Kolkata – Over 65  entrepreneurs and family business leaders gathered at The Siamton Inn yesterday for the “From Heritage to Innovation: Intergenerational Family Business Sustainability Workshop,” hosted by the Maeeshat Foundation and The Sirri Saqti Foundation. The event, themed around blending ancestral wisdom with cutting-edge finance and technology, equipped attendees with tools to sustain family enterprises amid India’s evolving economy. Drawing on Islamic principles of stewardship and ethical growth, the workshop highlighted participatory finance, AI integration, and legacy planning as pathways to resilience for MSMEs and family-owned ventures.

The one-day program featured keynote addresses, panel discussions, and interactive sessions, fostering a collaborative space for India’s entrepreneurial ecosystem. With family businesses contributing 70% to India’s GDP and employing 75% of the workforce, speakers emphasized urgent innovations to bridge a ₹30 lakh crore credit gap and ensure generational success.

Inaugural Session: Setting a Vision Rooted in Faith and Finance

The workshop opened with a warm welcome from Danish Reyaz, Founder of Maeeshat Media, who underscored the event’s mission: “Bridging heritage with innovation to create enterprises that endure, honor family ties, and serve society.” This was followed by Tilawat & tazkeer by Shaikh Zaki Ahmad Madni, Founder and Director of Alhoda International School, Howrah, invoking spiritual reflection on business as an act of ibadah.

Mr. Mohammed Ikhlas of Hamsafar Fashion then set the vision, sharing how his family’s apparel enterprise has evolved from traditional craftsmanship to digital marketplaces, preserving cultural roots while scaling nationally.

Keynote Spotlight: Dr. Shariq Nisar on Unlocking Growth Without Compromise

In the headline address, “From Heritage to Innovation – Sustaining Family Enterprise Across Generations: Unlock Smart Funding Without Losing Family Control,” Dr. Shariq Nisar, Principal of Rizvi Institute of Management Studies and Research, Mumbai, dissected the dual role of family businesses and MSMEs in India’s economic fabric.

Nisar’s presentation, moderated by Dr. Sania Sami, HoD of the Entrepreneurship Cell at Vedanta College, Kolkata, painted a vivid sector overview. “India’s 6.7 crore MSMEs drive 30% of GDP, 35% of manufacturing, and 45% of exports, with 20.5% now women-led – a testament to inclusive progress,” he noted. Yet, challenges loom: Only 25% have adopted digital tools, succession plans exist in just 30% of firms, and a massive credit gap stifles scaling.

Key hurdles identified included leadership transitions, professional management deficits, and limited market access due to informality. Nisar praised top performers like Tata and Reliance for their governance, tech adoption, and renewable energy shifts, urging others to follow suit.

Turning to solutions, Nisar championed “participatory finance” – revenue-aligned models like hybrid loans and equity shares that sidestep rigid repayments. “This isn’t just funding; it’s partnership, reducing defaults and empowering fluctuating-income businesses,” he explained. Features like UPI-linked automated repayments and transparent digital platforms build trust and creditworthiness.

A standout case: The Wee Cee Fund Pilot, backed by IIMA Ventures, enabled thousands of Own Account Enterprises (OAEs) and Hired Worker Enterprises (HWEs) to access larger loans with 18% lender IRR over three years, boosting entrepreneur stability without ownership dilution.

Nisar concluded with optimism: “Digitalization, women’s entrepreneurship, and diversification into deep tech and renewables, fueled by participatory finance, can propel MSMEs beyond local clusters to global stages.” The session sparked lively discussion on collaborative policymaking for inclusive growth.

Balancing Values and Reality: AI as a Family Business Ally

The afternoon delved into “Balancing Family Values with Market Reality,” moderated by Mrs. Afrin Golam. CA Rahim Noor, Founder of FabXL, Kolkata, presented “From Chaos to Clarity – Using AI for Family Businesses,” demonstrating how AI streamlines operations without eroding family ethos. “AI isn’t a threat; it’s a tool for clarity – automating inventory, predicting trends, and freeing time for mentorship,” Noor said, showcasing FabXL’s AI-driven supply chain that cut costs by 25% while upholding halal sourcing.

Mr Ashraf Mohamedy, CMD of Idafa Investment, Mumbai, complemented this with insights on ethical investing, stressing Shariah-compliant strategies to align profits with principles.

Designing Legacies: The 100-Year Enterprise Blueprint

An interactive workbook session, “Design Your 100-Year Enterprise: A Legacy-Building Blueprint,” guided participants through “From Founder’s Vision to Generational Mentorship.” Opening with a Qur’anic reflection from Surah Saba (34:39) – “And whatever you spend in good, He will replace it and He is the best of providers” – facilitators encouraged envisioning centennial milestones: “Who leads your business in 2125? What values endure?”

Attendees listed three delegable roles for systemization, fostering a shift from founder dependency to compounding mentorship. This hands-on exercise emphasized compounding beyond money – building human capital, community impact, and barakah (blessings).

Panel and Closing: Transforming Traditions for Tomorrow

The event culminated in a dynamic panel, “Need and Model to Transform Traditional Family Businesses in India,” featuring all business leaders. Danish Reyaz delivered a closing speech, reiterating the workshop’s call to action: “Innovation honors heritage when guided by faith – let’s build enterprises that serve generations.”

A group photograph captured the spirit of unity, followed by networking over tea.

Reflections and Forward Momentum

“This workshop wasn’t just discourse; it was a blueprint for barakah in business,” shared attendee Arshad Shamim, a second-generation entrepreneur. With tools like the legacy workbook and participatory finance models now at their fingertips, participants left empowered to professionalize, digitize, and sustain their ventures.