We are truly privileged to have Dr Devi Shetty address the 40th Convocation of this prestigious Institution. I have had the pleasure of hearing Dr Devi Shetty on several occasions, and each time he leaves me inspired.
We all look upon Dr. Devi Shetty as an extraordinary Indian who has made our country proud through his efforts to make access to quality healthcare non-discriminatory. His brainchild Narayana Health has successfully leveraged technology and economies of scale to make medical care accessible and affordable to the masses. It is common knowledge that his hospital in Bengaluru offers heart surgery at a fraction of what it costs in developed countries, and is a medical Mecca for patients from Africa, South & South East Asia and the Middle East. His business model is being leveraged in the Caribbean through the establishment of a hospital in the Cayman Islands in partnership with Ascension Health, a leading Health care provider in the US.
Today is indeed a memorable day for all the graduating students of the Class of 2014-15. Congratulations to all of you! The convocation marks your transition from a student to a working professional and my best wishes are with you for a bright and prosperous future. Some of you will go on to take challenging corporate jobs, some will become entrepreneurs and maybe some of you will join the social sector.As you get ready to set off on life’s great voyage, I would urge you to pause for a moment to reflect on the knowledge, training and skills that this august institution has armed you with.
IIM Bangalore Highlights for 2014-15
Today technology and globalization are creating a world that is a boundary less bazar of equitable opportunities interconnected and supported on a shared platform of knowledge. As an institution that aspires to be among the top centres of business learning in the world, we at IIM Bangalore are cognizant of these changes and have ensured that we are in sync with what’s happening globally.
- We are the only B-school from India in the Global Network of Advanced Management (GNAM) that features Yale, INSEAD and other top B-schools in the world. This network fosters substantive ties among the world’s leading business schools, providing opportunities for faculty to exchange ideas and for students to experience the complexity that will characterize any environment in which they will lead. IIM Bangalore will host the Deans conference of the GNAM in November this year.
- IIM Bangalore is India’s first management school to join edX as a contributing member. edX, a Massachusetts-based, non-profit enterprise created by founding partners Harvard University and MIT, offers interactive online classes from the world’s best universities. In just a few months from now, IIMBx will deliver quality courses and new perspectives to learners from around the world under the MOOCs model of learning. People who could not afford a world-class education will now be able to access it.
- IIM Bangalore is also spreading its wings into aviation management. In partnership with Toulouse Business School (TBS), France, IIM Bangalore is offering a General Management Program for Aerospace and Aviation Executives – a first in India. TBS and IIM Bangalore faculty have come together to deliver the one-year certificate program for industry professionals which will begin in April.
- The NSRCEL at IIM Bangalore has partnered with TiE for ‘AntahPrerana’ – a unique mentoring program for early-stage commercial start-ups (zero- to three-year-old and without angel investors or venture capitalist funding).
- IIM Bangalore will be hosting for the first time in Asia, a four-day global conference of the Academy of International Business in June.
- There has been a 35% increase in the distribution of IIM Bangalore cases by Harvard Business Publishing compared to last year. IIM-Bangalore’s cases are being studied and used in as many as 47 countries by 360 organizations.
Given all these wonderful initiatives it is no surprise then that IIM Bangalore has been named ‘Best B-school in Central Asia’ by Eduniversal Paris for the seventh year.
Think like entrepreneurs not just managers We are living in times of rapid change where the global business landscape is transforming radically in front of our very eyes. Just look around and you will realize how fast things are changing.
The World Bank has done an interesting analysis of the speed of technological diffusion which shows that the time elapsed between the invention of something and its widespread adoption has been reducing dramatically across the globe. For 19th-century technologies the gap was long: 120 years for trains and open-hearth steel furnaces, 100 years for the telephone. For aviation and radio, invented in the early 20th century, the lag was 60 years. But for the PCs the gap was around 20 years and for mobile phones just 15 years.
The reverberations from this rapid technological change are loudest in the world of business. Apple is today a hop, skip and jump away from becoming the first trillion-dollar company. Just think about it, a powerful idea can today generate a value of a trillion dollars! In fact, Apple recently replaced AT&T on the Dow Jones Industrial Average. AT&T had been a part of the Dow since 1916, a year after the first-ever transcontinental telephone call. The fact that AT&T is today making way for Apple speaks volumes about how communications and technology have evolved and revolutionized our lives. More interestingly, if you look at the Fortune 500 companies’ list you will see that 86% of them have either disappeared or dropped off the list. Mega corporations like General Motors, Pfizer and Microsoft are today trying to fend off the challenge from the likes of Tesla Motors, Gilead Sciences, Google and others. Creative disruption is radically altering how companies operate in virtually every industry and region of the world. We are now witnessing the advent of “The ideas Economy” which is spurring an entrepreneurial ethos that is spawning start-ups at an enormous scale.
According to media reports, the Indian start-up sector received more than $5 billion (Rs 25,000 crore) in funding in 2014, compared to $1.6 billion (Rs 10,000 crore) in 2013 and $760 million (Rs 4,755 crore) in 2012. What’s more, Flipkart (valued at about $11 billion) and Snapdeal (at least worth $5 billion) are now valued much, much higher than the total market capitalisation of India’s major brick-and-mortar retailers.This is the kind of entrepreneurial energy that I am talking about. Many B-School grads seem to have been infected by the entrepreneurial energy emanating from today’s e-commerce firms. According to the Nielsen Campus Track Business School survey 2015, one in every nine students from the 2013-15 batch prefer to join an e-commerce firm or a start-up after graduation as compared to just one in 19 students in the 2012-14 batch.
In fact, the survey goes on to say that the e-commerce sector has replaced FMCG among the sectors most preferred by B-School grads. In the coming days, globally and in India we are likely to see the emergence of a vast number of fast moving companies that are small, nimble and entrepreneurial. These companies will constantly evolve and reinvent themselves to adapt with the changing pace and face of new technologies. To survive and thrive in this environment, you will have to think more as entrepreneurs than just managers. Create Value for your Country Today, India needs all of us - especially capable young people like you - to be responsible and address the myriad challenges our country faces: food security, health security, job security, energy security and environmental sustainability. So I would like to ask you to get involved and convert these challenges into opportunities that can help bring about transformational change in alleviating human suffering while creating wealth and prosperity for all. Remember, our country cannot aspire to economic greatness as long as India remains home to one-fourth of the world’s poor and more than one-third of all malnourished children. As the leaders of tomorrow, I urge you to go out and pursue your career paths with a spirit of challenge and a deep sense of purpose. Before I end my address, I would like to leave you with these words of wisdom from Albert Einstein, who said: “Try not to become a man of success, but rather try to become a man of value.”
Thank you.
We are truly privileged to have Dr Devi Shetty address the 40th Convocation of this prestigious Institution. I have had the pleasure of hearing Dr Devi Shetty on several occasions, and each time he leaves me inspired.
We all look upon Dr. Devi Shetty as an extraordinary Indian who has made our country proud through his efforts to make access to quality healthcare non-discriminatory. His brainchild Narayana Health has successfully leveraged technology and economies of scale to make medical care accessible and affordable to the masses. It is common knowledge that his hospital in Bengaluru offers heart surgery at a fraction of what it costs in developed countries, and is a medical Mecca for patients from Africa, South & South East Asia and the Middle East. His business model is being leveraged in the Caribbean through the establishment of a hospital in the Cayman Islands in partnership with Ascension Health, a leading Health care provider in the US.
Today is indeed a memorable day for all the graduating students of the Class of 2014-15. Congratulations to all of you! The convocation marks your transition from a student to a working professional and my best wishes are with you for a bright and prosperous future. Some of you will go on to take challenging corporate jobs, some will become entrepreneurs and maybe some of you will join the social sector.As you get ready to set off on life’s great voyage, I would urge you to pause for a moment to reflect on the knowledge, training and skills that this august institution has armed you with.
IIM Bangalore Highlights for 2014-15
Today technology and globalization are creating a world that is a boundary less bazar of equitable opportunities interconnected and supported on a shared platform of knowledge. As an institution that aspires to be among the top centres of business learning in the world, we at IIM Bangalore are cognizant of these changes and have ensured that we are in sync with what’s happening globally.
- We are the only B-school from India in the Global Network of Advanced Management (GNAM) that features Yale, INSEAD and other top B-schools in the world. This network fosters substantive ties among the world’s leading business schools, providing opportunities for faculty to exchange ideas and for students to experience the complexity that will characterize any environment in which they will lead. IIM Bangalore will host the Deans conference of the GNAM in November this year.
- IIM Bangalore is India’s first management school to join edX as a contributing member. edX, a Massachusetts-based, non-profit enterprise created by founding partners Harvard University and MIT, offers interactive online classes from the world’s best universities. In just a few months from now, IIMBx will deliver quality courses and new perspectives to learners from around the world under the MOOCs model of learning. People who could not afford a world-class education will now be able to access it.
- IIM Bangalore is also spreading its wings into aviation management. In partnership with Toulouse Business School (TBS), France, IIM Bangalore is offering a General Management Program for Aerospace and Aviation Executives – a first in India. TBS and IIM Bangalore faculty have come together to deliver the one-year certificate program for industry professionals which will begin in April.
- The NSRCEL at IIM Bangalore has partnered with TiE for ‘AntahPrerana’ – a unique mentoring program for early-stage commercial start-ups (zero- to three-year-old and without angel investors or venture capitalist funding).
- IIM Bangalore will be hosting for the first time in Asia, a four-day global conference of the Academy of International Business in June.
- There has been a 35% increase in the distribution of IIM Bangalore cases by Harvard Business Publishing compared to last year. IIM-Bangalore’s cases are being studied and used in as many as 47 countries by 360 organizations.
Given all these wonderful initiatives it is no surprise then that IIM Bangalore has been named ‘Best B-school in Central Asia’ by Eduniversal Paris for the seventh year.
Think like entrepreneurs not just managers We are living in times of rapid change where the global business landscape is transforming radically in front of our very eyes. Just look around and you will realize how fast things are changing.
The World Bank has done an interesting analysis of the speed of technological diffusion which shows that the time elapsed between the invention of something and its widespread adoption has been reducing dramatically across the globe. For 19th-century technologies the gap was long: 120 years for trains and open-hearth steel furnaces, 100 years for the telephone. For aviation and radio, invented in the early 20th century, the lag was 60 years. But for the PCs the gap was around 20 years and for mobile phones just 15 years.
The reverberations from this rapid technological change are loudest in the world of business. Apple is today a hop, skip and jump away from becoming the first trillion-dollar company. Just think about it, a powerful idea can today generate a value of a trillion dollars! In fact, Apple recently replaced AT&T on the Dow Jones Industrial Average. AT&T had been a part of the Dow since 1916, a year after the first-ever transcontinental telephone call. The fact that AT&T is today making way for Apple speaks volumes about how communications and technology have evolved and revolutionized our lives. More interestingly, if you look at the Fortune 500 companies’ list you will see that 86% of them have either disappeared or dropped off the list. Mega corporations like General Motors, Pfizer and Microsoft are today trying to fend off the challenge from the likes of Tesla Motors, Gilead Sciences, Google and others. Creative disruption is radically altering how companies operate in virtually every industry and region of the world. We are now witnessing the advent of “The ideas Economy” which is spurring an entrepreneurial ethos that is spawning start-ups at an enormous scale.
According to media reports, the Indian start-up sector received more than $5 billion (Rs 25,000 crore) in funding in 2014, compared to $1.6 billion (Rs 10,000 crore) in 2013 and $760 million (Rs 4,755 crore) in 2012. What’s more, Flipkart (valued at about $11 billion) and Snapdeal (at least worth $5 billion) are now valued much, much higher than the total market capitalisation of India’s major brick-and-mortar retailers.This is the kind of entrepreneurial energy that I am talking about. Many B-School grads seem to have been infected by the entrepreneurial energy emanating from today’s e-commerce firms. According to the Nielsen Campus Track Business School survey 2015, one in every nine students from the 2013-15 batch prefer to join an e-commerce firm or a start-up after graduation as compared to just one in 19 students in the 2012-14 batch.
In fact, the survey goes on to say that the e-commerce sector has replaced FMCG among the sectors most preferred by B-School grads. In the coming days, globally and in India we are likely to see the emergence of a vast number of fast moving companies that are small, nimble and entrepreneurial. These companies will constantly evolve and reinvent themselves to adapt with the changing pace and face of new technologies. To survive and thrive in this environment, you will have to think more as entrepreneurs than just managers. Create Value for your Country Today, India needs all of us - especially capable young people like you - to be responsible and address the myriad challenges our country faces: food security, health security, job security, energy security and environmental sustainability. So I would like to ask you to get involved and convert these challenges into opportunities that can help bring about transformational change in alleviating human suffering while creating wealth and prosperity for all. Remember, our country cannot aspire to economic greatness as long as India remains home to one-fourth of the world’s poor and more than one-third of all malnourished children. As the leaders of tomorrow, I urge you to go out and pursue your career paths with a spirit of challenge and a deep sense of purpose. Before I end my address, I would like to leave you with these words of wisdom from Albert Einstein, who said: “Try not to become a man of success, but rather try to become a man of value.”
Thank you.