Continuing the Legacy of Annapurna Studios

By Nupur Bang, Kavil Ramachandran, Kandaswamy Bharatan
Harvard Business Publishing | August 2020

DOI

hbsp.harvard.edu/product/ISB216-PDF-ENG

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Bang, Nupur., Ramachandran, Kavil., Bharatan, Kandaswamy. (2019). Continuing the Legacy of Annapurna Studios Harvard Business Publishing hbsp.harvard.edu/product/ISB216-PDF-ENG.

Harvard Business Publishing, 2019

Abstract

Annapurna Studios was founded by legendary Indian actor Akkineni Nageswara Rao (ANR) in the city of Hyderabad in 1975. Over the years, Annapurna had grown to become a modern-day powerhouse in the field of entertainment and filmmaking. In 2019, it was well known for its state-of-the-art production facilities, creative content production, and film and media institute.In 1999, ANRs older son, Venkat, handed over management control of the studio to Nagarjuna, ANRs younger son. Nagarjuna had moved from an executive role in the business in 2016 to a more strategic and mentoring role as the Vice-Chairman of the company. Supriya, his niece was the Executive Director and continued to consult him on various matters. The nine-member board of directors of Annapurna Studios was made up of six members of the Akkineni family, two independent directors and one strategic investor.With the second generation of the family still at the helm of Annapurna Studios, the next generation's involvement was relatively low. Nagarjuna's son, Chaitanya, had started showing some interest in various aspects of the business, but the other members of the third generation were either not yet involved in the studio or were busy with their own acting careers. Filmmaking was a creative business that required passion and commitment. Nagarjuna worried that the next generation might not have the same level of passion for the studio as the previous generations. He wanted to ensure that the studio's legacy sustained into the future, well after his generation had stepped down. He believed that the solution might be to institutionalize the studio such that it became agnostic to his or his family's creative bent and involvement. Nagarjuna wondered about the strategy that the studio should adopt to ensure its long-term survival in the risky and ever-changing film and entertainment business.

Kavil Ramachandran is a Professor of Entrepreneurship (Practice) at the Indian School of Business (ISB). A founding faculty member, Professor Ramachandran established the Wadhwani Centre for Entrepreneurship Development at the Indian School of Business in 2001. He later served as the Associate Dean (Academic Programmes), before becoming the Thomas Schmidheiny Chair Professor of Family Business and Wealth Management, and subsequently the Executive Director of the Thomas Schmidheiny Centre for Family Enterprise at ISB until December 2021. He is currently the Senior Advisor, Thomas Schmidheiny Centre for Family Enterprise.

He specialises in family business, entrepreneurship, and strategy, with 36 years of combined academic experience at the Indian Institute of Management, Ahmedabad, and the Indian School of Business. Professor Ramachandran holds a PhD from Cranfield University, UK. His research focuses on family business, entrepreneurship, and strategy. He has authored and edited seven books and published extensively in reputed Indian and international journals.

His consulting experience includes areas such as family business governance, professionalisation, succession planning, strategic planning, identification of new opportunities for growth, corporate entrepreneurship and turnaround strategies in family and non-family business environments. His special expertise lies in managing the challenges at the interface of governance, professionalisation, and strategy, particularly in rapidly growing mid-size, multi-generational family businesses.

He has demonstrated special interest in mentoring young members of business families. He spearheaded the initiative in ISB offering a new MBA-level programme for the next generation of family business leaders (PGP MFAB) ,and was adjudged the “Faculty of the Year” by students in both 2018 2019, 2024. He was also adjudged the “Faculty of the Year” by students of Advanced Management Programme for Infrastructure (AMPI), 2024. In 2022, he was conferred with the Bharat Asmita Acharya Shreshtha Award (Best Indian Teacher in Management) by MIT World Peace University, Pune.

Recognising the contributions to institution building under the leadership of Ram in this area, ISB was rated as one of the best 25 business schools for family business in the world by Family Capital in 2015. He was mentioned as a “Star Professor” in that report. The Thinkers Leadership Magazine listed Ram as one of the top 100 management thinkers in India in 2014 and 2015, the only years it did such a listing. In 2022, Ram was listed amongst the top family business influencers in the world in the academics’ category by Family Capital. The combined effect of the multiple initiatives is the creation of a reassuring positive atmosphere in India towards family businesses in general and their sustainability across generations.

He has authored several case studies, worked with several well-known family business leaders and global experts, and consulted on transformation of family businesses. A frequent speaker at family business forums in India and abroad, he also contributes regularly to popular media. He has conducted numerous training programmes for family businesses on governance, professionalisation, strategic management, and entrepreneurship.

Professor Ramachandran has served on various advisory committees for the Government of India, the World Bank, and the Securities and Exchange Board of India (SEBI). His book, The 10 Commandments for Family Business, has been considered as one of the best books in this area. He has been a pioneer academic entrepreneur, propagating the message of strengthening family business in India and outside.

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