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SPJIMR-Abhyudaya’s Hastantaran 2024: A new mentorship journey begins

Mumbai, August 08, 2024: Hastantaran, meaning ‘handing over’ or ‘transferring’, is an exciting ceremony marking the start of the mentoring journey undertaken by SPJIMR’s first-year PGDM participants and Abhyudaya Sitaras (Stars).

Abhyudaya, meaning ‘growing together’, is an experiential learning programme where each first-year PGDM participant is assigned a Sitara to mentor for the entire year. The Sitaras, selected based on their academic records and performance in specially curated aptitude tests, are some of the brightest students from Mumbai’s marginalised and underprivileged sections.

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Speaking about the initiative, Prof. Varun Nagaraj, Dean, SPJIMR, said, “The SPJIMR-Abhyudaya programme is designed to cultivate social sensitivity and empathy in our future business leaders by exposing them to the realities of urban poverty and inculcate mentorship qualities.” Since 2008, 948 Sitaras and 3,688 PGDM participants have undergone this transformative journey.

The Sitaras, who refer to the PGDM participants affectionately as ‘Didis’ (sisters) or ‘Bhaiyas’ (brothers), gain lifelong mentors who provide academic support, personality development training, emotional counselling, and advice on personal or professional issues.

Hastantaran 2024 marked the propitious commencement of Abhyudaya for the PGDM cohort of 2024-26. Arati Nagaraj, Director, SPJIMR-Abhyudaya, inspired the Sitaras and PGDM aspirants, and said, “To the senior mentors, remember, your journey is never over. You continue to be your Sitaras’ North Star. And to the new mentors, embrace this journey and strive to become a guiding light for your Sitaras.”

‘Celestial Connections’, the theme of Hastantaran 2024, signified the sincerity and depth of the bonds formed between the PGDM participants and the Sitaras. “Abhyudaya was a life-changing experience for me. I learned a lot from my mentee and her family,” said Swapneel, PGP2 mentor. Added Sakina Jabir Khan, his mentee and a class 8 student, “I learnt about leadership from Swapneel bhaiya. He helped me with my studies. Though I am sad that I won’t see him every month, I am excited to know who my new mentor will be.”

To celebrate the beginning of these beautiful mentor-mentee relationships, the Sitaras and the PGDM participants lit up the stage with energetic dance and soulful song performances. During a panel discussion, second-year PGDM participants and Sitaras shared their Abhyudaya experiences to clarify doubts and allay concerns of the first-year participants.

The most awaited event of Hastantaran 2024 was the first mentor-mentee meeting. Each Sitara searched with keen eyes, bated breath, and hopeful hearts for their beloved ‘Didis’ and ‘Bhaiyas’. A sense of emotion overtook them as this moment marked the rite of passage from their previous mentor to their next mentor. The event concluded with a series of ice-breaking and team-building exercises where the Sitaras and their new mentors shared personal stories, aspirations, and expectations.

Hastantaran 2024 marked a shift in the energy on campus. The excitement of being part of an experience that shapes lives, creates lifelong bonds, and builds a treasure trove of memories was almost tangible. Each participant and their Sitara are now set to embark on a stellar journey of personal growth and learning.

SPJIMR contributes to global report on family business legacy

Mumbai, July 11, 2024: Bharatiya Vidya Bhavan’s S.P. Jain Institute of Management and Research (SPJIMR) Centre for Family Business & Entrepreneurship (CFBE) is delighted to announce its contribution to the report ‘Unlocking Legacy — The Path to Superior Growth in Family Businesses’, in collaboration with the STEP Project Global Consortium and KPMG Private Enterprise. This study delves into the intricate balance between tradition and innovation in family businesses, highlighting how legacy can drive long-term success and sustainability.

The STEP Project Global Consortium (SPGC) is a global research initiative that explores the entrepreneurial dynamics and performance of family businesses across diverse cultural and economic contexts. It aims to provide insights and guidance for family businesses to thrive across generations.

The report, enriched by detailed data analysis, academic insights, and firsthand experiences from family business CEOs, provides an understanding of how legacy shapes business performance and guides strategic choices. It explores whether family businesses should expand into new markets, invest in cutting-edge technology, or diversify while staying true to their traditional operations.

“Legacy connects generations and ensures the continuity and heritage of entrepreneurial success. It shapes the long-term vision of the family business and guides strategic choices, helping to determine when to lean on tradition and when to embrace the unknown,” said Prof. Tulsi Jayakumar, Executive Director, CFBE, and Chairperson, Post Graduate Programme in Family Managed Business (PGPFMB) at SPJIMR.

Forty-three percent of the 2,683 respondents in the survey reported high business, environmental, and social performance, reinforced by strong legacies. This underscores the significant link between the strength of family business legacies and their overall performance.

The research identified five key legacy components: material, biological, social, identity, and entrepreneurial legacies. These components significantly impact family business results, with those reporting strong legacy scores also exhibiting high business performance and sustainability results.

“Our findings revealed that the highest-performing family businesses often have the strongest legacy scores,” added Prof. Jayakumar. “This compelling link between legacy depth, financial performance, and sustainability practices highlights the essential role of legacy in future-oriented, sustainable growth.”

Conducted in the latter part of 2023, the survey gathered insights from 2,683 family business CEOs across 80 countries, territories, and regions. The report includes findings from regional roundtable discussions with 21 family leaders and next-generation members, shedding light on the “legacy paradox”—where legacy can serve as both an asset and a liability.

“Thanks to SPJIMR’s involvement, we were able to capture a substantial number of responses from Indian family businesses. Their dedication and expertise significantly contributed to the richness and diversity of the data collected. SPJIMR’s efforts have been vital in highlighting how Indian family businesses balance legacy and innovation to drive enduring success,” said Andrea Calabrò, Global Academic Director, SPGC.

“SPJIMR is proud to have contributed to the report, which provides valuable insights into the intricate dynamics of family businesses. By understanding how legacy influences both business performance and sustainability, we can better guide these enterprises towards enduring success. These new findings will help family businesses build a legacy that ensures sustained performance and growth for generations to come,” said Prof. Varun Nagaraj, Dean, SPJIMR.