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Velamuri, Rama

Dr. Rama Velamuri teaches Entrepreneurship and Negotiation in the MBA, EMBA and executive development programs at the China Europe International Business School (CEIBS). He is the Academic Director of the CEIBS Center for Entrepreneurship and Investment, was the Academic Director of CEIBS’s Global Executive MBA from 2010 to 2012 and was the Academic Director of the Global CEO Program for Latin America, which is offered jointly with the Wharton School and IESE Business School, in 2009 and 2010. He was previously on the faculty of IESE Business School for four years (2003-2007), where he was the Academic Director of the Global Executive MBA and the Inside India programs. He has taught as a Visiting Professor at the Indian School of Business (ISB) since 2004.

Dr. Velamuri has been a facilitator in programs for senior managers of Bosch, Evonik, Buhler, Unicef, Henkel Adhesives Technologies, Abbott Laboratories, Goodyear-Dunlop, Nissan Europe, Vodafone, Telefonica, Grupo Santander, Degussa-Huels, Felix Schoeller AG, Diebold and BBVA. He has also been a facilitator in the China Entrepreneurial Leadership Camp for high-growth Chinese entrepreneurs, and the CEO Collaborative Forum for high-growth European entrepreneurs.

Dr. Velamuri has two main areas of research focus: the first explores how the ethical behaviors of entrepreneurs influence their ability to mobilize stakeholder support. The second investigates the relationship between entrepreneurial strategies and firm growth. His research has been published or is forthcoming in both academic and practitioner journals such as the California Management Review, Journal of Business Venturing, Entrepreneurship Theory and Practice, Long Range Planning, Organization Studies, Journal of Business Ethics, Journal of Management Development, and Financial Times Mastering Management among others. He is a member of the editorial board of Journal of Business Venturing. He was co-editor of a book entitled Entrepreneurship in Emerging Regions Around the World (Edward Elgar) and has also published several book chapters and approximately 30 case studies. Two of his case studies have won awards and several others have been on the bestseller list of the European Case Clearing House.

Dr. Velamuri has six years experience as a manager in Grupo Tudor, one of Spain’s largest manufacturing companies, during which he lived for three years in Britain and one year in Germany. He also has eight years experience as a full time consultant to US, Indian and Spanish clients. He has carried out a number of assignments for the World Bank and the International Finance Corporation (IFC). He has experience as an investor, board member and advisor to entrepreneurial companies, and regularly coaches entrepreneurs on operational and fund-raising strategies.

SSRN Author Page:

Personal Webpage:


Educational Background:

  • 2003   PhD, Darden Graduate School of Business, University of Virginia, US
  • 1985   MBA, IESE Business School, Spain
  • 1983   B. Com, University of Madras, India

Research Interests:

  • The role of values in the creation of value;
  • Opportunity recognition, evaluation, and exploitation;
  • Characteristics and processes of high growth organizationsTEACHING INTERESTS
    • Entrepreneurship
    • Negotiation
    • Business Ethics

Awards and Scholarships:

  • Research Excellence Award (one of two awardees), CEIBS, 2011
  • Winner of the 2008 EFMD Case Competition in the category Emerging Chinese Global Competitors (2,000 Euros prize) for the case “South Beauty: In Quest of a ‘Beautiful’ Growth Story,” (co-authored with Xu Leiping). 2009
  • IESE Alumni Association Research Excellence Award of 10,000 Euros (one of four awardees) for “contributions made over the last three years to academic publications with international reach, and for consistent research trajectories.” 2005
  • Fully funded doctoral scholarship from the Batten Institute at the Darden Graduate School of Business, University of Virginia. 1999-2003
  • Four Darden Foundation Awards for academic articles written during the Doctoral Program. 1999-2003
  • Three tuition scholarships from Goethe Institut for excellence in German language study. 1981-1983

Refereed Publications:

  • “Managing in Different Growth Contexts” (with Julia Prats and Marc Sosna), forthcoming in California Management Review
  • “Parental Entrepreneurial Role Model Influence: Is it Always Positive and When Does it Occur?” (with Edward Mungai), 2011. Entrepreneurship Theory and Practice, 35(2): 337-357
  • “Business Model Innovation Through Trial and Error Learning: The Naturhouse Case” (with Rosa Nelly Trevinyo-Rodriguez and Marc Sosna), 2010. Long Range Planning, 43(2&3): 383-407, special issue on Business Models
  • “Evolutionary Processes, Moral Luck and the Ethical Responsibilities of the Manager,” (with Nicholas Dew). 2010. Journal of Business Ethics, 91(1): 113-126
  • “States, power, legitimacy and maintaining institutional control: The battle for private sector telecommunication services in Zimbabwe” (with Jerry Goodstein), 2009. Organization Studies, 30(5): 489-508
  • “The Design of Member Review: Showing What to Organization Members and Why,” (with Karen Locke), 2009. Organizational Research Methods, 12(3): 488-509
  • “The Potential for Management Development in NGO-Private Sector Partnerships,” (with Anjaney Borwankar), 2009. Journal of Management Development, 28(4): 326-343
  • “EasyFinance: Developing the Capacities for Growth,” 2009. International Review of Entrepreneurship (formerly International Journal of Entrepreneurship Education), Volume 7(4)
  • “South Beauty: In Quest of a Beautiful Growth Story”, (with Xu Leiping), 2009. Asian Case Research Journal, 13(2): 229-273
  • “Resisting Corruption: Polyhydron Private Limited”, (with Marc Sosna), 2008. International Journal of Entrepreneurship Education, 6(4): 199-216
  • “Toehold Artisans Collaborative: Building Entrepreneurial Capabilities for Poverty Reduction,” (with Sindhu Shanmugam), 2008. Asian Case Research Journal, 12(2): 187-213
  • “Why Stakeholder and Stockholder Theories are Not Necessarily Contradictory: A Knightian Insight,” (with S. Venkataraman), 2005. Journal of Business Ethics, 61(3): 249-262
  • “Dispersed Knowledge and an Entrepreneurial Theory of the Firm” (with Nicholas Dew and S. Venkataraman), 2004. Journal of Business Venturing, 19(5): 659-679
  • “An Empirical Study of the Transition from Paid Work to Self-Employment,” (with S. Venkataraman), 2005. Journal of Entrepreneurial Finance and Business Ventures, 10(1): 1-16
  • “Entrepreneurship, Altruism, and the Good Society,” 2002. special issue The Ruffin Series No. 3

Book and book chapters:

  • “Entrepreneurship in Emerging Regions Around the World: Theory, Evidence and Implications,” May 2008, (co-editor, with P. H. Phan and S. Venkataraman), Edward Elgar Publishing
  • “Opportunity Recognition and Exploitation in Highly Uncertain Environments,” in C. Scholz and J. Zentes (eds.) Strategic Management: A European Approach, Wiesbaden: Betriebswirtschaftlicher Verlag Dr. Th. Gabler GmbH, 2002
  • “Three Views of Entrepreneurial Opportunity,” (with Saras Sarasvathy, S. Venkataraman, N. Dew) in Zoltan Acs and David Audretsch (eds.) Handbook of Entrepreneurship, Kluwer Academic Publishers, 2002
  • “Corruption and Moral Risk in Business Settings,” (with Patricia H. Werhane and D. Eric Boyd) in Marc Epstein and K. Hanson (eds.) The Accountable Corporation, Volume 2 Business Ethics, Praeger Publishing, 2005
  • “A New Approach to CSR: Company Stakeholder Responsibility,” (with R. Edward Freeman) – in Andrew Kakabadse and Mette Morsing (eds.) Corporate Social Responsibility: Reconciling Aspiration with Application, Palgrave MacMillan, pages 9-23. 2006
  • “European Entrepreneurship – From Deterministic Government Policy to Market Experimentation” (with Marc Sosna) – in Strategic Management: New Rules for the Old Europe, edited by Christian Scholz and Joachim Zentes (Betriebswirtschaftlicher Verlag Dr. Th. Gabler)

Manuscripts under review / working papers:

  • “Do Venture Capitalists Add Value to IPOs? Evidence from Listings in Mainland China,” (with Yan Gao and Herman Mulyana)
  • “The Salience of Ethical Values in the Stakeholder Resource Commitments to New Ventures,” (with Karen Locke)
  • “Holistic Decision Making and Long Term Firm Performance,” (with Miguel Angel Ariño and Juan Carlos Vázquez-Dodero)
  • “The Role of Values in the Creation of Economic Value”
  • “Strategic Adaptation of SMEs under Institutional Transitions: A Dynamic Perspective,” (with Yuan Ding and Veronique Malleret). An earlier version of this paper won an Excellent Paper award (was selected among the best three submissions out of 200) at the Academy of Innovation and Entrepreneurship conference organized by Oxford University and Tsinghua University in Beijing in 2009.

 Book Review:

  • “Taking Research to Market: How to Build and Invest in Successful University Spinouts,” edited by Kenny Tang, Ajay Vohora and Roger Freeman. Book review (with Pere Condom) in Universia Business Review (Spanish)

Publications in popular and business press:

  • “Achieving High Growth in a Mature Market: The Naturhouse Case,” in Universia Business Review

Chinese version forthcoming in CEIBS Business Review

  • “European High-Growth Technology Companies: Turning Challenges Into Opportunities For Global Expansion,” (with Dave Darsch and Marc Sosna), Summer 2007, Market500
  • “Developing Global Managers,” (with Paddy Miller), August 1997, The Financial Times, Mastering Management section
  • “Entrepreneurship as a Core Competence in the Large Corporation (with Michele Appendino), in The CriticalEye Review, Spring 2006 issue
  • “El Outsourcing Industrial,” November 1993 in Actualidad Económica
  • “También se puede ser feliz con el dragón,” December 19, 2004 in La Vanguardia
  • “La Identificación de Oportunidades Emprendedoras,” April 12, 2005 in Diario Financiero, Chile
  • “El Poder Económico,” (with Kimio Kase, Jaume Ribera, and Pedro Videla) in La Vanguardia Dossier – Asia: El Poder del Siglo XXI, July-September 2005

Prize Winning Case Studies:

  • Naturhouse – 2004. IESE Best Selling Case Collection & ECCH Prize Winner
  • South Beauty: In Quest of a Beautiful Growth Story – 2008, (with Raymond Xu). EFMD Case Writing Competition, Winner of Category: Emerging Chinese Global Competitors, 2008
  • A summary of this case was published in CEIBS Business Review. Published in “Strategic Management: Competitiveness and Globalization”, 9th Edition, Michael Hitt, Duane Ireland, Robert Hoskisson (eds), Cengage Learning – 2010
  • EasyFinace: Building the Capabilities for Growth – 2008, (with Fu Xin). ECCH Best Selling Case, 200. A summary of this case was published in CEIBS Business Review
  • Talent Dry Cleaners – 2006, (with Frank Ojadi). Lagos Business School Case. ECCH Best Selling Case 2009 and 2010

Case Studies:

  • Resisting Political Corruption: Econet Wireless Zimbabwe (Research Case Study) – 2003
  • Resisting Political Corruption: Econet Wireless Zimbabwe (with Jordan Mitchell) (A), (B) and (C) – 2003
  • Resisting Bureaucratic Corruption: Alacrity Housing Chennai (Research Case Study)
  • Resisting Bureaucratic Corruption: Alacrity Housing Chennai (with Jordan Mitchell) (A) and (B) – 2004
  • Resisting Bureaucratic Corruption: Polyhydron – 2006 (with Marc Sosna)
  • Grafinsa – 2004 (unpublished)
  • Kürt Rt. – 2005 (with Jordan Mitchell)
  • Camper: Imagination is not Expensive – 2007 (with Jordan Mitchell)
  • N-Logue Communications: Bridging the Digital Divide (with Indira Ananth), Indian School of Business case – 2005
  • Infosys Technologies: Powered by Intellect, Driven by Values – 2005 (with Jordan Mitchell)
  • Mittal Steel: The Making of the World’s Largest Steel Company (A) and (B) – 2005 (with Jordan Mitchell)
  • Airtel-Vodafone (with Jordan Mitchell) – 2006
  • Turnaround Management: Finanzauto S. A. (with Paddy Miller) – 1998
  • Enso Española (A) and (B), (with Paddy Miller) – 1998
  • Alois Linder at Henkel Iberica (with Paddy Miller)1999, for use only in Henkel Programs
  • Henkel Water Treatment (with Jordan Mitchell) – 2006 (unpublished)
  • Ericsson Expander – 2006 (with Anindya Ghosh)
  • Claris Life Sciences
  • Fight for Survival:The First Year of the Hongfeng Hanyuan Consulting Company – 2008, (with Fu Xin)
  • Qingfeng Textile Company: The Challenges of Recruiting, Training and Retaining Talent in SMEs – 2009, (with Fu Xin). A summary of this case was published in CEIBS Business Review with 3 commentaries
  • Swagruha Foods – 2008, ISB Case
  • Ashta Chamma: The Biggest Small Budget Movie Ever Made (A) and (B) – 2009, ISB Case
  • Golden Star Facilities and Services – 2009, ISB Case
  • Law School Tutorial – 2009, ISB Case
  • CEIBS: A Global Business School Made in China (with John Quelch and Gary Liu) – 2010, Harvard Business School Case
  • Longcheer Holdings: Building Organizational Capabilities – 2010, CEIBS Case
  • Small Snack, Big Business: The Story of Jiujiuya (A), (B), (C) – 2010, CEIBS Case
  • LifeSpring Hospitals – 2011, CEIBS-Ivey Case
  • LV Prasad Eye Institute – 2011, ISB-Ivey Case
  • Noah Wealth Management – 2012, CEIBS Case

Conference presentations:

  • “Entrepreneurship, Altruism, and the Good Society”. Tenth Annual Global Entrepreneurship Research Conference, Imperial College of Science, Technology, and Medicine, London, March 2000
  • “Entrepreneurial Opportunity Recognition, Discovery, and Creation” (with Nicholas Dew, Saras Sarasvathy and S. Venkataraman). Strategic Management Society Conference, Vancouver, Canada, October 2000
  • “The Influence of Opportunity Cost on the Self-Employment Decision” (with S. Venkataraman). Eleventh Annual Global Entrepreneurship Research Conference, EM Lyon, France, April 2001
  • “The Responsibilities of the Ethical Actor under an Evolutionary Perspective.” Society for Business Ethics Annual Meeting, Washington DC, USA, August 2001
  • “Dispersed Knowledge and an Entrepreneurial Theory of the Firm.” Lally-Darden Entrepreneurship Retreat, Warrenton, USA, February 2002
  • “The Role of the Entrepreneur’s Ethical Values in the Stakeholder Network Emergence of New Ventures.” EISB Conference, Milan, Italy, September 2003
  • “The Role of Ethical Values in the Stakeholder Network Emergence of Entrepreneurial Ventures.” Babson Kaufmann Entrepreneurship Research Conference, University of Strathclyde, Glasgow, Scotland. June 2004
  • “Resisting the Resistance: An Empirical Study of Organizational Defiance and Institutional Response.” Paper accepted at the Academy of Management, New Orleans, August 6-11, 2004
  • “Member Checking: Reflections from a Qualitative Case Study.” Paper accepted at the Academy of Management, New Orleans, August 6-11, 2004 


  • Member of the Editorial Board, Journal of Business Venturing
  • Ad hoc reviewer – Management Science, Journal of Management, Academy of Management Review and Research Policy
  • Reviewer – Academy of Management Annual Meetings – Business Policy and Strategy and Entrepreneurship Divisions
  • Reviewer – Strategic Management Society, 2004 Conference, Puerto Rico
  • Reviewer – EISB 2004 Conference, Turku, Finland
  • Executive Committee Member – Entrepreneurship, Innovation and Small Business Network of the European Foundation for Management Development
  • Co-Chair – 35th EISB Conference, IESE Business School, September 12-14, 2005

Service to Institution:

  • Department Chair, Management, since April 2012
  • Academic Director, CEIBS Center for Entrepreneurship and Investment, 2012
  • Member of the CEIBS Research Committee, since 2011
  • Member of the CEIBS Doctoral Committee (for Coordinated PhD program in collaboration with IESE), since 2011
  • Academic Director, Global EMBA, March 2010 to date
  • Co-Academic Director, CEIBS-IESE-Wharton Latin American CEO Program 2009, CEIBS
  • Academic Director, Global Executive MBA Program, 2006-2007, IESE
  • Academic Director, Short Focused Program on Entrepreneurial Management (in Spanish), 2004 and 2005, IESE
  • Academic Director, Henkel Adhesives Technologies Entrepreneurship and Innovation and Profitable Growth Programs, 2005, 2006, 2007, 2008 (Eight editions rated 4.3 to 4.6 on a scale of 1-5), IESE
  • Academic Director, Inside India Program 2006, 2007, 2008 (Rated 4.5 – 4.7 on a scale of 1-5), IESE
  • Team Leader, First Year Section B, IESE
  • Member of the Advisory Council, Center for Family Business and Entrepreneurial Initiative, IESE
  • Member of the IESE Steering Committee of the European Association for Business in Society (EABIS) project on mainstreaming business ethics into the MBA curriculum

Visiting Professor:

  • Indian School of Business (2004 to date) – PGP, CEE and EEDC
  • Gordon Institute of Business Science (GIBS) Program for UNICEF, Hong Kong, Prague, Kathmandu
  • Universidad de Piura – Piura, Peru (2004 – 2006)
  • IPADE – Mexico City, Mexico (2006)
  • McIntire School of Commerce, University of Virginia – Undergraduate program: January – May 2001
  • Boston University, Zaragoza, Spain – Master of Science in Management Program: From 1993 to 1995
  • The ENPC MBA Program in Kochi, India (run by the Ecole Nationale des Ponts et Chaussées, Paris): 1996
  • The University of Saarland, Saarbrücken, Germany: MBA Program. From 1997 to date
  • Universitaetsseminar der Wirtshaft (USW), Erfstadt, Germany. 1998 and 1999. Modules on Strategic Management for Felix Schoeller AG and on Post Merger Integration for Degussa-Huels          
  • IEDC, Kranj, Slovenia. 1998

Participation in corporate events and outreach activities:

  • Speaker at the Asia Leadership Meeting of the State Bank of India, 2012
  • Speaker on the topic of China-India economic relationship at event organized by the Consulate General of India at the Shanghai Academy of Social Sciences, 2012
  • Panelist in a session on Corporate Governance organized by the Compliance Cell, ICICI Bank, Mumbai, 2009
  • Speaker on Corporate Responsibility at Infosys China, Shanghai, 2008
  • Represented IESE Business School in the European Tech Investment Forums held in Milan and London in September 2003 and March 2004 respectively.
  • Speaker on India: Opportunities and Challenges at a number of events in Spain organized by IESE, the Confederation of Spanish Chambers of Commerce, Spanish Institute for Export Promotion (ICEX), CECOT, Banc Sabadell, Casa Asia, AMEC and Tribuna Girona

Consulting Experience (1991 – to date):

International Finance Corporation (IFC) (2005 to date): Worked on:

i)     a Global Business School Network (GBSN) project with the faculty of the Lagos Business School in the development of Nigerian entrepreneurship case studies,

ii)    a Private Enterprise Partnership project to nurture Enterprise Development Centers (EDCs) in Ghana, Kenya, Tanzania and Rwanda, based on the EDC model in Lagos, Nigeria

World Bank (2004): Worked with case writers in India on the development of case studies on private and public initiatives to leverage Information and Communication Technologies (ICTs) for achieving the education objectives outlined in the Millennium Development Goals:

i) Same Language Subtitling: When a Nation Watches TV and Learns to Read a Newspaper

ii) Catalyzing Rural Education Through Information Technology: Computer Assisted Learning Centers of India’s Karnataka State

iii) Computer Education in Schools: Case Study of Headstart Program in Madhya Pradesh

Management consultant: Carried out projects for Spanish, Indian, and American clients in the areas of market entry strategy, commercial due diligence, and purchase management services. Industries covered included apparels, food products, industrial batteries, and industrial fasteners and access systems. Certified by the Confederation of Spanish Chambers of Commerce and the Spanish Institute for Export Promotion (ICEX) to work as a consultant in the EU funded program for the internationalization of Spanish small and medium enterprises

Managerial experience (1985 – 1991):

Grupo Tudor, Madrid, Spain. Automotive and industrial battery manufacturer; one of the largest manufacturing companies in Spain; listed on the Madrid Stock Exchange. 1991 revenues and workforce: $700 million and 6,000 employees

  • 1985 – 1986: Assistant Area Manager, International Division, based in Madrid
  • 1986 – 1989: General Manager of the group’s UK subsidiary in Bristol, England (1989 revenues and workforce: $7.2 million and 22 employees). Achieved cumulative annual growth rate (CAGR) of 36% over 3 years
  • 1989: Advisory position at the head office in Madrid. Participated in the post acquisition integration of a listed company in Germany, in acquisition negotiation teams in France and England, and in the reorganization of the sales and distribution structure of the automotive battery business in Spain
  • 1990 – 1991: General Manager of a newly created division that was responsible for the group’s subsidiaries in the UK, France, Holland, and Italy (1991 divisional revenues and workforce: $45 million and 170 employees). Member of the Group Management Committee


  • English: Fluent
  • Spanish: Fluent
  • German: Good
  • French: Conversational
  • Hindi: Good
  • Tamil: Good (spoken)
  • Telugu: Good (spoken)
  • Mandarin: Basic