Mr. Praveen Munukutla, a person of many facets, started his career as an Investment Banking professional with a strong background in Private Equity and M&A Transaction Advisory. He spent over seven years working at various levels in these domain before a dramatic shift in career to academics. He is currently an assistant professor of management at NALSAR University of Law, and also a dedicated PhD research scholar, focusing on performance management for SMEs. His academic pursuits align with his practical expertise, creating a holistic understanding of the business landscape.

Beyond academia, Mr. Praveen is an avid startup enthusiast, serving as the Coordinator of E-Cell at DoMS NALSAR University and has been instrumental in setting up NALSAR Entrepreneurship Foundation (NEF) that institutionalizes NALSAR University’s Vision for Technology, Innovation and Entrepreneurship. He actively collaborates with startups, offering mentorship and advisory support and guiding them through the journey from concept to commercialization. With a decade-long involvement in the startup services ecosystem, Mr. Praveen is associated with exciting ventures, showcasing his commitment to fostering entrepreneurial growth.

Department of Management Studies, NALSAR University of Law

You started your journey in the corporate industry being advisor for companies, what motivated you to take a leap towards academia?

Even from the days when I was pursuing CA course, I was fascinated by the idea of financial consulting and started my career with an investment Banking & Merchant Banking Services Company in 2006. My biggest upside from the consulting experience is a a strong mindset for value creation and the idea of magnifying impact. Academia seemed a logical destination given my quest to contribute more meaningfully to the value ecosystem as my motivation shifted towards adding value directly through building capacity instead of serving individual clients. The realisation that personally helping 10-15 clients could be expanded led me to the concept of structured learning and capacity building. In academia, particularly at NALSAR since 2016, I have found a space to curate content and courses without rigid limitations. This approach allows faculty members to choose courses based on industry standards, offering students the best collective learning experience.. Early courses focused on investment banking, covering areas like business valuations and modelling, skills often overlooked in traditional curriculum. 

Can you explain a few of the initiatives that you did to to impart the entrepreneurial spirit among the students?

Our initial challenge was overcoming the students' tendency for quick results and a fear of missing out (FOMO). We realised that cultivating the right temperament for thoughtful problem-solving required conscious effort. At DoMS, we initiated specific courses and training programs where students engage with problems for an extended period of time. The focus is on reflecting on the problem's components and developing structurally sound solutions, encouraging them to seek answers from within rather than external quick fixes. This initiative, including extracurricular activities like case-solving sessions and faculty-student interactions, has led to students emphasising critical thinking and problem structuring early on. The fervor with which students of law responded to these concepts, was extremely heartening (and a bit surprising initially) . We observed enthusiastic participation from law students in activities related to entrepreneurship, business plans, case study competitions, and design thinking sessions. This positive response encourages us to explore entrepreneurship and real-life problem-solving further.

What distinguishes the E-Cell (Entrepreneurship Cell) from the newly forming NEF (NALSAR Entrepreneurship Foundation) at NALSAR?

E-cell, primarily student-driven, serves as a proactive student government body responsible for rganizing events and activities. The Fintech series, for instance, is entirely curated by students, showcasing their execution capabilities. It emphasizes addressing problems and proposing solutions at a student-centric level. The natural extension of E-cell involves understanding the implementation process, necessitating a more focused body for sustained mentoring and targeted discussions. The progression at NALSAR has seen active E-cell initiatives, prompting the need for practical application. NEF (NALSAR Entrepreneurship Foundation) emerges as an overarching setup, focusing on the three stages of entrepreneurship: pre-incubation, incubation, and acceleration. NEF aims to equally emphasise all three stages i.e. Pre-Incubation, Incubation and Acceleration, incorporating hands-on workshops like design thinking to impart practical skills and guide participants from ideation to market-ready pilot projects.

Do you believe that the legal domain offers significant potential for entrepreneurship and innovation compared to broader industries?

When evaluating the potential impact, it's crucial to consider the expected output and the numerous interfaces between law and business. For instance, addressing environmental reporting for SDG goals requires a deep understanding of existing laws globally and in India. Developing an effective reporting mechanism involves not only legal expertise but also technological implementation. Our goal is to position ourselves as co-founders who can navigate the intersections of law and technology. Whether it's Environmental Sustainability or creating solutions for supply chain management, NALSAR aims to bridge the gap between policy, compliance, and business solutions. NEF is our initiative to capitalise on this unique positioning and address real-world problems with comprehensive solutions.

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Can you throw some light upon on notable achievements by NALSAR students in events or competitions related to entrepreneurship?

In the context of fostering critical thinking and case solution approaches, students from both the IBM and MBA programs at NALSAR actively participate in various competitions. Notably, participants from NALSAR have been consistently engaged in prestigious competitions hosted by leading IIMs and premium B-schools. Traditionally, NALSAR students from the law domain have excelled in moot courts and international arbitrations, setting a high standard. In recent years, our DoMS students have demonstrated success in numerous instances, securing victories in case study competitions, marketing competitions, consulting competitions, and business plan competitions, often achieving top-three positions.

Do you believe that the industry is prepared to acknowledge and accord substantial importance to legal entrepreneurship as one of the integral organizational pillars?

We often confuse law with justice or we confuse our understanding of law and legal requirements with compliance. For example, when talking about GST, it's often associated with filing returns but this is just one aspect of GST. Most of our understanding comes from compliance, and the law is seen primarily as a compliance framework rather than a business-enabling framework. Let me give you a couple of examples.

Intellectual Property Protection:

Compliance Perspective: Startups often view intellectual property (IP) laws merely as a set of regulations to be followed to secure patents, trademarks, or copyrights. Entrepreneurs may perceive the legal process of obtaining these protections as a compliance burden rather than understanding their significance in safeguarding innovation and creativity.

Business-Enabling Perspective: A robust legal framework for intellectual property encourages startups to invest in research and development, knowing that their innovative ideas and creations are legally protected and efficiently monetized. This, in turn, attracts investment and fosters a culture of innovation, as startups feel more secure in their ability to capitalize on their unique offerings without fear of unfair competition.

Contractual Agreements and Dispute Resolution:

Compliance Perspective: Entrepreneurs may see contracts and legal agreements as necessary evils, essential for meeting regulatory requirements or securing partnerships. The focus might be on fulfilling contractual obligations rather than understanding the strategic role of contracts in preventing and resolving disputes.

Business-Enabling Perspective: A well-drafted contract serves not only as a compliance tool but also as a strategic instrument for defining roles, responsibilities, and expectations between parties. In the startup ecosystem, where collaborations and partnerships are common, clear contractual agreements can prevent disputes and provide a foundation for stable, long-term relationships. 

Taxation and Regulatory Compliance:

Compliance Perspective: Entrepreneurs often view tax laws and regulatory compliance as a set of rules to be followed to avoid penalties. The primary focus might be on ensuring accurate and timely filing of returns to meet legal obligations.

Business-Enabling Perspective: A conducive tax and regulatory environment can play a crucial role in supporting startup growth. For example, tax incentives for research and development, exemptions for startups in their initial years, and simplified regulatory procedures can encourage entrepreneurship and innovation. Understanding and utilizing these aspects of the legal framework can make startups more financially viable and competitive.

The advice is that, at a fundamental level, the belief is that the law should not be perceived as a boundary or periphery of business. It doesn't merely dictate what a business can or cannot do; rather, it serves as an enabling factor determining how extensive a business can become. It should be seen as a supportive force for business growth.

How does NALSAR envision advancing entrepreneurial initiatives through NEF and E-Cell, and what are the prospective plans for the future?

At the management school level, we aspire to position DOMS among the top 50 in the next five years. As we celebrate the tenth year of DOMS, having transitioned from a relatively unknown entity to gaining recognition in both employment circuits and academia, our goal is to establish a pedigree that positions our students as highly recommended and sought-after professionals. To achieve this, we are focusing on introducing more project-based courses, providing students with hands-on experience in areas like supply chain management, financial modelling, and fundraising projects. Additionally, we have implemented a peer mentorship structure, where students begin by engaging with rural economy projects before moving on to mentor or work with startup initiatives during internships in the IBM program. Another objective, which is particularly prestigious and holds significant importance for NALSAR, is to contribute on the ground. Our commitment extends to the legal fraternity, primarily focusing on legal innovation. Our vision includes the establishment and continuous operation of legal incubation and acceleration programs to foster innovation within the legal domain.