Early Life
Azim Premji was born in Bombay (now Mumbai), India, on July 24, 1945, into a Gujarati Ismaili Khoja Muslim family. His father was a prominent businessman known as the "Rice King of Burma." Premji's early life was marked by a strong business acumen, which laid the foundation for his future endeavors.
Rise to Success
Premji's career began in 1966 at the age of 21 when he took over the family business, Western India Vegetable Products, after the unexpected death of his father. He was studying engineering at Stanford University at the time but returned to India to manage the company. Under his leadership, the company diversified into various sectors including soaps, lights, and hydraulic cylinders. He rebranded the company as Wipro.
In the 1980s, Premji recognized the potential in the burgeoning IT sector. When IBM withdrew from India, Wipro seized the opportunity to enter the computer business. Premji hired and trained software developers, transforming Wipro into an IT powerhouse. By the early 21st century, Wipro had become one of the world's wealthiest people. His strategic vision and commitment to quality and innovation propelled Wipro to become a global leader in IT services.
Key Business Strategies
Premji's success was built on several key strategies:
- Diversification: Expanding beyond the initial cooking oil business into various consumer and technology sectors.
- Innovation: Embracing new technologies and adapting to market changes, particularly in the IT sector.
- Talent Management: Hiring and training skilled professionals, building a strong workforce.
- Philanthropy: Committing a significant portion of his wealth to charitable causes.
Philanthropy
In 2001, Premji established the Azim Premji Foundation, a non-profit organization focused on improving the public school system in disadvantaged regions of India. He has pledged a significant portion of his wealth to the foundation, making him one of the largest individual donors in history, with donations exceeding $21 billion.