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Big biz-school buzz bowls Bombay's brats

Y Siva Sankar in Bombay

6 pm to 9 pm, Friday, January 5. The Taj Mahal hotel in south Bombay witnesses something striking: an unusually big contingent of Indian students and young executives in the 20 to 35 age-group.

One can see confident-looking men in suits, pretty women in trousers and blazers. Some guys and girls are in premium t-shirts, denims or skirts; a few more in formal trousers with shirts tucked in. A handful of modern-looking women are attired in cotton-saree-blouse combination. Vapours of Poison, Avon, Lata Mangeshkar, Pleasure for Women scent the air. One can notice expensive footwear, branded frames of spectacles.

A display of labels and logos is on: Reebok, Nike, Allen Solly, Zodiac, Arrow, Lotus Bawa, DunHill. Ultra-classy behaviour and pecks-on-cheeks complete the picture of an elite pack.

Only, it's not a party. The youth have business -- and billions -- on mind.

But they are not here to interact with and gain gyan from NRI tycoons like Swraj Paul and Bob Harilela, guests at the Indian Merchants Chamber's India Calling conference. They are here to check if India's first 'global business school' can catapult them to the helm of business empires across the world. Evidently, They are in search of education beyond the ultimate in India: the IIMs.

Professor Sumantra Ghoshal of the London Business School, who is also the founding dean of the upcoming Indian Business School in Hyderabad, is in his element. Attired in a full-sleeved white shirt tucked into a pair of grey-green trousers, and a dark-blue necktie printed with a cream-and-yellow floral pattern, the medium-built, suave Ghoshal wields the cordless microphone.

Organisers had expected that the session would see about 150 participants. Expectations go awry. The Rooftop Rendezvous hall is jam-packed. More than half of the crowd is standing: all the seats have been taken.

Folding his shirt-sleeves neatly up to his elbows, Ghoshal tells the crowd that the ISB is a business school with strong ties with the J L Kellogg School of Management at Northwestern University and the Wharton School at the University of Pennsylvania, and support from some of the leading corporations in the world, including 21 Fortune 500 companies.

The ISB, he adds, aims to groom some of the top corporate leaders of the future through a "distinctive, innovatively tailored curriculum, with a unique focus on contemporary issues such as the impact of technology on commerce, entrepreneurship and managing in high growth markets."

The ISB programme has been designed and will be conducted by faculty from Kellogg, Wharton, Stanford, London Business School and other leading business schools.

The youth just cannot wait to turn active: the session becomes interactive. Ghoshal climbs down the dais and paces up and down the aisle, mic in hand. With finesse, he negotiates the FAQs: What's the eligibility? How would the entrance test be conducted? How many seats are on offer? Will the last date (January 15) for submission of applications be extended to March 15? What would be the curriculum like?

He converts the questions into opportunities to share his vision of the business of education in the 21st century Asia. "Singapore is being projected as the capital of world-class higher education in Asia. Thailand, the Philippines, Japan and Malaysia are also into it. And then there is China. But believe me, none of these countries has the potential and opportunities that India has in terms of intelligent, hardworking students, committed, brilliant educators, well-meaning financiers and the will to succeed against odds. This is a battle that we are bound to win naturally, a battle that we can't lose even if we want to."

The crowd nods knowingly, overcome with a sudden bout of pride and realisation.

Someone wants to know about the faculty. Gesticulating energetically, Ghoshal reels out name after name: "This guy is one of THE world's leading educators in strategic management..." He stops only after he is sure that the audience is with him, convinced that the faculty members are indeed among the best in the business. "In the ultimate analysis, a school is not as good as its building. A school is not as good as its faculty. A school is as good as its students."

"What about the fee structure, sir?"

Ghoshal pauses for effect. "Remember, this is a global business school. Only the best will secure admission. It is US $ 15,000 (about Rs 750,000)."

A hush spreads in the hall. Not for long. Animated whispers ensue, and grow into a free talk.

Ghoshal takes charge. "You should see it as the opportunity cost. By Indian standards, this figure may seem high. But in the west, a similar course will cost no less than US $ 50,000. Which means, the cost here is less than one-third of that. ISB will try to organise educational loans from leading financial institutions and scholarships for the deserving."

"Can you guarantee me that if I qualify, pay up for the course and do well, the ISB will help me land the job I want?"

Ghoshal smiles. It lasts for a few moments. "Yes." Another pause. "You are just the kind of guy the ISB wants."

Laughter fills the air.

"So sign me up please," says the ebullient youngster.

Another one is curious. "Tell us something about the ISB culture, sir."

"ISB has no culture," says Ghoshal.

The audience is stunned.

"Yes, ISB has no culture. Right now it is an empty shell. It is not operational yet. So its culture will be something that you and I lend it."

Ghoshal decides to poll the audience. "How many of you have already applied for admission into the ISB?" A fraction of the crowd raises its hands. "How many of you would like to apply after this session?" More than 75 per cent of the audience says it would. “Do it at the earliest please.”

The organisers feel an encore of the show is necessary to make the evening sensible. Far too many guys and girls in the audience braved discomfort and stood through the session. They deserve a chance to sit comfortably, interact and digest the details. The stage would be ready for a repeat show after a 15-minute break.

A wizened friend materialises and compliments Ghoshal. "You seem to be getting younger by the day." Ghoshal hugs the old man and dismisses the talk. "Not really."

Meantime, the youth mob Ghoshal. Some want his personal attention. Others have queries they couldn't raise earlier for want of chance. A few try to seek his autograph on books authored by him. A few others just want to chat him up/ pick his brains. The scene seems fit for an international cricketer, an Indian film star or a celebrated scientist. In the New Economy, is a strategic management guru an icon?

A young executive says apologetically, "You may find my question rude and blunt, but will the faculty be committed?"

Ghoshal takes out a pack of India Kings and a longish match-box from his shirt-pocket, lights a cigarette, inhales it a few times and looks in the eye of the questioner. "A visiting faculty member is committed to give 90 days in a year for which the ISB would pay a cheque for US $ 50,000. As the founding dean, I may earn more. If what such money can evoke is not commitment, what is? Mind you, the NRI faculty is not doing it for money. It is the joy and thrill of giving something back to our country. Money is incidental because you have bills to pay and families to look after."

A PYT wonders if medical students can aspire for ISB, whether they would be looked down upon. "I don't foresee any problem," Ghoshal assures her. The healthcare industry is one of our target areas. There will be a lot of demand for medical professionals who can handle management. Anyone with passion for world class business education, hard work and pursuit of excellence is welcome to apply."

He then shares an interesting piece of information. "The best student award at the London Business School this year was won by a person who is basically a piano player. He thought he could not reach the musical pinnacle, so decided to go in for an MBA." The PYT flashes a high-voltage smile to thank him for his attention.

"I am from Hyderabad. I wanted to know more about ISB. I am toying with the idea of enrolling my son for the course," says K Venkatesh, 50ish, a garment exporter. Abhijit Sarkar (30ish, in a suit), systems expert at the derivatives segment of the Bombay Stock Exchange, is not very satisfied with his higher education. "I will try to do the ISB course if I feel it is value-added. Maybe not now but after the first batch is out."

A Aroda, (again 30ish, suited, etc), a business analyst with a banking MNC, says he is keen on securing admission into the ISB. What makes his wish striking is that he has already got confirmed admission offers from prestigious business schools abroad like the London Business School, the Manila-based Asian Institute of Management and CMU, Pittsburgh.

"I'm proud that a best-of-breed, truly world-class institution is being created in India. Hundreds of other potential students, like me, have already made that leap of faith based on whatever they have read and heard over the past 18-24 months and seen so far in implementation. And, given a chance to study in the ISB, I would consider it a privilege, in spite of having various other options," says Aroda.

Another youngster wonders if a Rs 750,000 fee is really high. "I am aware of the fee at B-schools abroad. Moreover, ISB is in Hyderabad, not an expensive place like Bombay. Sure, one can do a lot with Rs 750,000 in India -- buy an apartment between Borivali and Virar in Bombay, or buy a decent sedan. But I guess Rs 750,000 for this course is okay."

FROM THE REDIFF ARCHIVES:

'We'll break every rule:' An interview with Prof Ghoshal, ISB's founding dean

Work begins on dream biz-school project in Hyderabad

Sumantra Ghoshal appointed founding dean of ISB

The Rediff Guide to MBA courses in India

EXTERNAL LINK

The ISB web site

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