The ICFAI Foundation for Higher Education and Parampara Family Business Institute, Bengaluru, have come together for academic collaboration to do research on family business.

While ICFAI is a deemed university, the Paramapara Institute is a GMR Social Initiative focusing on family business.

GDP contribution The focus on family business 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, according to J Mahender Reddy, Vice-Chancellor of ICFAI.

While ICFAI has charted plans to create a centre of excellence in family business, the GMR group Institute has been working on creating case studies on family business so that the lessons from such enterprises could be passed on to others and best practices could then be adopted.

Prasad Kumar, member of the Group Holding Board of GMR Group, told Business Line , “Research in family business has great relevance to the country and building case studies and sharing success stories will be useful for new generation companies. Some of the top global universities have centres of excellence for family business.”

Global tie-ups Parampara has teamed up with some of the top global institutions that work on research on family business. They include Business Family Foundation in Toronto, a Boston, US-based entity and several other leading B-Schools including Harvard, Kellogg’s, London Business School and Insead.

“We have been working on case studies on family businesses. These include an Ayurveda company and a jewellery company. The latter takes inspiration from mantra, yantra and tantra while designing jewellery,” Kumar said.

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