The ICFAI Foundation for Higher Education and Parampara Family Business Institute, Bangalore, have come together for an academic collaboration to focus on research in family businesses.
“The focus on family businesses and building case studies has assumed importance in the backdrop of more than 75 per cent of the country’s GDP being contributed by family businesses,” said J Mahender Reddy, Vice-Chancellor, ICFAI.
ICFAI has charted plans to create a centre of excellence in family business, the Paramapara Institute, which is a GMR social initiative, and has been working on creating case studies on family business, to pass on the lessons from such enterprises to others and ensure that the best practices are adopted.
Prasad Kumar, Member-Group Holding Board, Business Chairman — Institution Building and Governance, GMR Group, told BusinessLine that: “Research in family business has great relevance for the country and building case studies and sharing success stories would be useful for the new generation of companies. Some of the top global universities have centres of excellence for family businesses.”
Parampara has teamed up with some of the top global institutions which work on research on family business, including the Business Family Foundation in Toronto, a Boston-based entity, and several other leading B-Schools including Harvard, Kellog, London Business School and Insead.
“We have been working on case studies on family businesses, which include a top Ayurveda company and a jewellery company. The latter takes inspiration from mantra, yantra and tantra while designing jewellery,” he said.