Ronnie Screwvala: Focus on creating value, not chasing wealth, to build lasting impact

Entrepreneurship is not about chasing wealth but about creating lasting value, says Ronnie Screwvala, chairperson and co-founder of upGrad. Speaking at the second edition of Startup Mahakumbh in a fireside chat with Pramod Bhasin, chairman of ICRIER and founder of Genpact, Screwvala emphasised that founders should focus on long-term impact rather than short-term financial gains.

“If you focus on building value, wealth will follow. But if you chase wealth alone, you may not build lasting impact,” Screwvala said, setting the tone for a discussion that covered entrepreneurship, startup funding, and societal impact.

Screwvala, an early entrepreneur in the media sector before transitioning into edtech with upGrad, pointed out that the startup ecosystem in India has matured significantly over the years. However, he cautioned against the startup ecosystem’s obsession with capital, often symbolised by the pursuit of “unicorn” status. “If capital is your number one priority, it steers you away from your vision,” he warned, adding that raising money is a liability, not an instant marker of success. For Screwvala, the media’s glorification of unicorns sets unrealistic benchmarks, calling it a “curse” that misleads founders.

Moreover, with the changing nature of work and expertise today, he challenged the notion of sticking to a single domain. “Domain expertise is important, but it’s not critical,” he said, pointing out that today’s world allows individuals to catch up quickly across sectors. He predicted that within five years, 20-25% of the workforce will juggle two jobs, blending specialisation and generalisation. “The future of learning is the future of jobs,” he said, framing this shift as a move toward multidimensional careers driven by purpose rather than unidimensional roles.

Turning to India’s startup landscape, Screwvala painted a picture of immense opportunity tempered by unique challenges. He argued that the small and medium-scale sectors—like space technology, care, and education—are overlooked amid the hype around e-commerce, food delivery, and transport. “The opportunities here are incredible,” he said. Yet, he warned that execution requires resilience and a mindset shift. “Our work ethics are not the best,” he admitted, pointing to a tendency to set lofty goals without consistent follow-through.

At the same time, he sees India’s chaotic market as a competitive edge. “If you can operate here, it’s like driving in India—you can handle anything,” he said. However, he cautioned that demographics alone won’t guarantee success. “We’re a price-sensitive country,” he said, sharing that neither premium nor mass-market strategies work in isolation. The total addressable market (TAM) often talked about in pitches is only theoretical, and in reality, there is consumer reluctance to pay—especially for subscription models— which poses a persistent challenge. “India is a tough market,” he added.

Lastly on leadership, Screwvala highlighted the power of saying “no” as a byproduct of creating value. “Wealth gives you the ability to be selective,” he said, emphasising that life remains largely unchanged despite fame or fortune. He dismissed the idea that failure is a dead end, calling it a “comma, not a full stop.” With a personal ratio of eight failures to two successes, he argued that setbacks fuel a higher risk appetite, a trait he sees as essential for growth.