IIM Visakhapatnam hosted Vriddhi5.0, the flagship annual business conclave of the institute in its permanent campus on 9-12-2023. The event was inaugurated by all the guests present joined by Mr. Kaleem V Khan (Senior Admin Officer) and Mr. Somashekar (Asst Manager – CDS & Alumni relations.
In the first thought-provoking panel discussion around the theme “Resilient Reign: Conquering Challenges and Shaping Success” moderated by Mr. Guhesh Ramanathan (CEO- IIMV Field) included the panel members Mr. Ashish Maheshwari (Current CFO of Apollo Health and Lifestyle Limited), Mr. Seshadri Savalgi (CFO and Finance Director of General Mills India), Mr. Abhijeet Puglia (Angel Investor, Start-up Mentor and Entrepreneur), Mrs. Shivani Malhotra (Partner and Managing Director at Positive Vibes Consulting).
Industry leaders explored the symbiotic relationships between startups and large enterprises, shedding light on valuable lessons exchanged between the two ecosystems.
The discussion emphasized the reciprocal nature of learning. Resilience, a trait often associated with startups, was discussed as a skill acquired through interdependence, with startups learning from large enterprises. Conversely, large corporations were acknowledged for gleaning key insights from startups, particularly in areas of resource optimization, agile decision-making, and cultivating an entrepreneurial mindset.
From the diverse experiences of the panellists, the discourse highlighted the three key learnings large enterprises extract from startups: operating with a scarcity mindset, valuing progress over perfection through agile decision-making, and fostering an entrepreneurial mindset.
The conversation pivoted to startups learning from large organizations, emphasizing the significance of adaptability, pivoting strategies, and learning curves in established corporate environments. The discussion also underlined the potential for collaboration, where startups and large organizations can leverage each other's strengths, creating a powerful synergy in today's dynamic business landscape. The panellists shared industry examples showcasing successful collaborations, emphasizing that timing, sustainability, and a shared vision are critical factors in the success of startups. The discussion concluded on a note of encouragement for collaboration, noting that the union of momentum from large organizations and the velocity of startups creates a robust ecosystem that leverages the strengths of both.
Renowned entrepreneur and founder of House of Omkar, Mrs. Poonam Kaul, delivered an insightful keynote session on resilience in the second half of the event. She delved into the US Army's practice of resilience and explored various responses to adversity. The session explored the resilience exhibited by brands in adapting to changing consumer preferences, emphasizing the ability to pivot and pirouette successfully.
The DNA of a resilient brand, including authenticity, customer focus, consistency, innovation, and adaptability, was elucidated through industry examples, notably the battery crisis faced by Nokia in 2007. The keynote stressed the importance of a well-defined, consistent, open, and transparent brand story at the core of resilience.
With the mantra "Those who tell the story rule the world," the speaker emphasized the impact of purpose and values in capturing audience attention. The session highlighted the role of storytelling in triggering emotions and building brand loyalty, citing successful campaigns such as "Release the Pressure" by Mirinda and Nokia's "Your Wish is My APP."
Additionally, the keynote touched on crisis management strategies, exemplified by the Kurkure plastic controversy, and the nuanced approach to social media responses categorized into L1, L2, and L3 levels. Transformative leaders like Steve Jobs and Richard Benson were cited as brilliant storytellers, underscoring the influential role of narratives in shaping brand identity.
In a riveting panel discussion that took place in the evening with the theme "Establishing Resilience in a Dynamic World through Sustainable Operations," moderated by Dr. Milan Kumar (Asst. Prof at IIM Visakhapatnam), including panellists Mr. Himanshu Maloo (Vice President, Supply Chain Planning, Diageo), Mr. Sandeep Chatterjee (Supply Chain and Sustainability Leader, IBM), Mr. Aniruddha Ainapure (Senior Executive Director, JP Morgan Chase), and Mr. Madhan Balasubramanian (Co-Founder, Product & Technology, Stealth Startup), key insights emerged. The session delved into the challenge of adaptability as a strategic form of resilience, particularly in the face of global disruptions caused by the COVID pandemic. Sustainability, encompassing people, planning, and profit, took centre stage with industry examples illustrating its multifaceted impact. Panellists emphasized the volatility of today's world (VUCA) and the critical importance of scenario planning in an environment where constant change prevails. The dynamic nature of markets, evolving technologies, and the strategic role of inventory management were also scrutinized for their influence on operational resilience.
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