Managing Director, Academy for Innovation and Management, Bengaluru and CEO of Innovastrat Inc., California, USA, Dr Ram Nidumolu, was at MYRA School of Business in city recently to give new insights into ‘Dharma capitalism and business transformation.’
Dr Nidumolu set the context of his theme by analysing and comparing the existing models of Capitalism – Free market capitalism and the state capitalism. The choice for policy makers today was not between free markets and central planning, but in getting the mix of regulation right. No one wanted state ownership of production, which corroded the core character of the business, he opined.
“Transformation of business is need of the hour today and is required at three levels – Business models, Business processes and Leaders’ mindsets – the question then raised is how to transform business and capitalism so that we can all have a better future? – by bringing in new models of innovation and strategy; new models of collaboration; transformation of corporate culture, – none of these,” he said, adding, “not even a combination of these is sufficient to lead to sustainable growth till a personal commitment to transform business and capitalism comes in.”
“Sustainability is a symptom of deeper changes. It is an aspiration, which leads to improvements. The objective of any business should not only be towards sustainability and social responsibility, but towards profitability in the larger sense of the word, and in the longer-term,” said Dr Nidumolu.
Elaborating further, he explained – Dharma is chiefly concerned with doing the right thing both, in the private and the public life. It is the moral law that sustains an individual, a society and the cosmos.
The event was well received by the large gathering of students, as was evident by the array of interactions that followed the talk, according to a press release.