US' 'Freedom to Fail' key as Indian economy becomes powerful: Black Dragon

A characteristic that sets apart the United States, world's largest economy, is its "Freedom to Fail" concept, and India closely aligns with this mindset as it positions itself as a burgeoning global economic leader, said private equity firm Black Dragon Capital's CEO Louis Hernandez Jr.

In an interview with PTI, Hernandez, Founder and CEO of Black Dragon Capital, emphasised that embracing failure can lead to groundbreaking achievements, especially in a country that is rapidly emerging as a global technology leader.

"I feel like the US's primary advantage is its 'freedom to fail'. It's not there in the education system or healthcare. It's just that in our country, it's okay to fail. And you'll still be celebrated if you are innovative and come up with new ideas. And I think India most closely matches that," he said, suggesting that India is beginning to adopt this mindset.

 

Hernandez, a former advisor to Infosys founder Narayana Murthy, said he believes that India's emerging economy, combined with its robust educational framework, creates an environment ripe for technological advancements.

He noted that when he first engaged with the Indian market, it was primarily known for providing cost-effective technology solutions. Today, it stands as a "beacon of innovation", producing talent that leads major US tech companies, he said.

"India is growing faster and it's an emerging economy that emphasises education. And I think these ingredients create a country that will be leading in some time. The world is coming towards India's strengths," Hernandez said.

In discussing work-life balance--a topic increasingly relevant in today's work culture--the seasoned businessman acknowledged generational shifts in attitudes toward work. While younger generations may prioritize balance over long hours, their commitment to meaningful work remains strong, he asserted.

"We need to figure out how we align with their values. If you look at history, every next generation is complained about by the prior generation. So it's part of our responsibility to find how do we align with a mutual cause," he said.

Talking further about AI's sector-agnostic reach followed by rising concerns around jobs it will displace, Hernandez drew parallels with historical technological disruptions that ultimately led to new innovation and job creation opportunities.

"It will be disruptive. It will absolutely replace jobs, and people will have to be retrained. I may not enjoy the same level of concerns because I saw computers, which is my field, first be used for computational innovation, replacing scientists who were doing this by hand, and then move into business arenas, introducing things and making each step in a process more efficient. And then us realising the need to combine these steps," he said.

The human adoption curve is limited by only that which makes our lives better and doesn't create too much risk, he added.