reza satchu

Coffee with Reza Satchu

A couple of weeks ago I had the opportunity to listen in on a conversation with entrepreneur and investor (and co-creator of The Next 36) Reza Satchu. Mr Satchu was invited by the Ismaili youth to a “coffee lounge” conversation with other leaders in the community.

Reza Satchu | The Next 36

The following are some notes and thoughts from the event:

  1. Satchu asked the crowd, “Why do you want to be an entrepreneur?” There were a number of interesting answers. However, Satchu proposed that the main reason why one should want to be an entrepreneur (and a successful one) is to “make an impact.”
  2. Satchu defined entrepreneurship as the “Relentless pursuit of opportunity without regard to resources currently controlled.”
  3. Why don’t most people not start a business? The never ending quest for perfect information.  Paralysis of analysis OR I got an idea but I have no money or experience.
  4. Bezos started Amazon and Dell started computer direct sales. Both in the face of fierce competition and no experience.
  5. Satchu was turned down 150 times before his business got funding.
  6. On the only reason why an MBA at Harvard was valuable: Exposure to leaders shows what is possible.
  7. Goal of Next 36 in Canada is to hurdle cost and scale. To be truly productive is to have far more innovation and productivity.
  8. Canada has a highly educated labour force, Canadians work hard but productivity is 72% of the USA.
  9. We need businesses that are far right tail of businesses. Creating value for entire ecosystem.
  10. Satchu went into business for himself because his father chose the path earlier.
  11. People want to have as much impact as possible.
  12. Secret of success: Seeking positions of discomfort or creating positions of discomfort
  13. Concept of expectations: What do I expect of myself? Have large goals.
  14. Another secret of success: Willing to fail.  We learn through failure
  15. Have mentors and people who will root for you and want to take credit for success
  16. I asked Reza Satchu about the upcoming general election in Canada and what he thought a new government should be doing to foster innovation and success:
    1. Canada should do as much as possible to incentivize the Immigration of talent
    2. Incentives for private capital to invest in Canada
    3. Pick places around the world where Canada can have power and influence
    4. However, should Canada have a national strategy on innovation?