvard Business School Professor says how we need a political, social and cultural, global movement to address huge issues like climate change
28 October, 2023, Bengaluru: “The reason why we need to Reimagine Capitalism is because it is not working for the vast majority of the world’s people. We are driving climate change, and running the risk of untold floods, fires and droughts. We are destroying the ecosystem on which we rely, and this will lead to enormous damage unless we act smartly and quickly”, said American Economist Prof. Rebecca Henderson, Harvard Business School, during IIM Bangalore’s Foundation Day Lecture on, ‘Reimagining Capitalism in a World on Fire’, on 28th October 2023. IIMB is celebrating its Golden Jubilee this year, with a host of activities.
Dr. Rebecca Henderson focussed her talk on the risks of climate change brought about by mankind. “We need to choose ways and means so as to not destroy the planet. The business case for addressing the problems we face is getting increasingly strong. The younger generation is demanding it, employees are insisting. In some industries, customers want to buy the right thing. They will shift to your product if they believe what you are doing aligns with their own values. Firms have a role to play in environmental and social outcomes. Cooperation in the industry is also critical. We need to to find auditable, replicable, material measures that will allow customers, employees, governments and investors to hold firms responsible for what they are doing.”
Highlighting the fact that stable climate results in stable communities, culture, government, infrastructure, industry and finance, she said, “Climate change is not about warmer weather – it is about instability. Stable climate is a prerequisite of our very existence, otherwise it would lead to catastrophic conditions. We need a political, social and cultural, global movement, to address huge issues like climate change. Business can be a powerful ally and make a great deal of money in the process. And making money, maximizing profits - should be a means to an end, not an end in itself. The goal of market is to create a thriving society. Adopting authentic purpose can significantly increase performance.”
Dr. Henderson shared that some models are suggesting that we are moving in the right direction and cutting down on global warming. “We need to face the crisis, we may not be able to fix it completely, but we surely need to manage it. It is not merely technological; we need to understand and deal with it at every level. To get to net zero, we need a political solution as well. We need to balance free market with good government. We all matter. The private sector has the capacity to make this change happen faster. We need to create shared value – make money but at the same time, address public problems. Individual firms can make a significant difference. So, rebuild institutions, entirely new businesses can be created. Decarbonizing is a huge opportunity. Focus on sustainability. Firms have to also learn to cooperate. Rewire finance and accounting. Most importantly, embrace a purpose beyond profit.”
“Change is never easy, but we know it can be done. You need a purpose and emotional connect to take the leap to transform our economy. You can make an enormous change. So, face grief, choose hope, embrace change and dare to act. Practice joy and stay focussed on your deepest values. These would usher in the solutions that the world needs.”
The lecture was followed by a Q&A session, moderated by Prof. Sourav Mukherji, Dean, Alumni Relations & Development and faculty from the Organizational Behavior & Human Resources Management area of IIMB. Answering a question about what India should be doing to balance economic development with handling the climate crisis, she said India, like other nations, should use more and more renewable power. “By doing so, India will have better health outcomes, create good and new jobs, further drive economic growth and put money to the bottom line.”
Director’s address
Professor Rishikesha T Krishnan, Director, IIM Bangalore, highlighted the various accomplishments of IIMB, its programmes, centres, faculty, students and alumni, during its glorious 50-year journey. He spoke at length about how IIMB has increased intake for programmes like PGP and PGP in Business Analytics, and how programmes like MGNF and NSR Pre-doc have had significant impact on nation building. “While MGNF has been extended to all the districts of the country, an increasing number of NSR Pre-doc graduates have gained entry into high quality PhD programmes. The second cohort has started for Certificate Programmes on Hospital Management and AI for Managers. We now have 75 programmes on edX and more than 2 million learners. Our entrepreneurship hub NSRCEL has enhanced its capacity from impacting 50 entrepreneurs in 2017 to more than 1000 currently. The centre has a strong presence in women’s entrepreneurship programmes, as pointed out by the Hon’ble President of India, Smt. Droupadi Murmu, during her address when she visited our campus on 26th October 2023.”
“We have enhanced our infrastructure in terms of hostel capacity, all with our internal resources. The MDC in our second campus is operational, we have major focus on sustainability by adopting ecofriendly measures and with a Sustainability Taskforce in place. We have two EV charging stations on campus.”
Talking about IIMB’s impeccable rankings, he made special mention of the school’s achievements in the Positive Impact Rating, EQUIS reaccreditation, and its recent accomplishment in the QS World University Rankings 2024, in which IIMB has achieved the top spot in India for its Post Graduate Programme in Management and the Executive Post Graduate Programme in Management.
He also lauded the strong support from alumni. “Our alumni continue to contribute to the growth and evolution of the school. IIMB has launched the Alumni Service Awards as part of its Golden Jubilee celebrations. ASA aims to recognize past graduates who have made impactful and enduring contributions to the institute, the IIMB Alumni Association and the alumni ecosystem. The inaugural edition of the awards was hosted earlier today. And it is very nice to see so many of our alumni here on campus today.”
Prof. RT Krishnan concluded by saying that IIMB as an institute continuously strives to provide a conducive and excellent working environment for all the stakeholders. “Everyone has played a unique and constructive role in taking IIMB to the level where it is today”.
Mr. MD Ranganath, Member of the Board of Governors, IIMB, congratulating the institute for its 50 glorious years of excellence, added the roadmap for the future, “To stay at the pinnacle of success, there should be no complacency and we must continue to adapt to the external environment. Actually, it should be a case study in itself how IIMB had been consistent in maintaining its excellent standards in all the 50 years. We need to sustain the glory in the next 50 years so that IIM Bangalore turns into a global educational hub. The school has to stay relevant and identify new opportunities. It has to focus on a whole set of management challenges relating to urbanization, manufacturing, healthcare, etc. While our legacy has been fantastic, we need to continue to stay at the top.” He also presented the memento to the Chief Guest.
Long Service Awards
The Long Service Awards were presented to staff and faculty of the institute for 10, 20 and 30 years of service.
Prof. U Dinesh Kumar, Dean, Faculty; Chairperson, Data Centre & Analytics Lab, and faculty, Decision Sciences area, IIMB, presented the Long Service Awards to five faculty members.
Long Service Awards were also presented to 15 non-teaching staff by Prof. Rajendra K Bandi, Dean, Administration and faculty, Information Systems area, IIMB.
The entire event was compered by Col. S D Aravendan, Chief Administrative Officer.
A host of activities, led by the institute’s students, alumni and staff, are being conducted to commemorate the momentous occasion of IIM Bangalore’s Golden Jubilee. The institute was proud and honoured to host the Hon’ble President of India, Smt. Droupadi Murmu, on 26th October 2023, who inaugurated the celebrations with an inspiring address. The President of India also flagged off ‘Swarna Twaran’, the 50-hour Golden Jubilee relay walkathon on campus by students, faculty, staff and alumni of the institute. 'Swarna Twaran' aims to communicate the message of healthy and sustainable living as well as discovering the capability of endurance that we all possess within us. The event concluded on 28th October 2023. This was an IIMB community event where anyone connected with the institute (faculty, staff, students, alumni, pensioners and their family members) could participate to express their commitment to fitness and feel one with the IIMB community and its Golden Jubilee celebrations. While the event was held at the IIMB campus, alumni chapters from across the country and the world were encouraged to organize marathon events at their respective locations during this 50-hour time window.
The Hon’ble Governor of Karnataka, Shri Thaawar Chand Gehlot, was also present at the institute on 26th October and addressed the audience. He released the book, ‘The Making of a Campus: IIM Bangalore’, authored by Kiran Keswani, which tells the story of the architecture of IIM Bangalore and of the people who have inhabited its ‘spaces’ and made it into the ‘place’ that it is. The Governor also launched a film on IIMB titled, ‘IIMB: The Journey Towards Excellence’, to mark the institute’s Golden Jubilee Year. Documenting the IIMB journey from its inception to the present, the film portrays the challenges and triumphs, the accomplishments, and the future directions of the institute through the voices of its many stakeholders, past and present – the Directors, members of the Board, faculty, alumni, and administrative staff who have been part of the 50-year journey.
Other highlights on 28th October included ‘Suvarna Sangeet’ – a grand music presentation by IIMB’s PGP alumna and noted classical vocalist Manasi Prasad and her troupe. A Hindi play titled, ‘Gagan Damama Bajyo’ will be presented by the troupe ‘TheatreNama’ on 29th October, written by actor-playwright-poet Piyush Mishra and directed by Aashish Rana. The celebrations also include scholarship awards, achievement awards, felicitation of former employees, Staff Recreation Club (SRC) events and prize distribution, cultural programs, quiz, alumni-led events, and more.
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