In this issue “World’s Most Influential Business Leaders to Follow in 2023”, World’s Leaders shines the spotlight on Deepika Gupta, a trailblazing academician and industry professional who has carved a niche for herself in the field of corporate strategy and policy.
With an FPM (PhD) in Corporate Strategy & Policy from Indian Institute of Management, Bangalore, Deepika brings a wealth of knowledge and expertise to the table. She is also a first-attempt Chartered Accountant and Chartered Secretary, and holds a Masters degree in Financial Services and Management from University of Mumbai.
As if that wasn’t impressive enough, Deepika has also qualified UGC-NET in Management, making her a well-rounded and versatile professional. Her almost 12 years of industrial experience working with organizations such as BSE Ltd, and Finanza Capital Services Pvt Ltd, has given her the practical edge to complement her academic achievements.
Deepika’s contributions to the academic community are equally noteworthy. She has been a reviewer for various national and international conferences and journals such as Academy of Management, Eastern Academy of Management, Indian Academy of Management, and IIMB Management Review. Her expertise in corporate strategy and policy has been widely acknowledged and appreciated in the academic circles.
An Inspiring Story of Resilience and Achievement
Deepika’s family story is one of resilience and achievement. Her father, Ravindra Kumar Gupta, was a Mechanical Engineer who settled in Mumbai in the early 1970s, while her mother, Shyamwati R Gupta, was a high school-teacher with MA and MEd degrees. They instilled in Deepika and her four sisters a strong sense of discipline, courage, ethics, and integrity, along with the freedom to pursue their dreams with agility, resilience, and flexibility.
Deepika attended the Sau Laxmibai English Medium School in Mulund East, Mumbai, where she received a rigorous and focused education. She went on to graduate in Commerce from the Mulund College of Commerce at Mumbai University, earning her Masters in Financial Services and Management with First Rank from Alkesh Dinesh Mody Institute of Management Studies. She excelled academically, clearing the Chartered Accountancy exams on her first attempt and securing the All-India 9th Rank in Chartered Secretary Dec 1998 exams. She received numerous awards and recognitions for her academic and debating skills during her school and college days.
Deepika started her professional career with a Chartered Accountant firm before joining the Bombay Stock Exchange as a Management Trainee. After working for about 12 years, she pursued her Doctoral Programme in the Strategy Area at IIM Bangalore, where she had the opportunity to learn and upskill herself. She went on to work as an Assistant Professor in Strategy Area at the Indian Institute of Visakhapatnam.
The Institute
IIMV is one of the new generation IIMs, set up by Government of India in September 2015 in line with the Andhra Pradesh Re-organization Act, 2014. Under the IIM Act 2017, effective from 31/01/2018, the Institute has become a body corporate and declared as an Institution of National Importance. The Institute has started its academic operations in the ongoing construction of its word-class campus of approx. 241 acres of land about 25 kilometers from the present (temporary) state-of-the-art campus in the salubrious Andhra University campus in the ‘City of Destiny’, Visakhapatnam. Even though a new entrant in the Indian Education Sector, set up through statute, IIMV has marked its significance in a span of just 7 years. The factsheet of the Institute confirms the same.
Please refer details in https://www.iimv.ac.in/uploads/IIM-Visakhapatnam-Factsheet.pdf
IIMV FIELD a Section 8 Company under the Institute has the following objectives:
- To promote, develop and nurture the culture of entrepreneurship and innovation by way of facilitating, enabling, creating, fostering, supporting, funding/investing, mentoring, and managing entrepreneurial efforts, initiatives, endeavours, and ventures.
- To promote and develop platforms which can provide networking opportunities for prospective and potential entrepreneurs, students, teachers/faculty, researchers, alumni groups, angel investor groups and such other like and to enhance possibilities of mutual learning, sharing of knowledge and experiences; cross-fertilization of ideas; exchange of constructive thoughts and dissemination of best practices among such groups.
- To promote education, research and other programs and activities in creativity, upskilling, re-skilling, re-tooling, incubation, acceleration, innovation, entrepreneurial learning, and entrepreneurship development and allied areas of knowledge as well as interdisciplinary studies and domains.
- The institute has an inclusive Startup Policy that motivates both faculty and students to participate in entrepreneurial activities. This fosters students’ comprehension of the various hurdles faced by startups, including funding, marketing, and logistics. To develop the entrepreneurial ecosystem across the nation and particularly in Visakhapatnam, Andhra Pradesh, and Telangana regions, IIMV conducts several Capacity Building Programs. It also secures government funds through various startup programs like TIDE, DST, and others.
Driving Forces behind Joining the Education Sector
In the education sector there are no closures and every day is a new learning. There is no end to the limits of knowledge and the Institute provides exactly new avenues to continue these steps forward. There are lot of avenues to innovate and build knowledge base across various disciplines and across sectors. These are major forces that many are inclined to join the education sector.
As IIMV is a new Institute, there is always a learning curve and a continuous effort to help employees feel connected to the vision, mission, and values of the organization. The employees include both teaching and non-teaching staff who are committed and continuously motivated and incentivized to help the Institute reach its long-term strategic vision. The feedback from various stakeholders is continuously looped in strategy formulation processes to ensure smooth implementation of various decisions taken by the Board. IIMV has policies like work norms, incentivization schemes, annual performance rewards, etc to guarantee motivation and productivity.
The academic freedom, flexibility, innovative atmosphere in addition to the vision, mission, and values of the Institute are the major driving force to join the Institute.
https://iimv.ac.in/aboutiimv-vision-mission-values
Vision: To champion and excel in educating and nurturing entrepreneurial leaders in creating innovative solutions for business, government, and society.
Mission:
- To be a pre-eminent business school focusing on contextually-relevant solutions for techno-managerial problems, leveraging global best practices and knowledge resources.
- To foster an environment that encourages creative learning for innovative outcomes.
- To promote relevance and excellence in all academic, research, and allied knowledge pursuits.
- To demonstrate commitment to ethical and sustainable management practices.
- To contribute to professionalization of management education with equity and inclusivity as key drivers.
Values:
- Academic Freedom
- Equity
- Excellence
- Professionalism
- Sustainability
Putting Students and Alumni First
According to Deepika, the students and alumni of the Institute are the most important stakeholders and are considered as the highest level of clients. The Institute constantly engages with them and takes their feedback seriously. The curriculum of the courses is revised regularly to maintain the quality and rigor of the programs. The inputs received from the students and alumni are incorporated in the changes made.
The alumni serve as brand ambassadors for the Institute, providing feedback on the industry’s requirements and the dynamic environment. The Institute revamps its offerings in terms of courses, electives, structures, outlines, and delivery to meet the demands of the industry. The students are encouraged to appreciate the learnings and incorporate the knowledge into their professional careers. The Institute has an alumni portal for regular interactions with the alumni, and their feedback is aligned with the strategies of the Institute.
As a result, changes are made accordingly to ensure smooth and efficient strategy implementation for the Institute. The institute’s values the feedback of its students and alumni and strives to provide the best education and support to them.
Making a Positive Impact through Various Roles and Responsibilities
Deepika has had a very enriching and fulfilling journey since joining IIMV as an Assistant Professor in Strategy Area in June 2018. Her journey has included various roles and responsibilities that have helped her develop her leadership skills and set up policies and procedures for the Institute.
As the Coordinator Administration for the Institute, Deepika was able to set up rules and regulations that helped ensure the smooth functioning of the organization. She has also been involved in various committees of the Institute, such as the Students Affairs Council, Placements, Internal Complaints Committee, and RTI First Appellate Authority.
Deepika has also received recognition for her research focus on Cultural Entrepreneurship & Intellectual Property. She was awarded the C K Prahalad Prashasti for Corporate and Social Strategy 2022 by ReTHINK INDIA, which honours eminent figures in Corporate & Social Strategy for their strategic contributions toward Aatamnirbhar Bharat. She is also recipient of Visiting Research Fellowship (2022-23) from Gordon Institute of Business Science (GIBS), University of Pretoria, Johannesburg, South Africa (a triple crown accredited Institute).
Deepika has continued to teach various courses like Competition & Strategy, Business Government & Society, Innovation and New Product Development, Corporate Governance, Legal Aspects of Business, Strategic Tax Management for various programs like PGP, PGPEx, PGPDGM, and others at the Institute. She has also been involved in various MDPs/EEPs conducted by the Institute.
Deepika has also played an active role in IIMV FIELD, the incubation and startup hub of IIMV, where she is the Director Finance of the Sec 8 Company of the Institute. She is also the Vice Chair and Secretary on the Executive Board of Academy of International Business (AIB) South Asia Chapter. She believes that any role she takes on should benefit students in the form of learnings, experiences, and enhancement of knowledge, even if it may not be related to the management domain only. She sees building an ecosystem that benefits all students as a crucial aspect of her work.
Strong Ethical Values
Deepika’s upbringing in a humble family that prioritized discipline has instilled in her a strong sense of values and ethics, including discipline, courage, integrity, and deeply-rooted beliefs, while also valuing freedom, agility, resilience, and flexibility. She places great importance on ethics and transparency, both in her personal and professional life, in order to avoid being criticized by others. Trust is also essential, which can be built by giving each other space and believing in one another. She believes in being empathetic and sympathetic when appropriate, but not allowing herself to be intimidated by imposters. Although she was fortunate enough not to experience bias during her childhood, she did face obstacles in her professional life that required breaking through glass ceilings in order to achieve success.
Biggest Strength and Corporate Responsibility Strategy
Deepika believes that the employees of IIMV are its biggest strength. The faculty members are carefully selected through a rigorous screening process and come from prestigious institutions such as IIMs, IITs, and other renowned universities in India and abroad. They have excellent academic and research credentials, as well as industry experience. Additionally, visiting faculty members from the industry complement this group of accomplished educators. The non-teaching employees also provide unwavering support to the organization. The harmonious blending of all these employees is a significant advantage that has a positive impact on various events, activities, and programs. Due to these factors, IIMV was ranked 33rd in the NIRF 2022 Rankings in the Management domain and was the first among the new generation IIMs in this ranking.
Deepika feels that IIMV’s corporate responsibility strategy is in line with its current resources, although the institute may face financial challenges at times. However, the institute is continuously striving to match its strategies with the available faculty and other stakeholder resources by launching various programs at regular intervals. The construction of the world-class permanent campus is also nearing completion, which may prove to be a significant boon in matching the institute’s well-planned strategies for each stakeholder.
Vision for Improving Society
Deepika strongly believes in three things that can improve society, education, or people’s lives. Firstly, she emphasizes the importance of “ethical transparency,” which involves using technological advancements in digitalization to promote transparency to a certain level. This can help improve knowledge management in society and lead to positive changes in education and people’s lives. Secondly, she believes that education should be utilized as a tool for social benefits rather than just individual gains, as it provides empowerment to individuals. And thirdly, she stresses the need for businesses to operate with faith, ethics, and trust, as they have an unwritten social contract with society to provide mutual benefits. Education can play a vital role in bridging the gap between businesses and society, promoting equity and sustainability.
Deepika also highlights the importance of the objects mentioned in the IIMV Act, 2017, which states that the Institute should contribute holistically to society and support programs promoting social and gender equity. She believes that the Institute is doing its part in achieving these statutory objects by launching various programs and initiatives.
Navigating Challenges and Risks as a Leader
Deepika believes that taking risks is an essential trait for any leader and success cannot be achieved without having an appetite for risk. Every action has a different level of risk, and as a leader, one must be prepared to accept and celebrate both failures and successes.
Entering the education industry was a dream come true for Deepika. Although she cannot recall facing any significant challenges entering IIM, she has encountered initial challenges after venturing into the education industry. The education industry is no different from any other industry, where merit and performance are rewarded. There is fierce competition to outperform each other at every level.
Initially, when Deepika took over as Coordinator Administration, there were some colleagues who felt disgruntled, which created gaps between them. However, Deepika realized that it is impossible to make everyone happy, and the work speaks for itself. The performance bar was set so high that it became difficult for her successor to cross or reach it, based on feedback received from various stakeholders. It was a self-satisfying feeling to be a founding family member of the institute.
The challenges remain the same even now, as Deepika handles other portfolios. She sometimes finds it irritating and frustrating when she encounters the same challenges she experienced earlier. However, as a leader, she needs to forget and forgive people around her, even though she had her lows when some colleagues behaved differently, and their personality traits surfaced suddenly, making her feel like she was in the “Big Boss (Brother)” house!
As a leader, Deepika understands the importance of being empathetic and understanding the reasons for low employee morale at times. However, being empathetic does not mean being vulnerable to others. As a leader, she needs to be firm and assertive, along with being empathetic.
Plans for Sustainable Growth in The Future
In the next three to five years, Deepika is determined to keep the revenue generation wheel turning swiftly to meet the fixed and operational costs of the new campus. The Institute is committed to exploring a plethora of opportunities by heavily investing in management development programs for various corporate and government organizations. Additionally, the Institute plans to launch new degree-granting programs in the near future, while continuing to explore other revenue streams and industry connections to become self-sustainable. With the new permanent campus set to be operational in a few months, the Institute aims to expand its range of programs, foster industry connections, and engage in other activities to enhance its revenue and bottom lines. The Institute remains committed to exploring novel ways to monetize its world-class infrastructure in the new campus. She states, “Collaboration, positivity, and team spirit can help us achieve our targets and I hope that WE can do it !!”
Embracing Ethics and Transparency
As Deepika shares her thoughts on the importance of being true to oneself, she emphasizes the need for ethics and transparency in the academic profession. She advises aspiring academicians to accept their mistakes and be accountable for their actions. Her words echo the sentiment that success comes from staying grounded, empathetic, and respectful to those around us.
Using a metaphor of a fruit tree, Deepika reminds us that our roots are what keep us grounded and enable us to bear fruit. She encourages us to be God-fearing and have the courage to speak the truth, even if it means going against the herd mentality.
Deepika’s philosophy is simple yet powerful- love your job to be happy. As we wrap up this issue, we hope that her words of wisdom inspire you to embrace your true calling and make a positive impact on society.As a leader, one should accept risks, do accept it and be courageous to face the failures as well. There is no reward without risks.
Written by Steve Sanchez.
