Due to the current global pandemic, we are all facing massive changes in our socio-economic activities. It is also taking a toll on each of us, psychologically and emotionally. It has become the need of the hour to rethink our strategy in multiple dimensions and for us to recast our social, educational, and economic systems. Rapid learning and Rapid execution are keys to staying ahead.
While the disruption is shutting down many existing markets and processes, a window of opportunities to create massive new ones is opening up as well. IIM Sambalpur conducted the Virtual Town Hall Session with Prof. Mahadeo Jaiswal, Director IIM Sambalpur to discuss and look at the strategy of capitalizing on these emerging opportunities and processes.
Prof. Mahadeo Jaiswal started the discussion with a thought-provoking question. What are the 2 most critical factors that attract global talent in a country? He stated that the innovative higher education systems and innovative driven industry work culture are the 2 most critical factors of the country that attract global talent and create brand of the country.
He highlighted India as a country has done tremendous growth and development since the time of independence, however, lot more needs to be done in terms of enhancing quality in higher education systems and creating innovation driven industry work culture in our country.
As far as 2020 is concerned, given the current crisis situation the state of the economy might be unfavourable, however, Prof. Jaiswal encouraged the participants to look at this disaster due to global pandemic from a disruptive innovation lens that will help create a new pool of opportunities in the market. “We need to shift our focus from transaction-based large enterprises to innovation-based micro, small and medium enterprises (MSME). The government thinks COVID-19 is a disaster, but I think it’s a disruption. We need to create unique value propositions in the disruptive era. It is fresh new innovative ideas that shall help make India a brand.” – Prof. Mahadeo Jaiswal, Director IIM Sambalpur
Riding on the Vision statement of IIM Sambalpur “To be an institute for excellence in nurturing responsible leaders with an entrepreneurial mindset.” Prof. Jaiswal stressed on creating and nurturing leaders or managers who will not just look out for themselves but the community and the country. Students have to develop an entrepreneurial outlook towards every problem rather than stressing on transactional solutions.
He further also announced the mission statement to set the tone for the Virtual Town Hall Session, as he strongly believes that their actions should always be aligned with the vision and mission of the institute.
IIM Sambalpur’s Mission:
- To create knowledge in management and business through impactful research and collaboration
- To testament knowledge using disruptive pedagogies
- To collaborate with industry, government, society and academic institutions to strengthen the entrepreneurial capacity of the country
The 3 Core Values of IIM Sambalpur – Innovation, Integrity, and Inclusiveness are beautifully reflected in the new logo as well as our initiatives towards digital innovation and entrepreneurship.
“We would like to be in actions which manage disruption due to digitalization and we also want to have our management practices that are associated with decarbonization. We would like to be part of large ecosystems which will create large no. of enterprises & start-ups so that business becomes a part of every family in the country. “added Prof. Jaiswal.
How prepared is IIM Sambalpur for adapting the after-effects of the Covid-19 for the coming PGP Batch?
Prof. Mahadeo Jaiswal shared they did not wait for a crisis like COVID to happen. The Flipped Classroom based on a blended pedagogy was launched last year to give students a taste of the external world right inside the classrooms through live projects. All the basic concepts pertaining to each subject are delivered through learning management systems designed by the faculty members.
Moreover, IIM Sambalpur has signed an MOU with India SME Forum to make students problem solvers in the real world. Amid the current crisis, the large companies have enough bandwidth to survive however the small companies are facing greater challenges. The students of IIM Sambalpur must take up this challenge to formulate practical strategies in the areas of HR, logistics, policy, marketing, etc. by doing live projects in the classrooms sponsored by the forum. This will help in value creation and help us revive sooner and better.
What strategy the institutes have for overcoming challenges of placement next year?
IIM Sambalpur is planning to work with industries closely for co-creation of value. Tying up with emerging companies from the very beginning for projects will help the entire ecosystem – Students will get exposure, on the other hand, the companies will get fresh minds working on innovative solutions. Moreover, Prof. Jaiswal highlighted that in this disruption era we will see huge job creation in consulting, e-commerce, and marketing domains. While the challenges remain universal, it all boils down to how you convert them into opportunities.
How would the incubation centre interact with students, will there be scope of exploring ideas and guidance for the students?
The IIM Sambalpur’s Business Incubation Centre inaugurated this year aims to encourage entrepreneurial ideas initially on the regional level, ultimately expanding across the country. In due association with the Ministry of MSME, Govt. of India this centre is now seeking applications who would like to incubate their ideas. The last date to apply is 25th June 2020.
He stressed on how we should have incubation centres across various cities so that students should be able to use that as a laboratory to learn the business. With our new Incubation Centre, we strongly believe teaching will be less, and the journey of the students will be more about creations.
Please throw some light on the education system in the post COVID era in the Indian perspective?
Right from the time of independence back in 1947 to 2020, India has seen tremendous growth in education. However, one thing that was left behind is – Knowledge creation. We have to see how we can bring that back; a lot of institutes will go physical however, digital technology will reign the education landscape. In such a scenario hybrid education should be preferred. We need to make our intellectual resources more productive in terms of creations.
How can learning agility resilience and grounded optimism be a vital skill in this face of disruption?
In the business school, context innovation should not be considered just for the sake of it but should be done to commercialize it. We need to see, there ought to be a market for it. We need to create value out of innovations, only then it will help us in making our presence felt in the industry.
Kindly share the uniqueness of the executive Ph.D. Programme?
The Programme will be a unique doctoral Programme (Ph.D.) in management designed specifically for working professionals with a minimum of five years of full-time work experience. The Programme will provide industry professionals with an opportunity to build a career in academia. This Programme will also encourage scholars to research in the field of management, leading to publication in internationally reputed research journals and finding solutions to real-world management problems. On successful completion of the program, the Ph.D. degree shall be awarded to the candidate.
For students living on the campus how student’s safety can be ensured in this COVID era?
Prof. Jaiswal has ensured that the institute is following all the precautionary measures for the safety of the students and faculty members. Students coming from outside will be quarantined for 14 days and will be taking digital classes right inside the hostel room. No one will be allowed to leave the campus post that. Due to the remote location of the campus luckily there have been only a few cases in the vicinity that too from migrant professionals. Timely sanitization and social distancing will be followed.
In the later part of the session, Prof. Jaiswal emphasized on the STRATEGY one should adopt in this disruptive era.
He enlightened the participants by sharing the true meaning of Strategy. A strategy is about creating value through unique propositions. In this disruption age, an innovation-based strategy will work way better than a resource-based strategy.
IIM Sambalpur aims to become the platform for experimentation of ideas. In the disruption era companies are quickly moving towards digitalization. Without manpower, they would not be able to achieve new targets. IIM Sambalpur shall work diligently to create capacity for digital disruptions.
By enriching our existing MBA Programme with learning management systems, video conferences, live-projects we will work in alignment with the industry. The institute is also planning to diversify its offering through new programs with differentiation strategy using online platform.
To create a brand, one has to take up new case studies, build new ideas, new patents; if the industry is consuming your products/solutions you have made a brand for yourself. Disruption requires new models and markets. Amid the crisis, we should not be sitting behind the doors when you can open the window through digital innovations. The whole world is your market.
Hindu mythology has strong references for - Innovation. Brahma for Creative Innovation, Vishnu for Enabling Innovation, and Maheshwar for Disruptive innovation. Students need to take the baton of innovation and become frontrunners, create uniqueness, and define the purpose of their lives.
The session has opened so many windows that our room of knowledge is brimming with joy. We are sure all the participants got a clear vision of how to walk the path of disruption. Big thanks to Prof. Mahadeo Jaiswal and all the participants for such an insightful discussion at IIM Sambalpur’s first-ever Virtual Town Hall Session.