Next 10 Years Are SCARY For Humans - Job Loss, Cyber Crimes & More ft. Srikanth | FO 52 Raj Shamani

i feel i personally feel very bad that a. vast majority of very intelligent people. are very intelligent very intellectual. people. are wasting their lives either trying to. make us click on more ads. or on just making that extra bucks on. the stock market or in the debt markets. etc anything super powerful that you. create people will misuse it. is there an op chance of misuse. absolutely so should you be scared yes. the ai as a set of technologies are.

going to automate things and therefore. reduce the need for human labor. countries like india might suffer. whoever wins the race for ai will. control the world will conquer the world. if you look at the number of cyber. security attacks that happen. if you can actually. almost accurately map the time to vendor. people wake up in china. the moment china wake up time happens. attacks start going up around the world. in today's episode we've talked about. how artificial intelligence is gonna eat.

over every job which is out there and. how can we fight that what are the. skills we should learn so that we can be. future ready and not let artificial. intelligence control us how is tech. playing an important role how the. infrastructure of tech became such a big. thing in our world what are the right. ways to approach technology for your. business. how. you and i can look beyond just. creativity and technology and build a.

mode for ourselves that nobody is able. to replace us in the future. today's conversation is all about. technology artificial intelligence. machine learning and from a man who's so. insightful that he actually provides. these technologies to one of the biggest. companies in the country so you talk. about big banks big fmcg companies big. every company which is super largest. size his startup revolves around. giving them insights on how to build.

technology and make their processes and. systems better. faster and more accurate. let's welcome shri kant the founder of. fractal analytics and this is an episode. you can't afford to miss because. technology is one of the most important. topics you should understand in today's. world make sure that you watch this. episode till the end and while you're. watching it feel free to comment and. tell me what are the good things and the.

bad things which you found out in the. conversation because i'm gonna be. reading them throughout the episode as. well. i remember. though i was running a business and i. was never active in college but there. was a point like few of my friends. getting in lamborghini like limborg in. india they started working and i was. like wow. like someone got in microsoft and like. these are commerce people like we have. bba like we are graduating from bb and. now they're getting microsoft and.

consulting was obviously a thing banks. was always always the thing and these. were getting it like fancy jobs okay and. one of my friends he ended up interning. with tesla at that time. so i was like dude. this is crazy right so everybody. there's so much pressure that you either. want to maximize your status or you want. to maximize your money. but usd. that. that you know i want to maximize my. pleasure i want to maximize my passion i. want to maximize the growth.

opportunities everybody's thinking about. either status or money so how people who. are just graduating who are in their. third years they're sitting for. placements fourth year whatever. they're sitting for placements what. should be their mindset what do you. think people make the biggest mistake. there like what mistakes do they make i. think first big choice to make is. entrepreneurship versus uh do you want. to work right and there's no right. answer you can be you can be an. entrepreneur or you can work for other. companies i don't think. fundamentally economics changes between.

the two maybe the economics are slightly. better for working than for. entrepreneurship honestly okay so i what. i call the spot boy effect right. which is. people you know take a train from bihar. every day coming to mumbai thinking that. i look good i'm tall. i'm handsome and i can be shahrukh khan. i'm better than shahrukh khan but they. end up being spot boys entrepreneurship. is a very similar journey most people. end up building companies that don't. really become very big don't make enough. money so risk adjusted entrepreneurship. has lower returns then.

than. working for somebody okay so that's the. first decision to make and it's not a. decision that you have to make once you. can make it multiple times you know. because it's you can you can take that. decision any point of time you can. branch out and become an entrepreneur. so let's say you want to take the route. of working for some working for a. company. i think what people underestimate is. that industry is one of the most. important indicators of success which. industry are you working for because. some industries have better economics. some industry care for people more some. industries are fundamentally wired.

towards better returns whereas some are. not so if you work for a manufacturing. company it's going to be difficult for. you to make that kind of returns unless. you are working for a consumer goods. company and you're in the branding side. of things yeah there are there's some. good returns to be made but you have to. picking industry airline industry uh not. a good good option right because these. industries themselves have very bad. economics so first is the industry. choice then second is the company choice. like what kind of com do you want to. work for a really good company with the. great culture which has good prospects.

because then when you're in a happy. situation company is growing industry is. growing you know people we all explain. our success as okay i did everything. frankly you know the lord of the. external environment makes a big. difference in your success so i make. your life easier pick a good industry. pick a great company with a good culture. in it. and then focus on the next few years on. learning because you know frankly you. know you should ask the question why are. companies hiring me because there's not. a lot i can do at this point i'm 20.

years old right you want exposure you. want learning so don't worry about the. money yes money is important and you. will be struggling you can when i was. first my first job. i was um. you know i got into a nz investment bank. money was very little and i was getting. something like 14 100 rupees after they. provided a fantastic accommodation and. banderas i was very happy with ocean. facing apartment and everything very. great but i had 14 000 rupees in my hand. every month and if i took a cab from.

downtown to uh to my home it would be. like 500 rupees if i went to a pub it. would be like 3 000 rupees like you know. basically you can exhaust your monthly. salary into three four days right so uh. so you can't make enough money it's a. struggle in the in the beginning phase. of a career especially in india but i. think if you focus on the learning these. things change much faster than you can. imagine what are the top three. industries which you feel people should. pick today. in today's world so that they know that. the fast growing industries or maybe the. returns are going to be slightly better.

so they don't end up. going to industries which are. slightly dreaded towards not making good. returns everything is becoming tech. right if you i mean i looked at this. company called l'oreal. it's one of the largest beauty companies. in the world three years ago the ceo. came out and said we are not a beauty. company we are a beauty tech company. so beauty has become beauty tech health. has become health tech fin finance has. become fintech everything is getting. techy right so if you are in tech it is.

it is the one thing that will grow for. the next 50 years it will one hundred. percent grow of all industries i think. tech tackification of all industries is. happening so tech is definitely one of. those industries where there is growth. and therefore where there is growth and. especially in set of technologies which. are really. forward-looking you can see that you. know you will be in demand so picking. techie fired industries or industry or. the tech side of industries i think it's. a good good choice okay. number two is that look for which are.

the industries that are growing very. fast right so any. industries that still have a brand. where there's big brand building. involved i think have. you know look at luxury industry for. example 85 90 gross margin business. right. they will obviously be able to pay their. people very well you'll get you know. it's just the economics are like that. yeah as opposed to very labor-intensive. industries where they it's hard to make. the economics work for you so those are. the kinds of things i'll pick up.

consulting is not a bad industry. honestly it's a good industry because. as a 25 year old 24 year old you get to. work with big big companies big leaders. in companies and you work on very. interesting problems so any place where. you get exposure to a variety of. problems is good so that's what i would. pick one thing i will say don't pick is. finance you know i picked finance and i. would say that it makes money but it's. just such a such a crappy industry. honestly right because it's it's firstly. it's sort of evil. that's that's that's one thing uh right.

other thing is that i feel i personally. feel very bad that a vast majority of. very intelligent people. are very intelligent very intellectual. people are wasting their lives either. trying to make us click on more ads. or on just making that extra bucks on. the stock market or in the debt markets. etc it's not there is no meaning in this. in these industries what i mean if you. go back at the end of the day and say. realize that okay i made raj click on. more ads what's what is the satisfaction.

in that it's not a lot and if if i spent. all that all that time in making that. extra two cents on the stock yeah it's. exciting it's it's fun for some time but. honestly it's not very meaningful after. a long time and many of these people in. the financial service industry they get. to 40s and they're like what did i do. with my life why can i relive my life. their midlife crisis is common so i. would say pick those industries where. there's a lot of learning and pick some. of these these these kinds of evil. industries i would say avoid because. there's too much good talent already. there yeah your if you have great talent.

go to industries where that that kind of. talent is scarce because then you will. stand out okay so the following question. was that. hey like i'm starting out and i want to. work with companies which is going to. give me enough opportunity just like. icici limited gave it to you that so. what are the questions me as an. individual should ask. the companies or maybe people how do i. identify that whether this company will. give me the opportunities to grow or no. because when you're entering right every.

company promises growth every company. promises money every company promises. security. but. once you entered the company like the. dynamics are different from company to. company and there are some companies. sometimes you find yourself stuck at a. place where you can't grow at all so how. do you ask yourself questions or maybe. you see what are the signs which gives. you. a surety that hey i'm i ended up in a. good company or do i need to look for. another job already interestingly i'm.

i'm told research suggests that. a very large percentage of people. something like 25 people. decide on the day of joining a company. that oh god i should leave this company. on that on the day of july on the first. day. a very large percentage of people decide. that this is not the company i wanted to. work for. so it's kind of what does it tell you it. tells you that we. we are looking for some external oh is. this company is well branded does it.

have you know do other people on campus. think that it's a good company are. people fighting for it is a salary very. high salary becomes the most important. criteria and then you enter the company. and on day one you realize it this is. not the company i thought i had there. was some glamour about the industry. there was something but really the. company culture i don't fit in here that. happens so my advice is. try to get. a hang of how it is to work inside the. company either do an internship or talk. to people who are actually working there. and get to know what is day one or.

day 100 or in the company look like if. you experience that you realize that oh. this is the. then you visualize yourself working. there then the answer is becomes a. little bit clearer okay do you want to. do this or not. and i would say that. be ex. this first few years of careers are for. exploration. don't necessarily assume that this is. the only thing you can do so keep. yourself open if somebody says look do. you want to do this just tend to raise. your hand because risky yes too long say.

yes to things because you know you don't. know where you'll find that sweet spot. which gives you that excitement that you. know meaning and that which is an area. of your strength so a little bit of. exploration is good i'm not saying you. know spend every three months keep. changing jobs as some people do right. but even inside the company be willing. to explore be willing to explore you. said every industry is getting techified. the techification is happening in every. industry what do you mean by that. like. like is ai or technology is gonna eat up.

what we're doing right now it's gonna. eat up let's say so i was reading about. this. and i saw. i read something like an article where. it says the creative jobs are gonna be. the first jobs which ai will eat. the tech if biggest i always used to. believe that technology can't happen to. creative jobs but because creative job. is always influenced by certain things. if it's influenced by the existing data. or existing pictures it can definitely. be replicated and ai and ml can like.

just build better things i think tech is. creating a significant amount of change. okay so. uh. when we when we when let's say i grew up. many many years ago we didn't have a. computer. the first computer i saw was when i was. 10 years old and there was one little. computer in my. school from from those days of computing. now you've seen that computing is. literally every single thing is is is. compute computing driven. and the way we are today we are you know.

without a smartphone we can't survive. for 30 minutes right so. we have embraced technology in the way. we run our lives right in every little. thing. but at the same time in work also the. same thing is happening like so if. you're in the creative profession and. who's cannot who can work in the. creative profession without using. adobe's suite of products right or. something like that so it's stuff like. that that you have to get used to. embracing technology the way you are. doing work earlier to the way you're.

doing right now is going to be different. so be open to that a lot of what ai is. doing is augmenting human. humans okay so what you could do would. take you many days weeks to do i mean to. just build we created a little video. game on on this computer and rack in the. 1984 it would take me literally. five six seven weeks to create a basic. bat ball type of a game it would take. you like months to create yeah right but. something like that i think uh. somebody today could construct in within.

like minutes right because tech has. become that so tech is going to make. things easier it's going to make your. life easier and you have to embrace tech. whether it is creative professions. otherwise. now what is the definition of creativity. there's a guy called dennis dutton he. says that the value of an artwork. is about the underlying assumptions of. human performance that went into it. right. essentially if you define creativity as. human for human. effort that went into creating something. then creativity is always going to be in. the human realm right so anything that a.

machine creates will not be called. creative by definition right but so that. is if but if you take a different. definition. let's say i want to create another van. gogh painting today right yeah can a. computer created yes way better than any. human being can because it can study all. van gogh paintings it will understand. the style of van gogh paintings and then. you give it a new idea it will create. how van gogh would have painted it it is. creating. the unfinished symphonies of beethoven. or mozart all being created by ai.

algorithms because it can figure out. what would come next so. will will ai be creative yes in that. definition will be extremely creative it. will change our lives. now. what does it do to uh what does this do. for does it is it scary should we. should we get scared by it i think first. of all we have to embrace it because it. is going to take. a larger share of our lives if i. uh i saw my previous generation saying. oh computers i really don't want to get. into this this is some newfangled thing. and anybody who said that became extinct.

similarly if i said today that look let. me not worry let me think about. blockchain or crypto or some new nfts. because you know this is all metaverse i. don't understand what this thing is it. was not there when i was growing up then. i will get extinct too in the next few. years so embrace the tech because it's. it is just one thing that will continue. to occupy our lives. and second is that. when tech embraces you have to change. the way you do things like for example. in the 1970s atms were introduced in the.

united states right everybody thought. jobs will be lost atms are going to take. away the jobs of the tellers because now. tellers don't have to dispense cash 50. years later number of tellers has. doubled it has not increased to 10x but. it has doubled so it has not decreased. but the tellers jobs have changed. the tellers now what they do is they. don't dispense cash because just atms. just spends cash but tellers can cross. sell loans talk to customers do some. customer service they their nature of. their job has changed. so. if you embrace tech then you'll have to.

change the name way in which you or do. things using tech tech will automate. some things it will augment some things. and you have to fit into the new reality. and be willing to learn. and retrain yourself the half-life of. knowledge is three years or less in our. industry and in many industries which. means that you have to be willing to. learn skills get outdated very fast you. have to keep learning with the times it. is sometimes sometimes scary but that is. a world we are living in okay so tell me.

that. what are the. industries right now like people who are. watching this right now like. what what should they learn about like. where can they start learning about ai. where they can start learning about the. usage of ai or maybe the tech so that. they start applying or maybe just. understanding their implications in the. current job or the role which they're. doing so many of us would have learned. basic. statistics and mathematics. and most importantly probability. during your high school.

that's really the first basic thing is. you know how can how do human beings. make decisions can we use a little bit. of math to make better decisions yeah. but if you if in any job that you're. working on you have to work backwards. from the kinds of decisions you're. making and seeing will the data inform. the decision any better like i i'll give. you what fractal started with which was. in the world of credit scoring so this. was back in 2000 we we went to sac and. said look you have this big loan. portfolio that you're building and we. said can we build mathematical models to.

predict risk. that was our first pitch to ici and they. said yeah right good you know we are. interested in it because we've got some. other firms coming in giving us global. models and asking us to use them in. india they don't really work for us can. you build with our own data. we said yes and the next question was. but what is your uh. experience in doing that so we had no. experience obviously this is the first. time you're doing it we said look we. have no experience but we will do. research on this topic we'll write a. research paper on this if you like it. you can do it and secondly we'll do this.

for free because even we want to learn. we'll do this for free. all we ask you for is if you like what. you do just tell everybody else that you. like you you that they should work with. fractal. so we got an opportunity to look at the. data first time we had exposure to the. data and what what was icsa doing ics. goal was it wanted to enable a 30-minute. loan product so you walk into a retail. store let's say you like this lcd. television plasma television whatever. and you want to walk out of the store. with a loan. right in 30 minutes uh icsa wanted to.

make sure that they know that you are. good a good risk that you will pay on. time and you are not a fraud right. you're not some they want to. de-replicate it so we built a risk model. which looked at your data and gave a. risk score as to what is the probability. of default what are the chances that you. will not pay your loans in the next 12. months with that information they could. reject some and accept some customers. and people could walk out. so. why i'm telling you the story is that it. was about a decision. icse was making a decision a customer.

decision on whether to give a loan or. not to give a loan and what they were. using was what is my past data saying. people like this. ended up paying alone on time people. like this did not pay the loan on time. so if i know that. these kinds of customers are more likely. than others then i adjust my. my lending accordingly that essentially. is the idea of credit scoring so it's. decisions. informed by your past experience but. your past experience to decisions is is.

informed by the mathematical models that. you're building probabilistic models. that you're building which give you that. confidence that yes this is the chances. for example if you're salaried uh let's. say there are of the salaried people. only let's say. 10 percent are defaulting it's in the. self-employed people 20 are defaulting. then you know that okay. if i give a loan to a self-employed. person it's double the chances of risk. double the chance of default so if you. combine many such variables then you get. a very good understanding of what is the. risk at an individual level this.

customer what is the chances that she or. he will pay their loans on time so. that's the idea of. analytics so if you were to you to. answer your question right so if you. were to go back and say how do i learn. this thing i would say that mathematics. is the underpinning. linear regression etc if you find those. those topics interesting uh start. picking up any sort of there are so many. beautiful courses online which are free. coursera. edx. etc just pick up a course on the basics. of statistics or basics of data.

analytics or basics of machine learning. and do the first course there and then. you can it's quite intuitive it's i mean. eventually it is about mathematics but. it's it's mathematics driving your. intuition so it's very important so. technically it's like. anything which. requires data to make decision. is going to be tackified yes yes yeah. think of marriage right we all uh it is. the most important decision that we make. in life and i'm glad you haven't made. that decision yet not yet.

good. i think it's a good good choice. so the and this is the one decision that. people often get wrong because look at. the man this is one of the biggest. decisions yeah 50 percent of marriages. end up divorced in the us india the. statistics are not that bad but it's. also cultural thing that how many happy. marriages that we should ask that. question so can data inform any decision. yes it can. and that's the whole idea right it can. can data slightly augment my decisions. in in life so there is a interesting ted.

talk of a woman. called amy something who basically. figured out exactly who to marry based. on on the data that she was looking at i. would i would suggest that everybody. should do it your intuition makes a big. difference you need your emotions and. your data so your gut and emotions are. important but if you can support the. data i think then you make the best sort. of decisions in life i'll give you one. example very interesting example many. investors these days who are investing. in the stock markets are actually they.

look at the data of let's say balance. sheets profit and loss etc but stock. markets are. nearly perfect right. so what they're doing is they're trying. to look at alternate data so one of the. things they look at is. the. earnings conference calls. when the ceos and cfos et cetera come. and talk about how did my company. perform after every quarter when the. earnings are released. there is a conference call with the. analyst yeah right that is usually uh. webcast or uh you know telecast and then. that recording is also available for.

everybody to watch right so for all. public companies. so in that earnings conference call. they're watching the voice tonality of. the ceo and the cfo and what they did is. that they've looked at this over years. one of the interesting findings is that. what the ceo says is not as important. right it's okay because ceo's had by. general optimistic they're always. projecting a good future for the. business. they look for the nervousness of the cfo. if the cfo seems a little nervous about. the next quarter they know that this.

company might have a troubling next few. months in terms of stock price and then. they're either buying or selling stocks. so there is a lot of stuff that people. can do. if you define a problem sharply enough. there's ai that can already do it. so the ai is very good in sharply. defined narrowly defined problems it's. not generic it's not like sentient. beings and you know talk to us and have. meaningful conversations where there are. some examples of that being talked about. but the reality is that ai is really. good in sharply defined narrowly defined.

problem statements now. someone who has a very sharply defined. problem that hey i think this is the. problem and. do you think that person can build an. entire business on it or do you think. that the problem is already being solved. by someone somewhere so there's no. business opportunity it's just. discoverability which is going to happen. i think the first question is um is it. possible to build a business on a very. sharply defined problem statement yes i. think. i would say that i'm big on. entrepreneurship in india and i do.

believe that entrepreneurs today who are. building tech businesses. should build on focused. problems sharply define problems and. work backwards from there because that's. when you can build expertise expertise. and you can really uh distinguish. yourself from the others if you want to. be more generic the more generic you are. the more difficult it is to build the. more you're competing with the big tech. players it's harder to win in those. places there will be enough there'll be. some guy who will come up and raise one. billion dollars in three months and then. you know and build something great it's.

going to happen but if as an. entrepreneurs most entrepreneurs. are not going to be that so if you are. if you want to drive sex as an. entrepreneur pick a sharply defined. problem and work work with it rather. than a very loosely defined very big. problem now if you pick up even a small. niche. the size of the price is huge because if. you spend it globally you can really. make a big business out of even a tiny. idea there are lots of tiny ideas which. can become really uh you know. well-funded and then eventually become. big. these days so i would say that uh don't.

worry about the size of the market that. that event initially it appears if you. have a sharply defined problem you can. solve that very well. then you have a very good chance of. winning because you can differentiate. yourself you understand a business. process very well you understand a. problem and work backwards with it and. that's when you can build customer. traction client traction and then you. can. scale it afterwards so that's that's. what i would suggest to any entrepreneur. pick a sharply defined problem than a. loosely defined problem. makes sense now but how do they build.

business around it now. in the world of tech like. someone who's a non-techie. and they want to do something in the. tech what should they do what should be. the guiding steps for them so if you're. a non-techie there are only two kinds of. people who should start a business okay. the really techy ones right who get the. tech were tech evangelists and they're. these are the ones who are building if. you look at the best companies that have. been created in the last 20 30 years. you'll find that they're super great. technologies.

mark zuckerberg or or if you look at you. know uh. you know google founders sergey brin. larry page or and so on if you look at. these guys these are very sharp tech. you know or elon musk they have what. their technologist brain that is there. which is which is one of the defining. characteristics of successful. entrepreneurs the other ones are great. leaders. right so you have you have a right to be. in this in on on this business either if. you are a great ceo they're like the. great leader or a great techie otherwise.

you know if you're not either of them. then i think somebody else should run. this business right you know in tech. business. so and if you if you are one of them. find the other. if you're the great ceo types the great. leader who can bring in great empathy. lead people very well etc all of that. good stuff then find a phenomenal techie. as an equal partner yeah no don't think. that okay i am the techie and i'll find. this i'll give two percent equity to. this really good tech guy and i'll make. him or her build a little software. product and then make a business yeah i.

don't think it will work because. businesses are so tech intensive right. now you need a very critical uh cto in. that business who is who has equal share. or very high share of the business with. with you so if you're the ceo type if. you're the cto type then you want to. build a great product but you don't want. to really commercialize the product you. want somebody who can commercialize you. can hire people who can build sales. force then find that very good ceo with. to work with that combination of ceo cto. is what is driving most successful. entrepreneurship businesses.

that's interesting it's it's like the. same just the same philosophy which goes. beyond right either you are a seller or. you're a builder so if you're a builder. then find a seller if you're a seller. then find a builder fantastic yeah. because they're rarely anyone who's both. yes and if you're both then nothing will. stop you exactly exactly there are very. very few people are both and even if. they're very good in both you still want. whichever is your dominant. characteristic find the other one in in. the in the co-founder that you're. looking for the two people. entrepreneurship teams have been the.

most successful if you study. entrepreneurship and what is driven. success there's hewlett packard onwards. if you look at uh it's always a. combination of two people with. complementary skills who have great. amount of trust with each other that. have created the best businesses. should we be worried about the. technology that's coming. should we be worried about aia like if. some people build some product they can. by far kill. jobs in an entire industry if they build. some products yes see i think there are.

reasons to be super optimistic. and the reasons to be super scared okay. when i was growing up um i think when i. was 12 or 11 12 years old. you will find it very funny but we the. topic in school debates used to be is. science a boon or a bane that was a. topic i've i've done that yeah you know. debate a few times yeah i've done that. yeah i mean come on it does looks duh. right i mean obviously science. it's a similar thing is east technology. boon or bain is ai or bone or bain the.

answer is it's it's it is both. anything super powerful that you create. people will misuse it. is there an op chance of misuse. absolutely so should we be scared yes. there are. fundamental misuse cases and i'll come. to some of them shortly. which which you should be scared about. is it exciting super exciting because it. is going to change the world if you have. any chance of eliminating poverty in. this world. creating more social equality. all the good outcomes. will be.

ai is needed. and ai can also create some. extraordinarily bad outcomes. so that is unfortunately the nature of. the beast now what are the bad outcomes. because you are asking let me let me. tell you the bad stories first right the. first bad outcome is that is loss of. jobs right especially in a country like. india let's say 2020 to 2030 india. adds 91 million people to its workforce. 91 million people to the workforce. rest of the world collectively g20. especially.

is zero to the workforce because china. is already starting to shrink rest of. the world is also starting to shrink. india is a net supplier of talent to the. world right that is the reality. and if ai as a set of technologies are. going to automate things and therefore. reduce the need for human labor. countries like india might suffer that's. the first big danger. it's it's a huge opportunity for india. but also this is a big risk number one. number two is autonomous weapons.

i think in 2017 vladimir putin said. that whoever wins the race for ai will. control the world will conquer the world. right. he made that statement and you know. vladimir putin doesn't make statements. just like that. people take take notice of that so i'm. told that the us government when that. statement was made instantly there was a. lot of. you know sort of discussion in the u.s. as well why is what does it mean what is. what are they thinking what are they. doing. because that race started around 2014.

2015 it started around the world. countries competing with each other on. ai right so china canada was well had. the lead by the way canada had some of. the best professors did some amazing. work canada israel. uk us china. leading the pack and india and other. sort of next that was the case in five. six seven years ago. and then where is the first option where. first places where they will deploy it. cyber security and cyber cyber attacks.

right so there's a. if you look at the cyber warfare that is. the next warfare is going to be cyber. war yeah right big warfare is going to. be on cyber warfare it's already. happening every day like i'm told that. when you wake up um you know sort of. sorry not when you wake up. if you look at the number of cyber. security attacks that happen. if you can actually. almost accurately map the time to when. do people wake up in china. the moment china wake up time happens. attacks start going up around the world.

so there is a huge set of attacks. happening from china. on the world in terms of cyber cyber. attacks and they go down as soon as. shanghai. goes to sleep attacks also come down. it's i mean again i it's circumstantial. but the point is that there are a lot of. cyber security wars that are taking. place cyber wars that are already taking. place and. ai is being used both to attack as well. as to defend that's one second is. autonomous weapons you can have swarm of. drones. very doing targeted killings already you. saw drones killing various people in.

pakistan u.s use those drones very. sharply defined they become so good. their eyes brains etc are all powered by. ai right so that. that is. that is there but now the next level of. ai technique you can think of a iron man. suit for every every person right just. think of every soldier having an iron. man suit and being an iron man ai will. create that. ai can basically create various kinds of. autonomous weapons that are very very. intelligent target precisely what they. want to do.

and in that world if you don't have it. then you are your scooter essentially. right so that is another dangerous. situation. on autonomous weapons so the the two the. third is just sheer manipulation of this. is more day-to-day our lives right. sheer ways in which tech companies can. manipulate you to do doing whatever we. already think that we all think we have. free will but i can tell you that many. of the decisions we make today are. influenced by the little things that we. see every day yeah and the way that. things are designed the way things are.

they use a lot of ai and behavioral. sciences to make sure that you click on. the right ad buy the right product so. you think you have a free world of. content like yes yes so if they are. collecting all your data and using this. to manipulate you who's going to who's. fighting for you right you need your own. ai. to defend the ais that are influencing. you right so these are all the sort of. dystopian scenarios of the world being. in more like 1984. autonomous weapons and all that stuff so.

those are the dystopian scenarios. now many of them are real it's not that. they're. they're very far out they're they're. very real but the positive sides of this. are also very big like just imagine. the ability to just gdp growth right. uh last 50 years. world economy grew at a three and a half. percent annualized rate. right if you look at that was because. half of that came from labor growth and. half of that came from productivity. growth so economic growth is essentially. labour growth and productivity growth so. next 50 years labor growth is not.

happening only india is producing the. labor like we just discussed so you need. productivity growth so how can you. improve productivity meaning same number. of people doing more with their time and. creating more output. you need tech you need ai to drive that. it is the most. uh let's say well researched most. established way of driving productivity. is using ai so that's one thing secondly. companies. are spending tons and tons let's say. product launches 95 of new product. launches always fail so can you use to.

build better products that consumers. love yes you need ai for that can you. reduce the friction between customers. intent and their purchase you need ai. for that can you reduce your supply. chain if inefficiency so that you don't. have these supply chain shot shortages. like there is. baby food shortages in the us right now. there's no formula instant formula. available in the u.s supply chain. shortages are creating cars are getting. delayed all of that car prices are going. up can you have more intelligence embed. into the enterprises so that they can. make better decisions supply chain yes. absolutely so.

there are. countless number of examples of. companies trying to get better using ai. so that they can serve the customers. better build better products make our. lives easier it will rise incomes all. those things will also happen with ai it. will make our life a lot easier let's. say if you go to victorian england right. nobody had even public there were no. toilets if you even if you're the queen. of england. right you don't have access to. a. commode and a flush tank and all of that. stuff these are all happened in the last.

150 years our lives are infinitely. better because tech has taken they made. all these things easier so tech will. make our life a lot easier. and that is the. the good part of what will a what ai. will do what's the most fascinating use. which you have ever heard of or maybe. seen are you excited to think about one. thing i'll say is here is that. um arthur c clarke one of the major. science fiction writers of our time. right he wrote 2001 a space odyssey and.

a bunch of other brilliant brilliant. sci-fi books he said in the 1950s that. any sufficiently advanced technology. is virtually indistinguishable from. magic. right so if you any tech i mean if you. showed somebody in the 18th century that. we have cell phones. they would say this is magic they would. not believe it right it was magic even. back in 1990s it was magic like when you. could imagine that right but now we feel. like so what this is what is what is ai. god what is tech god do it it's so. obvious right so tech.

tech is magic and then becomes mundane. and it very soon in five years it. becomes mundane and generally speaking. uh we are always over optimistic about. tech in the short term and extremely. pessimistic about tech in the long term. and we we think that tech will change. our lives in three years and it doesn't. happen and you feel like. look they kept saying that but if 10. years later the world has really changed. because it it is like yeah it is. compounding which is which is in play. so a lot of examples that you currently.

find are magic will feel like yeah it's. obvious so what so big deal so a couple. of examples i'll mention which i find to. be very fascinating uh and let me give. you a sort of range of examples. there's a new program that. a new sort of ai algorithm that the. company deepmind has created which. basically writes code as a programmer. right and it matches the average. programmer beats an average programming. writing computer code just imagine if ai. can write computer code.

then. then what is going to happen all the. computer programs in the world it's. already matching the average compu. so you give them vague instruction this. is what i want to accomplish it writes a. set of computer code which accomplishes. that and is matching an average average. computer programmer. this is just three months ago right. giving you another deep mind example. there's one vexing problem in the world. of chemistry biochemistry viruses all of. these things which is to detect and. diagnose understand the.

three-dimensional structure of a protein. so there are 200 million proteins in the. world it's it's really huge number of. proteins exist right and we know the. structure of some 200 of them so there's. it's a big problem we. if we know the structure of a protein. what it does is it can help you create a. for example a vaccine so the virus the. covet virus was eventually there's a. protein involved there if you knew the. protein three-dimensional structure you. know exactly the kind of vaccine which. will go and bind to it and therefore. stop from replicating right but knowing.

the three-dimensional structure is very. hard because you can't see it it's too. small to be seen even with a crystal. microscope microscope. crystallography etc you can't see the. exact structure so you have to estimate. that structure based on machine learning. right and this is a 50 year old problem. and now deepmind has built a set of. techniques to. which is which basically taken this to. another level in terms of figuring out. the three dimensional structure of that. protein. which is. the one reason if we are able to fight. diseases it will be because we have. figured out the protein structures of.

these viruses and etc faster so this is. another. these are again these are magical cases. but these are these are examples now. another example i'll give you is um what. open ai did a couple of uh years back uh. which which is about they built this. thing called gpt3 okay. so if you give it for example a. paragraph. and ask it to write the next few. paragraphs of the story it writes it's. right automatically yes yes it's a fan. it does a phenomenally good job.

phenomenally good job uh so these are. kind of things you feel like you know. where is it learning and how does this. coming up from right because now the. once the complexity of the system of the. data what is gpd3 using it is using all. the data of the internet it's got. everything. so just imagine like an average. doctor like or a radiologist. is seeing something like you know maybe. five patients a day 10 patients a day. 100 patients a day right and 100. patients a day into one year is let's. say 3 000 patients a year 30 000.

patients a year and let's say in 20-year. career maybe six six million i'm just. exaggerating a lot but an ai algorithm. can look at all those x-rays etc at once. in 15 minutes what he will see in a. whole career. so. it is seeing a lot of data and therefore. it can get better so this gpt3 is seeing. all the data on the internet watching. all the youtube videos and then learning. from it. can it not get better than human beings.

of course yeah so that's so one funny. example this is 2012 but it's still. funny is that. they uh. the google guys wrote this paper now. it's called famously called the cat. paper. what they did was they exposed an ai. algorithm to a bunch of youtube videos. and it came up and said i'm. i'm seeing a one common feature in many. of the youtube videos which is a furry. little creature that i see which is. about cat videos on youtube it figured. out that there's a lot of cat videos on. youtube it did not have a concept of cat.

but it figured out the concept of cat. looking looking at the videos yeah so. what you're seeing is that. ai can if. what you have to learn is what you. understand is how to ai programs learn. if you can in tweak the learning. algorithm to such an extent that it sees. more information it learns the right. information retains the light. information from it. then because it doesn't have any. hardware limitation software limitations. processing limitations like you and i. have it can learn anything in the world. and everything in the world then it can. be an all-seeing all-powerful being.

which can the highest iq being in the. world right it can be that's really the. power of a algorithm crazy. the other area of interest is behavioral. economics for you okay this is very. fascinating for me as well what is it. can you explain people. easily like what is behavioral economics. so behavior i mean. behavioral economics started. because people. people understood that we all think that. human beings are rational like for the. last 100 years if you look at the.

history of economics as a subject it is. all. with the assumption that human beings. make the rational optimal choice it was. a mathematical model of a human being. that she or he makes the best choice for. themselves at any point of time. by weighing all the options and pros and. cons of every option and doing the right. thing at the right time. now we all know that that is not the. case it's not yeah but why was economics. saying that for because mathematically. it was easier for them.

so it's like saying i'm uh there's. you know light in this room let me. search for my keys here though i lost my. keys in that room where there's no light. it's like no you have to fit that. model to the how humans actually behave. versus how you want them to behave. because your mathematics works better. that way so this was in the 1960s and. 70s people started talking about uh a. new way of economics which is let's see. how people actually behave right i mean. if behavioral economic if if human. beings were rational you and i will both.

wake up at 4 am every day do you know. one hour of meditation then exercise. then you know take care of our diet and. do all kinds of good things in life. right so we know what is good for us we. don't necessarily do them yeah so. rational model of human behavior doesn't. work human beings are make a lot of. choices based on emotions in fact. emotions are one of the most important. ways in which we make choices how do we. know that basically there are scientists. have looked at. people with who have got various kinds. of accidents who have lost parts of.

their brain so one such set of. experiments about people who have lost. one part of the brain which cuts off all. their emotions they're perfectly good. people. they can they can think very clearly. they'll score a good scores on iq test. but they don't have any emotional. sensitivity anymore right people thought. great you're getting rid of emotions now. people can make much more rational. logical decisions it turns out these. people are not able to make any. decisions. so if you give them two things they're.

always looking should i do this or. should i do that they're never able to. make up our mind. it turns out that human beings use. emotions in making decisions yeah and. you always have you have some data but. event the way we make decisions is first. use emotions. and then use rationality to justify that. decision i already want to go out with. her right but now i'm coming up with. some rationalization as to why. i should go out with her something like. that or i want to already i already want.

to join this company as my this job i. want to take up this job or i wanted to. buy this product and then you say that. look it is a good product i know you. know look at the apples i you know. store ratings or look at this look at we. come up with various justifications to. explain why we do behave what we do. so the model of human behavior as um. one of the you know scientists called um. jonathan haig writes he says it's like a. rider sitting on top of an elephant. think of a rider a little rider who's.

sitting on a big massive elephant our. human brain is like that the elephant is. all powerful it's not rational elephants. are illiterate right they can't read or. write they'll do what they want to do. and a little rider is sitting on top and. trying to control the elephant it will. not be it'll you will not do that so. let's imagine the same example we were. discussing earlier let's say at 10 pm at. night i go to sleep and i have this. resolution i'll wake up at 4 am tomorrow. i will do one hour of meditation then i.

will do yoga then i will do some. studying if i'm a student etc i have all. these things and. so that is the rider making all these. resolutions yeah right. at 4 00 am when the alarm goes off the. elephant says no i'm not getting a buzz. off. when elephant says no the rider has no. control. because rider is not powerful he's very. small little guy sitting on the elephant. so you have to shape the elephant to do. what you're doing right and when we make. decisions the elephant is actually.

making the decision. and the rider sitting on top of that is. the lawyer is justifying is coming with. a narrative to define the justify that. so the. writer is essentially. used by the elephant to justify its. decisions he is he or she is the. lawyer so that if you think of that then. the question is if human beings actually. make decisions like that their choice is. not necessarily rational think things. like a simple test for example if i uh. if i um. ask you if uh just to get you to make.

irrational choices. let's say if i asked you a a question. around guess a two-digit number right. and let's say you pick a high two-digit. number right let's say you okay i'll ask. you okay it gets a two-digit number. between 10 and 100. let's say you pick. 90. right. and then after that if i ask you a. question your chances of a number you. let's say i ask you how many. um.

what is that average test uh test. batting average of sachin tendulkar. that if you scored you if you picked a. high number earlier you will pick a. higher average for such internal curve. because i have primed you with a higher. number. so we are. our decisions are very biased by what we. see immediately in the last few minutes. so if you start to understand how human. beings actually make decisions you have. to help them in making better decisions. so. example this is so true like i'm just. thinking right now you just asked me and.

all of a sudden i didn't even think of. number under the 90 i just thought about. like above 90 just because i was primed. that way exactly i never even thought of. his batting order i don't even remember. that if i've seen 100 matches i've known. any about it exactly exactly so a. little priming can change the way you. will make decisions if i want for. example if i wanted to you to buy. let's say this book that is sitting here. right. i'll show you a book which is worth 5000. rupees and say look do you want this. 5000 rupees book and you say oh this is.

too expensive then i'll show you this. book and say this is only 500 rupees you. say oh wow so cheap let me buy it so if. you see a very expensive product the. chances that you'll buy the next product. it'll feel like a bargain to you even. though it may not be a bargain so if. you're a salesman right what are you. doing in a shop you don't see you. bad salesman do that which is like you. they show you the cheapest product first. and they show you more and more. expensive products the great salesman. what they do is they show you the most. expensive product first they show you. the ferrari in the showroom look at this.

brilliant ferrari such a great product. million dollars. and then you have to buy a. little you know hundred thousand dollar. car yeah looks cheap. so that's so that's the way in which. human beings can be manipulated but we. are not necessarily rational in the way. we make decisions right so how do you. use this insight. in the way you deal with the customers. so um. one of the major psychologists of the. 20th century his name is kurt levin he. says that. human. most of the time when we are trying to.

make people do some things differently. all human human behavior is explained by. an eq it's an equilibrium between what. are forces that are driving you to make. a decision and what are the forces that. are restraining you from making a. decision your net decision is an. equilibrium of these two forces right. yeah so any any decision if you take. let's say you are thinking of. buying this next iphone for one lakh. rupees okay there are some forces that. are driving you to make that decision. which is you know. your friends will find it cool you will.

find it cool it's got all these features. it's uh you know you want to you know. you want to look good etc and there's. some restraining for forces that are. coming in the way of making the decision. like i don't have the bank balance or. you're thinking of various. various kinds of things or uh you're. thinking of oh how do i i don't have. that much limit on my credit card you're. thinking some of that stuff if i make. some of that a little easier if i remove. the roadblocks. from making that decision the chances of. if you drive your behavior i can say hey.

look i'll give you five percent off or. i'll give you. i'll give you this uh headphones free or. i'll give you this. case with the iphone free on top of that. i can give you some forces which makes. which. increase your incentive to buy that. phone. or i can do something much easier which. is to reduce some of the restraining. forces what are some of the restraining. forces some for example you don't have. the money so if i give you a credit card. you're more likely to buy than you have. to buy with cash buy now pay later it. buy now pay later right. these kinds of mechan mechanisms or just.

make it one click buy you go to amazon. website you click it once you don't have. to add it to cart go to checkout you. just say one click and you buy it so. when you reduce the restraining forces. around what prevents you from buying. you'll buy more so these are the ways in. which you can use human behavior to. drive actions so the idea is that. eventually we all want to do some good. things in life but we don't always. achieve our intentions so yes you can. use behavioral sciences to manipulate. consumer here i've given you a bunch of.

bunch of examples but you can even use. human behavior to hack your own. behavior to to a certain extent so that. you can you can do what is right for you. wow so that's the idea of behavioral. science what is the most fascinating. thing you've understood about indian. consumers. like is there anything which you've. noticed or you've read or you must have. you were told to do so it's just. something which i found out which is. very fascinating oh indian customers are. different than other people the way we. react the way we behave this is one. thing which is very fascinating.

i think that. my sense is that again i'm not an expert. on indian consumer behavior this is one. topic that i'm not an expert at. my own sense is that human beings are. all very similar across cultures. there are there is a lot of commonality. the differences are coming only because. of the cultural context or the. historical context of our country versus. the other countries etc so if you if you. if you take that cultural context away. consumers are the same across there are.

some universal ways in which where we. behave. which is which is sort of amazing. because even in societies where. which are not been touched by let's say. modernization you'll see the same. principles apply like when we're just. discussing bob chaldini's. seven seven principles of influence what. you would see is that these principles. apply whether in tribal societies which. have not been affected so these. fundamental ways in which we think we. behave. are similar across across all all.

cultures especially if in india i think. we are. highly influenced by the stories that we. listen to as as kids. i see that in indians uh we are all. driven by the stories that we hear and. our mythology our culture very rich. tradition and culture that we have these. stories give us these lessons every. single thing that we implement every day. is coming from some story from ramayana. some sort of mahabharata my family is. big on it exactly the uh because this is.

the cultural context in which we are. growing up. so so the principles of psychology. remain but the stories that we use are. what drives our behavior in line with. those principles yeah that combination. is what makes india indian indian. principles unique true i can relate to. this because. i remember i think the. i like. just the thought that good intention. wins. has been taught us by so many stories. about ramayana mahabharata krishna story.

everything like no matter how big the. other person's army is or how talented. or rich. or like how well equipped the other. person is if your intention is good you. win so never have like a bad intention. like this one thing just because i've. heard it in rama and another like other. mythological events or the stories which. you hear. it just goes away i'll say two things. here one is uh. one thing i'd like to measure in any. economy is the trust index. what is the measure of trust in the in.

the in in the economy right. so the more trust there is in the. economy the more it will it will grow. it's such a beautiful equation the more. trust the faster is the growth rate of. the economy right and. if you look at. i think one thing i noticed as i was. growing up was that indian economy had. low trust like it was like. there's so much of you know you know. people cheating each other etc. fundamentally before i do business with. anybody i have to do a lot of checking. because buyer beware that's.

and as the trust increases the economy. becomes better and better i've seen that. change happening. it needs to there's a lot more changes. required because as a country that has. gone through a. tough past right that. restoring that trust in the economy is. very important if you look at you know. if you look at if you want to do a deal. for example a venture capital deal or a. private equity deal in the u.s it takes. four weeks three weeks six weeks. something like that sometimes it's you. know uh you know famously.

uh berkshire hathaway or warren buffett. did a deal. uh he bought a little company from. walmart he did this deal in 30 minutes. it was a multi-billion dollar deal 30. minutes he writes in his book right in. in one of his interviews he talks about. that because there's such a high trust. in that in that conversation they knew. that if something went wrong they will. both talk to it and understand value. discovery will happen so there's such a. high level of trust. courts work. you know you can prosecute and in. general you know there's a understanding.

that we will work it out. that trust index has to go up and for. whatever reasons of our history. that trust index needs to grow up in our. economy that is number one. number two i think is that. we. it's unfortunate but. the 300 years of colonial rule in india. right has left a very distinct very bad. dent on us dent on us right it has. really dented our confidence as a nation. right it has really dented and so.

it it means that. we are fundamentally always thinking. that the west is good america is good uk. is good or all these countries we still. sometimes feel like we have to ape the. west i'm wearing a suit today i'm not. wearing a kurta or a pajama right. because i know that this is what this is. being well dressed dressed right we have. all definitions that we've borrowed from. there we have to grow into that. confidence of saying okay this is our. country this is who we are and we are. good as we are we don't have to be.

someone else to be good. and so that 3 400 years it will take. some more time but i see. big changes happening in our country. right which is around just the sheer. entrepreneurship is that force right. i mean i meet these 20 something. entrepreneurs right now and i feel like. oh my my god i wish i was 20 years old. because when i was 20 years old raising. money was impossible capital wasn't. there and you know so much so many other. things were there today these. entrepreneurs are so bold.

i met a guy who was doing some hr. startup. um. and i i asked him as i was talking to. him how will you compete with linkedin. because linkedin can do what you're. doing. and his he looked at me straight face. and says i'm going to buy linkedin. listen really. but it's it's now part of microsoft but. they said no no but it's okay i'll still. buy it like i'll buy microsoft i was. like okay i mean this is obviously a. little extreme but what i'm trying to. say is that the confidence. the bravado of the indian entrepreneur.

eventually not everybody will succeed. but some will succeed there will be a. few that will succeed and that will. change the country i feel great about. that renewed confidence that india is. beginning to see. if you play that out 10 20 years i mean. we will start to see the magic uh that. china has produced in the last 40 50. years yeah so i think these are the two. things that also sort of dent our. behavior a little bit our national. behavior so to speak uh trust as well as. um as well as this conference. there's a very good insight which i've.

seen. which i don't know maybe you'll agree to. it you know. so. there's a there's a pattern which i've. seen. the. trust level on a product or in a brand. gets really really high if you go deeper. in india. so tier one trusts lesser versus tier. four tier three like tier three tier two. tier four people they trust more on a. brand versus tier one so the brand. loyalty or a customer loyalty is much. higher in tier three tier four if they. like certain brand they'll stick by it.

they'll die for it they want only that. brand right they don't want it in tier. one so there was an inside. so i was i was i was i think i was in a. village near madhya pradesh. it was in a district called har. okay the village has like less than 10. 000 people. and i was stay i was standing in front. of kirana shop where i was trying to. sell my products and there's this one. guy who comes up and says. i want that cell which has a cat on it. okay and he comes with a remote because.

he doesn't understand what is triple a. battery or double a battery he comes. with it the shopkeeper says i don't have. it okay you take the different one he. says no. he's like when will it when can you have. it he said by tomorrow maybe day after. dawn will come and he left. like he didn't buy the battery because. he was so loyal to one believe allah. this was shocking for me yes this we. would have never done it in fact in tier. one. we will go out to a shop and we'll even. if we are buying that biliwala cell we.

will be by thinking of ten other brands. at the same time and we'll keep. switching oh this time let me try a new. thing let me let me try a new thing so. i've seen this pattern that. the tier 2 tier 3 where we feel that. indian growth is where the bharat is. where the maximum value creation is. going to happen these people are very. loyal i think that that is for me i get. very optimistic and there's a connection. to behavioral sciences here because if i. believe that it's gonna good for me. it'll be good for me as well there's. this thing called placebo effect which. i'm sure we've heard which is that if.

you give somebody a placebo which is. just a sugar pill and tell them that. it's a very powerful medicine people. start get better. genuinely get better because now they. feel that this medicine is working. so it's not so when you go from a. branded product you're talking about. branded a branded pharmaceutical to a. generic pharmaceutical the reason why. people don't want to make the switch is. because that crocin or whatever that. branded pharma is yeah i know it's. working yeah and some of it it works and. on me too oh yeah whereas whereas a. similar pill with the same chemical.

composition it doesn't do the job right. so that and apparently you know the. studies have shown that when you look at. painkillers right. if you put a red colored painkiller. somehow they. we have this feeling that it's going to. be more effective. so. we believe in advertising we believe in. in these things and this actually makes. a real difference in how we experience. the reality as well three books which an. average person should read. in order to build a billion dollar.

business there is no good book that. tells you how to get from. how to build a business from scratch i. haven't read that book. so far you should write one. if you read a lot you should write one. yes i i guess so but i'm just saying. that it's just i haven't found a book. which tells me. how to. you know survive as an entrepreneur for. the first like one year or first two. years so what are the stats on. entrepreneurship.

percent of all companies shut down in. two years fifty percent. and ninety eight percent of companies. shut down in ten years. so entrepreneurship is a two percent. game if you want to survive ten years. entrepreneurship is a two percent game. right and unfortunately everybody is. talking about how to build from that. they're all giving examples of people. who have really made it and. and so on you're they're not giving you. the first 10 years how to explore. various options that you have how to.

experiment how to take risks how to. survive for the first 18 months the some. of the things i tell entrepreneurs is. you know. first. include your friends and family. do not do this in a vacuum tell all your. friends and everyone that you are doing. a startup because you want that help. many people entrepreneurs what they do. is once you start a business they feel. ashamed uh that they are doing this they. go into a corner they don't talk to. anybody for the next many many months. they think that i'll come out when after. i raise 10 million dollars of funding.

i've made success then i'd come out like. a rock star but that takes 10 years. you're not even there what you want is. everybody helping you drive success. so that is that's what i i think we. should do is get friends and family. involved get your parents your your. spouse your your classmates everyone. tell them this is what i'm doing get. their input doesn't mean that you'll. stop doing it but definitely. include them in your journey that's one. second you have to have 18 to 24 months.

of runway the 24 months. of cash you need to have because you. want to survive no salary for 24 months. can you survive if you don't have that. hard. so that's that's the second one. third is get a little at least have one. co-founder which is disgusting yeah one. cto ceo one co-founder because then you. can share the load share the journey and. share the rewards who cares whether i. have 50 of the business or 10 of the. business or 95 of the business. i feel like you know building a.

increase the size of the pie and you you. know who how much money does this one. need in life right. who cares. we all think money is eventually the. goal you know after you reach a certain. wealth. extra wealth is not adding to. anything no happiness is increased. you just want to and therefore many. people think oh let me not dilute. they're so fussed about dilution i'm. like yeah buzz off man what is that what. is the impact of dilution nothing you. build you build a great business you. will build an institution that will be.

there for the next hundred years that's. what success is that's what happiness is. you're thinking whether it's 10 million. versus 20 million ah that's not a big. deal. i make sense like. it's. it's better to increase the size of the. pie rather than just holding everything. to yourself exactly like oh. i'm not giving away i'm not going to. give away two percent or five percent or. then make sense okay now this is fair. this is fair so let's let's tweak this. the last question in a way like what are.

the top three books which you feel. everybody should read. forget about entrepreneurship forget. about everything else it's just like. three books that you feel. should everybody should read in order to. just understand things in a better way. okay. the. first book i will suggest is influence. influence is one of the most uh defining. books of my life because. eventually in life we are always working. with other people yeah that is one. feature of life that we have to engage. with other people. and if there is a book that can help you.

deal with other people better it's to. understand their human behavior. therefore any book that you read on. human behavior is good influence is a. great book but there are tons of other. good books to influence would be my. number one recommendation on that. number two. uh if you want to. basically underst any everybody right. any anybody and everybody right. um. and. the one book that has made a huge. difference to my life. is a man's search for meaning.

the good thing is that it's a victor. franklin it's a very short book it's. hundred hundred and something pages it's. but it is so powerful because it tells. you that you have happiness is something. that you have to find yourself. and you can find meaning even in the. toughest circumstances because. entrepreneurship is actually a rough. journey yeah right you need something. that can give you bolster your. confidence and motivation through the. journey a man's search for meaning i. think is that book it's a post holocaust. something like this so viktor frankl.

was in the auschwitz uh. concentration camp. and he survived some two three years in. that camp and then he came out and he. built this thing called logo therapy so. he talks about his journey there so when. i. so this is a book that was being. recommended to me like 20 years ago okay. and um. and i looked at this book and said you. know what i have happy things to do i. don't want to read a. in a sentence camp who who cares. i really did not want to read this book. because it was not going to be a happy.

book. that's my zone right now exactly. and then i read read that book and i. realized oh my god it's actually very. happy book it's a very good book it's an. uplifting book it's not a sad book it's. an uplifting book and i felt like i. wasted 10 years of my life not reading. that book. really. honestly i feel like it is worth reading. because if you read the first 10 20. pages it it your rest is very very. powerful and uplifting and actually it. gives you the will to live it will to. create.

a motivation to create so i think it's. it's a very powerful book okay that's. second second third i'll suggest two. books you you have an option. one is a book called life 3.0 okay. it's a very powerful book on. where ai is going. and what it can do it's written by a guy. called max tegmark he's a mathematician. physicist he's written. written some other very good books too. but life 3.0 gives you a. very very good overview of. where ai technologies are headed if you.

want to get inspired by ai and also. scared sufficiently scared by ai life. 3.0 is a really good one. if you want to really look at the. very bad consequence of ai and how ai. will change the world. i think super intelligence is another. book which is very good super it's. called super intelligence is written by. an oxford professor called nick bostrom. uh that's a very powerful book too. so i think these will not give you. techniques on tools to because there are. a lot of these you can always find them.

but it give you. the reason why ai will be so successful. and. the the excitement and the fear of ai. will be very palpable when you read. these books. what do you feel. is the next big industry where people. can make insane amount of money is it. going to be health tech is going to be. at tech it's going to be fintech what's. going to be the next like what's the. next big thing according to you my sense. is that. consumer tech. is where the big bucks are going to be. in india because india is going to go. through. a similar revolution obviously in a in a.

much bigger way as as u.s or china et. cetera what do you mean by consumer tech. meaning any b2c tech. b. can you give me examples. um. any it could be fintech it could be. health tech it could be any any tech but. as long as it is it is involving an end. consumer as opposed to a b2b tech if you. play in india my suggestion is do. consumer tech. if you play in elsewhere in the world.

you do b2b tech but in india consumer. tech is going to be huge it could be for. example whatsapp is consumer tech got it. right in the sense that. it is the. it is a it is a communication device of. india right yeah everybody is on. whatsapp everybody talks to everybody. else on whatsapp so if you build a. consumer tech product anything in. consumer tech is going to be the the big. big success because india is going to go. from here it is going to be the fastest. growing economy for the next 20 30 years. so that means a volume game in india yes.

the consumer tech game in india that's. where i think the big big bucks are. going to be. and one evergreen industry that we did. not speak about is private equity that's. the other place if you want to make very. significant economics for yourself if. money is really what you're looking at. and the exposure and the experience of. investing in great companies private. equity is another industry it's very. hard to get into the industry but the. economics of the industry are very. favorable to the people who are in the. industry so that's another industry that.

always makes money for the people who. get into the industry so if you can join. a private equity industry on the buy. side of things it's very powerful it's. they're very few jobs there so it's not. going to be the answer for everybody but. it's a it's a very powerful industry for. people to be in as well. interesting. thank you so much for being here thank. you so much for giving your time and all. the insights which you have. i. literally. i was just talking about it that. most of the time this happens like when. guest comes in they give me one or two.

ideas to not think for next week oh. you have given me at least 10. now i. don't know how 10 next next 10 weeks are. gonna look like because you've given me. so many things to think about so many. things to. worry about be excited about. that i can't. i can't thank you enough for all of this. because. genuinely because there have been things. which i've i've never like i would have. never thought. forget knowing i would have never. thought and thanks for enlighting us. with all of this this has been a great.

podcast for me. i hope to get you again thank you so. much for watching this episode till the. end i'm really grateful that you gave. out your time and effort to watch. something like this and i'm proud of you. because the first step. is actually making a constant effort to. learn and understand about the future. about the business about yourself and. about learning how to get better every. day so if you have done this. give yourself a pat on the back because. this is one of the most important steps.

which you can take to better your career. and make sure that you don't miss out on. the next important step as well and that. is sharing liking commenting and. engaging with this particular episode. and also you need to make sure that you. share it with your friends family. strangers and tell the world that what. did you learn from this episode because. you never know what you can learn while. telling them or what they can learn. while watching this maybe that one.

insight can be a life-changing insight. for all of us and that's how we're going. to help india grow that's how we're. going to take this world to a better. place just help each other grow with. better conversations with better. learnings and sharing and taking care of. each other until the next episode keep. figuring out.

you.