All the research undertaken by the Ram Charan chair, for instance, would be funded by the Mariwala Foundation. “Strategy and innovation are Prof. Ram Charan’s strengths and we also have a lot of inputs in this area. In consultation with us, IIM Bangalore will choose a subject and do research on the subject, which will culminate into either a report or a book,” Mariwala further explained.

A recent example of an industry-academia partnership is IIM Ahmedabad’s partnership with Aura Art Development, an art infrastructure solutions provider and specialist in art transactions. They have launched the IIMA-AuraArt Indian Art Index (IAIAI). The index has been put together using a data-driven methodology that analyses price variations in artwork auctions of the top 25 Indian artists across the globe over 20 years. IAIAI therefore can offer, art enthusiasts, financiers, insurers, and other stakeholders across the sector, data to calculate the percentage change in the likely market price of an artwork over time.

Similarly, consulting firm PwC, is partnering with business schools to co-create curriculum. It has created a programme on ESG with IIM-A and is also considering other domains such as cyber consulting. “We run the risk of losing talent to other consulting companies by co-creating curriculum with business schools, but we need to invest in upskilling,” explains Padmaja Alaganandan, chief people officer, PwC.

Charan believes that business schools should necessarily rope industry minds into their faculty too. “I would like to see more participation in teaching and course design by the practising people. They may not know the teaching methodology but they do know the problems and aspirations of the industry, they also know what kind of issues are going to come up.”

Business schools across the country are trying to increase their association with the industry, including bolstering their faculty with people from the industry. According to Ashok Banerjee, Director, IIM Udaipur, the Government has introduced a concept called ‘Professor of Practice’, under which the IIMs are recruiting industry professionals on a full-time basis. “These professionals have 15-20 years industry experience. We have 50 professors, out of which three are professors of practice,” explained Banerjee.

Mariwala reiterated the need for faculty members to take up consulting roles. He believes this could reduce faculty attrition which is rampant because of unattractive compensation. “The moment you allow professors to become consultants, you will also be able to attract better talent. If you do part consulting and part teaching then the financial constraint is also overcome.”

Ram Charan chair

B-schools need to research with industry to stay relevant: Prof. Ram Charan