How did the word “wealth” become so inextricably bound with the concept of financial wealth?

It wasn’t always this way. The root of the English word ‘wealth’ is the Old English ‘wela’, meaning happiness or prosperity. Now, when we think of wealth, we most likely think of financial assets, investments, or material possessions.

Those forms of wealth are important, of course. But at Conduct, we advocate for a more comprehensive, holistic view. Our Conduct Formula suggests that the quality of one’s life should consider all dimensions of wealth – including financial, emotional, physical, social, and intellectual.

Happily, we’re not alone in our point of view.

At the recent Post-Exit Entrepreneur Retreat (PEER), we spoke to Jayesh Parekh – serial entrepreneur and angel investor – about his own ideas of wealth, and how we manages his resources to pursue them.

 

1. How did your entrepreneurial journey begin?

My story is a typical immigrant story. I had a very humble beginning in Calcutta, growing up to study undergraduate electrical engineering in Baroda.

Once I graduated, I had two grad school offers: one in IIM Calcutta, one in Austin. I didn’t have the money to go to Texas, so I went to IIM-C for two trimesters; then my brother said: why don’t you travel to Austin, and we’ll figure it out? He gave me the money for my flight, and once I was there I borrowed the admission fee from a roommate. I worked hard, and repaid it back.

My research was in pulse power technology at The University of Texas at Austin, but I switched over to work for IBM in Houston, in sales and systems engineering in the oil sector. After eight years, I was invited to help establish IBM’s presence in India. I did this from Singapore for four years, then helped establish a physical IBM office in Bangalore.

After twelve years, I knew it was time for a change. I left IBM, and started my own IT business. Once this proved a success, I sold that business, and then – by happenstance – ended up in the television business.

Two friends of mine were starting a television channel, and showed me a business plan. I thought the idea was terrific, but the business plan needed strengthening. Although I didn’t know anything about the television industry, I agreed to work on the plan – and eventually became a co-founder and part of the business itself.

Our original idea was to start our own channel. But then Sony Pictures Entertainment arrived in India looking for joint venture partners. They found a range of large corporate partners, but in us they found a lean, mean, agile partner, ready to take on the world.

I put everything into this idea: my IBM stock, my other stock options, almost every penny I had. But it turned out to be an incredibly fortunate decision. We brought in programmes like Indian Idol, Who Wants to Be a Millionaire?, and – most importantly of all – the IPL Indian Premier League cricket. It ended with a very successful exit from Sony Entertainment Television.

 

2. Tell us about your life post-exit. What did you do next?

I retired – for nine months, until my wife told me I had to get out of the house and find something new to do!

I had started to become involved in angel investments. I was doing a bunch of venture capital investments at the time, when a friend suggested that we become partners. And so: Jungle Ventures was born, now one of Southeast Asia’s largest independent venture capital firm with a billion dollars under management. We started out with a fund of twelve million, then created another of 100 million, and so on.

After our third fund, I tried to retire again – again, unsuccessfully!

 

3. How do you spend your time and energy now?

First, I wrote a book called What Shall We Do With All This Money? Inspiring Perspectives on Wealth. It’s a collection of interviews with individuals from across the Indian diaspora. Each story is no more than five or so pages per person, offering a different perspective on wealth.

Then, as part of my angel investing, I helped by investing in a friend’s impact fund Aavishkaar, which means discovery. Aavishkaar now has a billion dollars under management.

My personal giving is focused on three areas:

• Calamity giving, which covers areas like earthquakes, tsunamis, and so on
• Sustainable giving, focused on initiatives like eye hospitals
• And impact investing, which allows the fund to be replenished

Currently I run a venture capital fund – in partnership with a friend – that invests only in alternative protein (plant based, fermentation, and cultivated meat) deep technology early-stage start-ups worldwide. The fund intersects on technology, economics, and impact.

 

4. How do you find the right investments aligned with your values?

I like to pick the locations first. When I started angel investing, I was investing in Silicon Valley from a long distance. But when I went out there, I found folks through family and friends. That was important to me: to connect with people who had already come with recommendations.

At the same time, I invested in funds that had a fantastic track record. And also in start-ups and funds that had a social impact for India.

 

5. How do you manage the pressures that come with entrepreneurialism?

I thrive in that stress. That’s the reason I’m an entrepreneur. When I go out fundraising, I’m at 10x of what I normally am. I’m supercharged.

Of course, being an entrepreneur comes with lots of frustrations. There are lots of things that you don’t have any control over – particularly if you’re investing in a tough country like India.

Separately, I also practise Vipassana meditation. I meditate morning and evening every day – it’s definitely one of the reasons my happiness index is so high.

 

6. How important are connections with fellow entrepreneurs and investors to this happiness?

Very important. Every town, every city I go to, I’m making new friends.

Sometimes that’s just talking to people, or advising, or guiding them to the right place. So, if someone comes to me looking for an internship, I might not have one – but I’ll make sure to direct them to somewhere I think they might.

Likewise, if someone’s looking to start a venture capital fund, I might not invest – but I will always try to help it out in some way. I’m a big believer in the value of good feelings and good vibes.

 

7. What does wealth mean for you?

I believe there are three forms of affluence. There is wealth affluence, which I’m now done with, because I am content as I have enough.

The next is time affluence. I’m discriminating and discerning about whom I spend time with. However I’m always available. And I’m always busy. Wherever I go, I’m always available to my friends and family.

The last form is mind affluence. Are you at peace? Are you happy? Can you string the times of your individual happiness together – setting aside the occasional disturbance – to create joy on a daily, weekly, monthly basis?

 

8. And do you think about the legacy you’ll leave behind?

Not at all. When the lights go out, my ego goes out, and I’m done.

Ego is a big part of being an entrepreneur, of course, but one has to be careful: there is a “good” ego and a “bad” ego.

There are those with a “bad” ego who will actually brag about the things they have done wrong. Ego can be a very addictive thing, but it’s also a very transient one. I predict that, fifty years from now, very few people will remember who we are. So, what’s the point of legacy? Why chase this destructive ego, when one can pursue happiness instead?

For more insights on the art of wealth planning, subscribe to Notes on Wealth Planning.

To learn more about PEER, read our Conduct Conversation with Professor Bala Vissa.