The International Consortium for Innovation and Entrepreneurship Research (ICIER) focused on making new business strategies for the new age.
The Indian system of ‘Juggad’ is a fascinating and very helpful way of thinking in business as it gets the work done, said James Godber, Deputy Head of Mission, British Deputy High Commission, Bangalore, “Agility is fundamental to shared success and vital to the entrepreneurs who helped this city in becoming the hub of business,” he said at the sixth ICIER conference on ‘Strategic Agility and Resilience: Benchmark and Practices.’
He said that time is unpredictable and it should be kept in mind before making any strategy. He added that these strategies may or may not work in the long run.
Godber said that one could have never expected the things that happened in the Middle East, and Europe over the past few months. “We don’t know what will happen next so we have to be prepared.” Though India is not directly affected by the wars in Ukraine and Israel as they are far from India, business is affected, he added.
Dr. Matthew J Manimala, former professor at IIM-B compared business with a Greek philosopher’s saying that ‘you cannot step into the same river twice as the river is flowing and it will not be the same river next time.’ He said, “Business is that river which you cannot always step in with the same strategy. With time, strategies have to change.”
Dr Manimala gave the example of a Fortune 500 list of companies from 2005. He said that no company from 2005 exists now. Similarly, he gave an example of COVID-19 during which a lot of companies closed because they were not able to make new strategies.
Businesses across all sectors develop strategies in a Volatile, Uncertain, Complex, and Ambiguous (VUCA) manner. To make a business run at this time, agility and resilience are the keys to its success as rigid strategies cannot support dynamic business, stated Professor P.D. Jose of the Indian Institute of Management, Bangalore (IIM-B).
Godber stated that apart from working at the trade level with India, the United Kingdom (UK) government also collectively works on trade and prosperity, free trade agreement, defence and security, climate change and health.
The sixth ICIER conference was held at BNM Institute of Technology. Past ICIER conferences had taken place in IIM-B, Moscow International Higher Business School (MIRBIS) in Russia, Christ University, in Bangalore, Business school in Brazil, etc.
The conference also had panel discussions on various business topics, a practitioner-oriented discussion on strategic agility, and a presentation of 82 selected research papers sent from all over the world on Business and related topics.
