Billionaire investor Ronnie Screwvala, who apart from being a hugely successful filmmaker, is the co-founder of online learning unicorn Upgrade, talks to us about his artificial intelligence (AI) bets. He believes that AI will play an important role in India’s online education sector in the future and will also boost the entrepreneurship ecosystem. He also warns against the tendency of CEOs trying to fit in by doing short AI courses as a ‘top-up’ without understanding the concept in depth. Part:
AI is getting a lot of attention in India these days and it is on the minds of parents, students, job seekers and corporate heads. Everyone wants to own it but no one is sure what’s in it for them.
AI cannot be left alone in the development of a country. There is a lot going on in the electric vehicle (EV) industry, semiconductors, renewables and medical devices in India. AI is one of those growing areas. It could be an incredible enabler for the government to use AI to administer services on a broad basis, for data collection, etc.
But what I can say is that AI will enhance learning. It can probably produce and produce even better case studies than Harvard. It will also play a complementary role in formal education. It will also prepare you for the job by telling you what gaps you need to fill in order to fit into the market. So, it will mean different things to different people.
With the emergence of AI, there will be a significant amount of data to work with in the online learning field.
Collecting data is where AI can make the biggest impact. In a physical space where there are 40 students, the teacher/professor will be able to track them only in a limited way and possibly even track their habits when they meet outside.
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However, an online setting provides a wealth of information. For example, if someone has read a marketing chapter three times, one of our friends will call them up and say, Hey, we think you’re having a problem with this chapter. You have not worked on the given questions etc. So, we will have that kind of information and data about people and their learning patterns. Then there are peer patterns. How many of them have asked questions on the chapter and posted it online? How many of them have been partners in this exercise? An incredible amount of data will be available thanks to AI.
Next comes the entire consulting sector with bots. There is a lot of demand for it. People often feel that they are at a crossroads in their career and need some counseling to get out of it. This is going to become a trend.
One can also open up a pool of working professionals who can become teachers and guides by using AI tools in online teaching without having to spend their entire life teaching. You can get paid well for it and find the whole process very gratifying, especially if it is in your particular niche.
What kind of impact will AI have on formal education? Many children across the country are beginning to believe that formal schooling is holding them back, as is happening in the United States.
This is a bit difficult because children come under the influence of their parents at an early age. People like you and me would like them to get formal education because we do not want to leave them wanting. Until they are 15-16 years old, they will undergo formal education and only then will children start articulating what they want to do. Already, home schooling and online schooling have started.
I can’t see AI impacting formal education in this generation, but maybe in the next.
AI and online learning can have a multiplier effect on entrepreneurship in this country. AI will help entrepreneurs save time and they can use it to get better value for their business. Please consider.
Absolutely. Both self-employment and entrepreneurship will be promoted through AI. As far as self-employment is concerned, I think there is going to be a boom in the number of experts who are experts in one or two areas and they will want to become consultants. It’s like two different DNAs working. Companies will not accept this. but who cares? If that’s what the workforce wants, that’s where they have to go. This will create duplication in career opportunities.
Today, approximately 50% of our enrollment is in the hospitality sector. Everyone wants to learn about F&B. They keep reading about how 100 km more roads are being added to the network every other week. They know that McDonald’s or any other eating place is continuously opening on the highway. Even among masons, 90% people want to be self-employed and do not care about the job. They just want to be efficient.
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There is no doubt that AI is a big time saver. You keep saving 2,3 hours every day at work and that is pure gold. It will inspire you to think differently.
This brings us to employment generation. Will India not suffer huge losses from AI?
There is going to be some automation; Especially in a country like India where we have been used for low wages and outsourcing. If you are skilled and well trained in ML and AI then you can command big premium jobs across the world. We should use them more as assets.
Look, India will have a problem of creating jobs for its youth (about 200 million jobs). Banking and insurance and other financial sectors are not generating enough of these. So, this is a common problem and you cannot blame it on any one technology. Even some of the biggest companies betting on AI will soon have a reality check on how to monetize the business. There seems to be an incredible amount of excitement in some areas for no reason.
In a way it’s good because it motivates you to do something in two years, which otherwise would have taken five years. Big money is also supporting it.
Is it fashionable now for CXOs to do courses in AI just to fit in? Possibly fear of missing out (FOMO).
People are looking for hacks. This is not going to lead to any reduction in AI. CEOs today have a lot of FOMO and feel they need a top-up course in AI. A lot of CEOs want to take a short course and it doesn’t mean much.
Skilling and training is now mainly about machine learning and AI. MBAs are going to be about data analytics. Don’t look for hacks.
Is an AI-first workforce just a buzzword? agree?
It doesn’t make any sense to me. Maybe it would be good for some HR people to post this and get some talent. It’s a positioning thing, just to be part of the whole discussion. I’m calling it buzz, not fluff.
I heard that in terms of upgrades, 40% of the free courses taken by users are AI related.
I think most people want a component of that. As I said, this is the case because if you know some of the ingredients of AI, they can attend more meetings of their group in the office.
It’s becoming clear that Gen Z is going to use AI more as a glorified hack and why not? They are more cautious about time and attention span. They will drive consumption patterns.
How do you think the 40+ age group can survive in the AI age?
Even in this era, a mature workforce is ticked. His vast experience and the inner experience he has gained as a result is a major tick. It will not be replaced by AI or GenZ. However, it will force the 40+ people to be more collaborative and get 1-2 people who understand the new trends to work around them and then be super smart about it.
If I’m in that situation, I’d like to be surrounded by a team where 25% of the people are aware (AI ready). Then I can leverage my thought process around it and bring that to the table instead of being intimidated by saying ‘I have to copy them’ because the things they can’t bring to the table are things I can 40 I bring up at the age of.
What is your approach to investing in AI startups?
Right now, I would be a little more cautious about investing in AI companies. I wouldn’t want to be a beginner investor because I don’t suffer from FOMO. About 99% of them will be detected and moved out of the way. We have seen this in the internet era of the 90s. Having said that I have invested in AI startups like ZuAI (AI powered personal tutor app).
Being a highly successful film producer (Screwwala is considered to be the richest man in Bollywood according to various reports, with his net worth estimated to be around Rs 10 million) 13,000 crore), what kind of impact do you think AI will have on media and entertainment, cinema and arts?
Screenwriters or storytellers will never go out of business. There is an incredible amount of EQ that is a huge part of successful storytelling. I don’t think AI can trigger that feeling; The nuance of EQ-led storytelling can never be replaced. Also, the power to visualize trends. This is probably beyond the scope of what AI can do at this time.
What are your goals and objectives as far as UpGrad’s growth is concerned, given that there has been several upheavals in the edtech sector? The Byju’s debacle comes to mind and there are many others that derailed along the way.
Let me make one thing clear here. The examples you mentioned were more of issues arising from investor debacle or founder immaturity. This is not a regional problem. If there was a problem in Yes Bank, it cannot be seen as a banking sector issue or if Jet Airways went bankrupt it does not mean that aviation was an unviable business.
I want UpGrad to be an always learning company. It’s an important part of where we want to be. I want to create an ecosystem where almost everyone can become a teacher. We will make online teaching attractive, even for non-teachers who are experts in their field.
Take this from me too. We will try to beat Zomato and Zepto at their own game. Suppose someone needs a counselor in 10 minutes. Like instant commerce, we will get a consultant in 10 minutes.
Going forward, people will want more than just groceries. Let’s say you need some quick help and are looking for a hack before you face a job interview. We will send it to you quickly. We will also expand globally.
(Note to readers: Aye Aye is a column that deals with Artificial Intelligence and its possibilities by interacting with talented people in business)
