The older generation of the Nattukottai Chettiar community, or Nagarathars, has chalked out aggressive plans to bring back their lost entrepreneurial glory and to motivate the younger generation to become entrepreneurs. Nagarathars are known for their business acumen and entrepreneurship, having built some of the most successful business houses in the country over the past 150 years. In recent years, however, the new generation's entrepreneurial appetite has started fading.
For the first time, in November 2013, around 300 members of the community met at Singapore for two days. Presentations were made on how to build a global business network of Nagarathars and strengthen the entrepreneurial culture among youngsters. Business opportunities in various countries were discussed, and a venture capital fund for the community was suggested.
Now, they are planning to hold the International Business Conference of Nagarathars (IBCN) in July this year. Around 500 businessmen are expected to participate in the two-day conference, at which successful industrialists from the community will address budding entrepreneurs.
Organisers have asked entrepreneurs from the community to submit their business plans. Those shortlisted will not only get seed funding but also will get incubated by IIM-Bangalore (IIM-B). Any Nagarathar aged 17 and above, from students to working professionals across the world, can participate and all they need is a business idea and the passion to succeed. Organisers claim this is the world's largest community-level start-up competition.
"The goal of the IBCN business plan competition is to inspire and reignite the entrepreneurial spirit and give entrepreneurs at different stages a real-world experience to fine-tune their ideas, business plans and investor pitches," the organisers said.
IBCN 2015 will partner with IIM-B's NS Raghavan Centre for Entrepreneurial Learning (NSRCEL) for the business plan competition.
The conference will also feature panel discussions and presentations by leading entrepreneurs, followed by case studies and success stories in areas such as marketing, corporate governance and ethics, and workshops for young entrepreneurs on subjects such as 'researching the unknown' and 'exploring the unexplored'.
The organisers said the conference will explore new thoughts in business and the economy. Themes for the business sessions include deriving inspiration from the Nagarathar business tradition, GenY Nagarathars, family businesses moving to the next level, and funding businesses through angel investors, private equity and other sources.
The conference is being organised because in the last two or three decades members of the community have veered away from business. Nagarathars believe that if the trend is not arrested and reversed, they could soon turn from "employers to employees". Veterans from this community lament that the "native instinct to venture out and the aptitude for risk-taking is slowly vanishing in the community."
Starting as traders in salt, rice and other commodities, the Nagarathars over the centuries developed substantial interests in services as well as industry. Their primary asset was their knowledge of numbers. The Nagarathars gave the country Indian Overseas Bank, Indian Bank, Bank of Madura and United India Insurance.
From small companies to big conglomerates like the Chennai-based Rs 24,300-crore Murugappa group, the Chettinad group, AVM Studios and the MAC group, the community has interests in manufacturing, banking, hospitality, fertiliser, feature films, paper, pharmaceuticals, sugar and food, among other sectors.
The Nagarathars once dominated the southern film industry, spending lavishly on promoting the arts and Tamil music.
A chunk of their wealth also lies in gold, plantations and real estate, while the SAP Annamalai family's Kumudam is one of the largest-circulating Tamil magazines. The Nagarathars are the southern counterparts of Marwari and Parsee businessmen.
