Hey there,
On our fourth conversation of Career Canvas series, meet Shrenik Jain. In this interview, we delve into his insights and experiences being a dynamic entrepreneur and the founder of MegaFuse. With a background that spans prestigious roles at Amazon and BCG, Shrenik brings a wealth of knowledge from both consulting and big tech to the startup world. He also possesses a deep interest in philosophy, which plays a big part in his approach to business and life. Throughout our conversation, he shares his journey from structured environments to entrepreneurial ventures, the challenges he faced in building a business, and the invaluable lessons learned along the way. From discussing the intricacies of market strategies to the importance of resilience and hard work, Shrenik offers a wealth of wisdom for aspiring entrepreneurs and anyone contemplating their career path.
Can you tell me more about yourself:
I’m originally from Pune, where I was born and raised. During my school years, I really enjoyed physics and maths, so preparing for the IIT-JEE felt like the natural next step. I did my coaching in Pune at Bakliwal Tutorials during my 11th and 12th grades, and thoroughly enjoyed the studies and prep.
Eventually, I got into IIT Bombay, where I started out as a B.Tech student in Metallurgy and Material Science. Later, I converted into an interdisciplinary dual degree program, which gave me a mix of B.Tech and M.Tech with a focus on Electrical Engineering. It was a five-year program overall.
After graduating, I sat for campus placements and landed a role at BCG. I worked there for a while and had the chance to build a strong network, which eventually led me to an opportunity at Amazon Luxembourg. After Amazon, I ventured into starting my own business—MegaFuse. It's a cross-border B2B marketplace for semiconductor components. At the moment, it's a profitable trading business, though I haven’t been able to scale it into a large company due to a variety of challenges.
Can you tell more about Megafuse? When did you figure out it is not working out anymore and decided to pull the plug.
So, MegaFuse was designed as a cross-border B2B marketplace for excess inventory of semiconductor components. The idea was solid—there’s definitely a problem around excess inventory in this space, and I wanted to tackle that.
But the challenge came with scalability. The market for excess inventory in semiconductors is tricky because the demand isn’t as reliable, and buyers don’t easily trust secondary markets for these kinds of components. To get the business going, I was offering credit to my customers and buying the inventory on my own books, which quickly became a cash-heavy model. I realised that without turning it into a pure marketplace, where the transactions could happen directly between buyers and sellers, it just wasn’t going to scale the way I had envisioned. It needed too much working capital to keep things moving, and that’s when I knew it wasn’t sustainable in the long term.
How were your IIT Bombay days, any key highlights which proved to be transformational points when you look back?
IIT Bombay was an amazing time for me. I was really lucky to have eight wingmates who became some of my closest friends, and that made the experience even better. We had a lot of fun, tons of banter, and, of course, a fair share of mischief. Environment around you really shapes you and now if I look back having these amazing set of people played a big role in creating my present.
In terms of transformational moments, getting the BCG offer was definitely one of them. It was a point where I started to really understand what I was seeking in my career and life.
On a deeper level, IIT taught me perseverance. I’d already developed that mindset during my JEE prep, but my time at IIT really solidified it. The resilience to keep going, to not give up, was something I learned through the ups and downs of both academics and personal life there. It’s a lesson that’s stayed with me ever since. I think the basics always remain the same—work hard, stay persistent, and eventually, you can get things to go your way in life.
Your LinkedIn bio is quite intriguing. How do concepts like "the beginning of infinity," "optimism," and "fallibilism" influence your approach to life and work?
The book The Beginning of Infinity by David Deutsch has completely changed how I look at the world. I can clearly divide my life into two parts—before and after reading it. I first heard about the book from Naval Ravikant, a well-known entrepreneur and thinker, and his recommendation caught my attention.
Deutsch explains that progress is real and has always happened throughout history. Many people look back and wish for the "good old days," but this view often ignores the real improvements that have made life better. Whether it's ending many forms of injustice or the rise of technology that makes our daily lives easier, progress has been a powerful force for change.
One of the most important lessons from the book is Deutsch's belief that problems can always be solved. He explains that problems are just conflicts between two ideas, but every problem has a solution. This makes sense to me because Deutsch believes that all the pain and struggles we face come from not knowing enough. If we can learn the right things, we can solve any problem. For example, today we handle diseases like obesity or diabetes with diet, exercise, and medicine. But in the future, we might find new ways, like using genetic science, to fix these problems at their core.
Deutsch even suggests that, with enough knowledge, we might one day stop ageing and even death. He thinks of ageing as a problem we just haven't solved yet, but believes we will eventually. This belief—that every problem can be solved if we have the right knowledge—has changed how I approach life and work.
I read The Beginning of Infinity about a year or two ago, and it completely changed how I see things. It has made a big difference in my life, and I think everyone should take a moment to think about these ideas. I would like to give away 5 copies of The Beginning of Infinity to readers of this newsletter who are eager to dive deeper into these fascinating concepts.
Can you define the changes which you saw in yourself after reading this book?
Reading The Beginning of Infinity significantly boosted my optimism and happiness. It clarified that progress is both objective and achievable, challenging the subjective notions we often hold.
This newfound outlook has positively impacted my mental health, helping me view problems as mere gaps in knowledge. This shift has made me infinitely patient, confident that the future will bring solutions, especially with advancements in Artificial General Intelligence (AGI). Deutsch argues that if our brains can perform complex tasks, we can replicate those processes in any system, opening up endless possibilities for progress.
The idea that "problems are inevitable, but solvable" resonates deeply with me. Stagnation leads to suffering, while we are inherently wired for growth. The concept of being at the "beginning of infinity" signifies that our journey of improvement is never-ending.
Deutsch's exploration of knowledge reshaped my perspective; he asserts that all observations are theory-laden, meaning our understanding is influenced by the theories we hold. This realization has helped me navigate confusion in life and reinforced my belief in the potential for continuous progress.
BCG is known for its strong culture. How did that environment influence your work ethic and leadership style?
The culture at BCG had a significant impact on me. I enjoyed the fast-paced environment, which offered extensive learning opportunities and the chance to work with incredibly talented people. While I had a very good experience there, I wanted to move closer to tech.
Was it the reason that you shifted to Amazon after it? What were some key challenges you faced as a PM-II at Amazon’s Luxembourg office? How did you navigate those? Also what differences did you see in working culture b/w working in India and outside
Yes, my shift to Amazon was largely driven by a desire to move closer to tech. I joined as a Program Manager in their Luxembourg office, eager to experience a different work culture and explore opportunities in technology. It was one of the best experiences of my life. I recommend folks to explore roles in and try to get an international exposure.
Ultimately, I would have loved to continue my journey there, but due to family reasons and the impact of COVID, I had to return to India.
What motivated you to shift to starting up?
I had previously launched a startup during college called Proto Vent Research, where we offered electronic circuit design services. While it was a profitable venture, it was primarily a services business, which isn’t very scalable. The complexities of the component supply chain presented a much deeper problem in a vast industry, and I realised I needed to pivot to something more scalable. This insight motivated me to explore new opportunities beyond the services model to create a larger impact.
Did you start MegaFuse right after your time at Amazon? Was it always your plan to become a startup founder?
Yes, starting my own venture has always been part of my long-term plan. After leaving Amazon, I was eager to give Megafuse a fair shot. I spoke with several VCs who advised me on the characteristics of a successful B2B marketplace. They emphasised that a true marketplace shouldn’t involve lending or extending credit; instead, it should focus on higher margins without the burden of working capital. However, in my case, while I aimed to create a marketplace, it evolved into more of a trading business due to the complexities involved.
Can you walk us through a particularly challenging problem you helped solve for a client?
One of the most challenging projects I worked on was developing a market entry strategy for a renewable energy client looking to enter the green hydrogen sector. Green hydrogen is produced by electrolyzing water using electricity, splitting it into hydrogen (H₂) and oxygen (O₂).
The client aimed to initiate a pilot project focusing on green hydrogen. We conducted extensive research on electrolyzer technologies, such as alkaline and proton exchange membrane (PEM) systems.
Our analysis covered:
Technology Assessment: We evaluated the various electrolyzer technologies for their efficiency, scalability, and economic viability.
Cost Forecasting: We developed cost reduction and time curves for electrolyzers, identifying key drivers for cost decrease, including materials, machine efficiency, intellectual property, and land usage.
Market Outlook: We assessed the future outlook of the green hydrogen market through over 30 expert consultations, focusing on potential challenges and opportunities.
I had the pleasure of working closely with my project lead, whose guidance was instrumental throughout the process.
Any learnings from this which stayed with you?
One of the key learnings from this experience is the importance of hypothesis-driven consulting and maintaining clarity of thought. My project manager emphasised that whatever you do, it should be done with a high level of clarity. Although it may sound simple, achieving true clarity of thought is quite challenging. This advice has been invaluable and continues to guide me in my work. He also made me realise one of my strengths, that I tend to keep smiling even in tense situations, which stayed with me.
Blitz Questions
Best thing you read recently
Conjectures and Refutations by Karl Popper. He’s the best philosopher out there; other philosophers don’t even come close. David Deutsch shares this sentiment, and I completely agree! Falsification, introduced by philosopher Karl Popper, is a foundational principle in the philosophy of science. It asserts that scientific theories cannot be proven true, only falsified.
For those thinking of transitioning from a structured role (like consulting) to a more creative or entrepreneurial space, what should they keep in mind?
Transitioning to a startup from consulting is challenging and requires careful consideration:
Ownership: You’ll handle multiple responsibilities, including finance and product management, which can be overwhelming.
Results: Startups demand results and measurable outcomes.
Resilience: Expect challenges and setbacks; adaptability is key.
Results-Driven: Focus on producing tangible results, as success hinges on delivering real outcomes.
Embracing these challenges can lead to significant growth.
Thank you so much, Shrenik for this. Anything else you would want to share with our readers which might help them making decision in life.
Hard work remains crucial; it's a timeless principle. While it may sound generic, perseverance and resilience are essential traits for success.
Knowledge Over IQ: IQ is not fixed; it represents a type of knowledge that can be acquired
Compounding: Success builds over time. Early practice leads to mastery, so starting early can be beneficial.
Focus on Knowledge: Your skill set and knowledge base are what ultimately drive your success. Hard work and the commitment to never give up will help you build that knowledge
Shrenik is giving away five copies of The Beginning of Infinity by David Deutsch! If you'd like a chance to get your hands on one, feel free to reach out to either Nabh or Shrenik.
If you liked our conversation with Shrenik, please leave a comment on what resonated with you the most and also we would love to hear from you. Feedback on how we are doing is always welcome.
Interesting take away: "..problems as mere gaps in knowledge.."
Quite insightful!