It was a watershed in the annals of business education in India. On December 2, 2001, the Prime Minister of India, Atal Behari Vajpayee, formally inaugurated the Indian School of Business (ISB). In his inaugural address, he said, "The ISB is a worthy addition to the many top-class institutes of higher learning in our country. It is also one that promises to considerably strengthen India's place on the global map of B-Schools because of its collaboration with top-ranking institutes like Kellogg, Wharton, and London Business School."

The inauguration ceremony was held in the ISB's atrium. Dean Pramath Sinha welcomed the audience comprising the guests of honour - C Rangarajan, the Governor of Andhra Pradesh and N Chandrababu Naidu, the Chief Minister, global CEOs, dignitaries, Governing Board members, ISB faculty, students, and staff and their families - an audience of over 800 people. He said, "As I stand before you today, I feel proud and humble at the same time - proud to be associated with this school which is truly world-class, and humble because we could not have reached this point without your help and support. Proud because we have accomplished some critical things in the past one year; humble because there are many more milestones we need to achieve." He added, "The ISB is the realisation of the dream of some of the world's leading business leaders who wanted to create an institution that produced not just managers, but leaders; not just armchair thinkers, but action-oriented men and women; not just good CEOs, but true visionaries."

Professor Patrick Harker, Dean of the Wharton School delivered the keynote address: 'From Customer to Co-producer: Lessons in Higher Education'. He said, "The ISB is important to us because we have chosen to build a network - not our network - but a collaborative network where we can learn from each other."

Rajat Gupta, Chairman of the ISB Governing Board and Managing Director, Mckinsey and Co Inc., acknowledged the significant contributions of the board members in making the ISB a reality. He said, "The one thing that distinguishes the ISB is that it is a school of potential leaders - this school is about leadership, it is about creating leaders and about building a leadership community."

Atal Behari Vajpayee, C Rangarajan, Chandrababu Naidu, Rajat Gupta, and Pramath Sinha performed the lamp lighting ceremony. The Prime Minister recognised Rajat Gupta as one of the driving forces behind the institution and said, "He symbolises the many successes of Indian management professionals abroad."

Atal Behari Vajpayee also said that the ISB is a manifestation of the patriotism and gratitude that successful Indians have toward their motherland. "This beautiful campus has sprung up thanks to the futuristic vision, the philanthropic resources and the collective action of many Indian businessmen in India and abroad. In olden days, students on completion of their education gave 'Guru Dakshina' to their teachers. What you have done is, what I call 'Rashtra Dakshina'. This is in line with the same hallowed Indian tradition, applied to modern times," he said. It was indeed a proud moment for the ISB founders.

Rangarajan said that a solid foundation for building an institution of international repute has been laid and said he was confident that the ISB would play a vital role in ushering a productivity revolution not only in business but also in all spheres of governance. "Students of the ISB have a unique advantage," said Rangarajan. "The faculty of the school drawn from different parts of the world can bring to bear on the problems not only of today but also of tomorrow a rich and varied experience."

Naidu described the ISB as a 21st century institution with a 21st century mind-set. He said, "I am sure the ISB will become a crucible of leadership in this part of the world," and promised that his government would continue to support the ISB in future as it has done in the past.

After the inauguration, the dignitaries were introduced to the student representatives, faculty, and Governing Board members. A private tea was organised during which the Prime Minister also inaugurated the Wadhwani Centre for Entrepreneurial Development. The guests later toured the campus and attended two panel discussions - organised by the students - in the afternoon. The first discussion was on 'Financing India: Opportunity or Threat?' followed by 'The Emerging Entrepreneurial Opportunities in IT and Biotechnology'. Professor Dipak Jain, Dean of Kellogg School of Management and faculty at the ISB, delivered the valedictory address. He reflected on the ISB's origins and how it has progressed in the last few months.

The first of the ISB's six Centres of Excellence - the Wadhwani Centre for Entrepreneurial Development was formally inaugurated by the Prime Minister on December 2, 2001. Founded, led, and managed by academicians, the WCED aims to create entrepreneurs by encouraging direct contact with successful entrepreneurs from India and abroad. The Centre has been funded by a generous grant from Romesh Wadhwani, founder of Aspect Development, and now Vice Chairman at i2 Technologies.

WCED's focus areas of research:

• development of high quality entrepreneurship, particularly in developing countries
  
• issues related to entrepreneurial opportunity identification
  
• factors related to a firm's failure
  
• development of a vibrant venture capital industry with strong internal capabilities

WCED's Activities:
Corporate interaction
The WCED promotes extensive interaction with industry. Several prominent entrepreneurs have visited the campus and shared their experiences with students. Recent visitors include: Vinod Khosla (Kleiner Perkins Caufield & Byers), Anji Reddy (Dr Reddy's Laboratories), V N Saroja (naukri.com), Vijay Mahajan (Basix), Raj Dugar, Sumir Chadha, K P Balaraj (Westbridge Capital).

Business Plan Competition
This is an opportunity for aspiring entrepreneurs among ISB students as well as for students from all over India to showcase their ideas that could lead to innovation and wealth creation.

Entrepreneurship Club
This Club is managed by students and organises speaker series, workshops, business plan competitions etc.

ISB Mentor
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