Everyone is talking about artificial intelligence. Paula Harraca, CEO of Ânima Educação, thinks that focus is obscuring something more important. "I believe we are underestimating the value of human capital precisely at a time when we are talking most about artificial intelligence," she says. "Technology is becoming increasingly accessible, and before long, having access to the same tools will cease to be a competitive advantage. The differentiator will lie in the ability of individuals and organizations to ask the right questions, connect knowledge, exercise critical thinking, and transform technology into solutions for real-world problems."
For Brazil specifically, she sees the stakes as high. "This discussion is even more urgent because productivity and workforce skills go hand in hand. We face the challenge of achieving more sustainable and competitive growth in a country that still grapples with vast inequalities regarding access to opportunities and development. There can be no long-term productivity agenda without a consistent human capital agenda." That, she argues, has direct implications for education itself: "We need to stay closely aligned with transformations in the real economy, understand the skills demanded by companies and sectors, and be capable of developing educational responses based on those needs... We may be focusing too much on the technological race and not enough on the race to develop the people who will ultimately determine who truly captures that value."
Asked what investors may be underestimating about the future of Brazilian education, Harraca points to the quality of growth rather than its scale. "For a long time, the expansion of higher education was closely tied to enrollment volume. However, scale alone does not necessarily translate into value creation. Growing while maintaining average tuition rates, student employability, and academic excellence builds a more sustainable revenue base and strengthens long-term value-creation capabilities." She also sees the relationship between institution and student stretching out over time: "Specializations, new skill sets, and evolving professional needs create opportunities for institutions to accompany students at various stages of their journeys. This shifts the sector's economic logic: value is no longer derived solely from securing a new enrollment but also from the ability to expand and deepen the relationship over time." Her framing of the sector's next chapter: "The next frontier for value creation in Brazilian education will not be defined merely by who grows the most, but by who grows the best—prioritizing revenue quality, disciplined execution, and the ability to generate greater value throughout the relationship with the student."
On what's changed in leading a public company in Brazil, she contrasts today's environment with five years ago. "Five years ago, there was immense focus on growth and expansion potential. Today, while growth remains fundamental, there is far greater scrutiny regarding the quality of that growth: profitability, cash generation, disciplined capital allocation, and execution capabilities have become inseparable dimensions of strategy." She describes Ânima's own response to that shift, its "Third Wave," as "an agenda focused on operational strengthening and deleveraging that allows us to simultaneously lay the groundwork for future growth cycles." On what investors now expect from leadership: "Investors expect more than just a sound strategy; they expect alignment between what is said, the decisions made, and actual delivery. In this environment, trust is built through consistency over time—including the ability to explain difficult choices and acknowledge when a course correction is needed."
Asked what leadership instinct she's had to unlearn since becoming CEO, her answer is about letting go of centrality. "Perhaps the most important lesson was unlearning the idea that leadership means being at the center of the solution... Yet, upon reaching the CEO role, you realize that an organization's complexity makes that logic not only impossible but undesirable." Her role, she says, shifted toward "creating the context in which the best decisions can emerge: clarifying priorities, asking the right questions, connecting diverse perspectives, and empowering people to take ownership of their choices." She describes herself as "a lifelong learner," adding that "the greater the responsibility, the greater the need for a willingness to listen, re-examine certainties, and acknowledge one's own blind spots." Her closing reflection: "leadership is not measured by how much you centralize, but by the capacity you build around you."
