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Within the Nineteen Eighties, Payam Zamani was rising up in Iran as a member of the Baha’i Religion — a gaggle persecuted by the Iranian authorities, which killed hundreds of Baha’is within the wake of the 1979 Iranian Revolution. Life for Baha’is within the nation had been powerful even earlier than the rebellion, however it turned more and more so after the very fact, Zamani tells Entrepreneur.
Picture Credit score: Courtesy of One Planet Group. Founder, chairman and CEO of One Planet Group Payam Zamani.
When Zamani was 10, a mob incited by college officers chased him off campus and tried to kill him. He survived, and by age 16, was lastly in a position to flee the nation. Zamani recounts the 1987 escape in his e book Crossing the Desert: The Power of Embracing Life’s Difficult Journeys, which was revealed earlier this 12 months. In the end, Zamani would make a life for himself within the U.S., however his first cease was Pakistan, the place he turned a stateless refugee.
“I bear in mind the day that I used to be admitted to enter the U. S. Embassy in Pakistan as a result of the U.S. knew what [I was] coping with as a Baha’i from Iran,” Zamani says. “That was the primary time in my life, on the age of 16, I skilled human rights. There was a rustic midway world wide that valued my life greater than my very own nation did. And that’s one thing that all the time caught with me.”
Picture Credit score: Courtesy of One Planet Group
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Zamani stayed in Pakistan for a 12 months earlier than he and his brother Frank Zamani arrived in San Francisco, California in 1988. The brothers had $75 between them and labored no matter jobs they may to make ends meet. Zamani completed his final 12 months of highschool and attended UC Davis whereas his brother enrolled at Chico State. Zamani studied environmental toxicology with the thought of going into drugs; his brother majored in computer science.
Nevertheless, by the point he graduated, Zamani had a special skilled objective: He needed to start a business within the environmental area. “I knew little or no,” Zamani says. “I used to be solely 23 years outdated. I had simply come to the U.S. I had simply discovered English. I used to be talking the language with a thick accent.”
“I had owned 16 automobiles already, low cost automobiles. I might purchase and promote them to expertise totally different automobiles.”
However Zamani would understand one other entrepreneurial alternative. In 1994, his brother landed a job at Microsoft and was available on the market for a brand new Honda. He known as Zamani to tell him of a discovery: Honda did not have a web site. Zamani did not know a lot in regards to the web on the time (few folks did), so he wasn’t essentially stunned that the automotive producer did not have an online presence.
Nonetheless, when his brother steered they start a website dedicated to automobiles, Zamani was intrigued — as a result of automobiles have been his ardour. “I had no cash,” Zamani says, “however I had owned 16 automobiles already, low cost automobiles. I might purchase and promote them to expertise totally different automobiles. And I cherished the thought of arming customers with extra data than the automotive sellers and salesmen had.”
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Zamani describes a standard situation: You negotiate the worth of a automotive, buy it, then come house, and a pal or member of the family who is aware of automobiles tells you it was a nasty deal. Zamani needed to take the entire guesswork and remorse out of the equation; he needed folks to have the small print they wanted to navigate the transaction successfully. They might name their enterprise AutoWeb.
“We have been the primary firm ever to supply bill costs of automobiles to customers,” Zamani says. “Sellers didn’t prefer it, however our view was, ‘Look, if the customers present up, the trade will inevitably present up. So, it’s our job to make it enticing to customers, after which the sellers will compete for the customers’ transactions. And that turned out to be the case.”
“It was in opposition to all odds that we have been in a position to construct that enterprise and develop it to what it turned.”
Within the Nineties, Zamani says he and his brother have been “the oddballs in Silicon Valley.” They knew nothing about beginning a enterprise. They’d no network within the U.S., so that they had no mentors. They did not know the time period “enterprise capital” till a VC reached out to them. But no problem appeared insurmountable after what they’d already overcome, Zamani remembers.
“It was perseverance and being on the proper place on the proper time and assembly some phenomenal folks alongside the way in which that ended up serving to us,” Zamani explains. “However it was in opposition to all odds that we have been in a position to construct that enterprise and develop it to what it turned.”
Fundraising proved a big hurdle. In these days, for those who weren’t a white man from an Ivy League college, you would not get funded, Zamani says. So, despite the fact that AutoWeb continued to develop and see success, it wasn’t attracting traders. “At this time we see that that is commonplace, in fact, for girls in Silicon Valley, that they’ve a really exhausting time getting funding,” Zamani notes. “And again then, that problem was prolonged to even males if they didn’t match the mould.”
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The Zamani brothers needed to go all the way in which to Fort Lee, New Jersey to raise money — and “at a a lot decrease valuation than any firm in our scenario would have raised.” What’s extra, it wasn’t till the spherical earlier than AutoWeb’s IPO that enterprise capital in Silicon Valley was keen to again it, albeit nonetheless at a considerably decrease valuation than peer corporations would obtain, in accordance with Zamani.
AutoWeb went public in 1999 and reached a $1.2 billion valuation, with shares peaking at $50.
“Our pockets are full, however we really feel empty. There’s one thing essentially lacking.”
Zamani was in New York on the day of the IPO. “I am embarrassed to say this as we speak, however what went by means of my thoughts at that second when the corporate was going public for $1.2 billion was, Now I’ve obtained to do one thing larger,” Zamani remembers. At simply 28 years outdated, Zamani wasn’t ready for that degree of monetary success, he admits.
The corporate additionally needed a brand new CEO. “Silicon Valley cherished hiring gray-haired folks for CEO roles, and I didn’t get that mould both,” Zamani says. “So we employed a CEO who I didn’t assume was the fitting man for the job, and he proved that very quickly after. So I made a decision it was time to maneuver on and do one thing else in my life.”
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Zamani was disenchanted together with his expertise on Wall Street. He says that whereas founders try to construct corporations, VCs and Wall Avenue wish to maximize the share value, even when it means manipulating it earlier than they’re “in a position to dump it on the proper time and transfer on.”
“That type of capitalism is what has left us all, even the entrepreneurs, founders and executives, feeling that we’re empty on the finish of it: Our pockets are full, however we really feel empty,” Zamani says. “There’s one thing essentially lacking.”
“I needed to guarantee that no matter I construct considers the true essence of who we’re as people.”
So Zamani determined to lean into his non secular upbringing for his future enterprise endeavors. In 2015, he based One Planet Group, a non-public fairness agency that invests in early-stage companies specializing in the way forward for mobility, schooling enhancements, well being expertise and environmental options.
Zamani says the group’s title evokes the concept that we’re all residents of 1 nation: Planet Earth.
“I needed that idea of unity to be an necessary a part of no matter I used to be constructing,” he explains, “and I needed to guarantee that no matter I construct considers the true essence of who we’re as people, because the non secular beings that we’re. I do not wish to take a look at you or anybody else I will work with as a shopper, as a competitor, as an worker, as a token of financial worth, however slightly one thing a lot higher than that.”
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“If you happen to’re making that journey one thing that is value residing, you’ll all the time really feel fulfilled.”
Zamani says he could not perceive why nonprofit organizations needed to stand for the folks and companies for greed, so he is doing what he can to bridge the hole.
In 2022, Zamani and One Planet Group skilled a full circle second: the acquisiton of AutoWeb. The deal, valued at just under $5.5 million, was not solely a compelling monetary alternative, but additionally one with private significance, Zamani says. “It was an opportunity to carry closure to a chapter that had remained unwritten for years,” he explains. “Returning to the place all of it started and guiding it ahead was each significant and fulfilling.”
In line with Zamani, aspiring entrepreneurs who wish to make an influence with a enterprise of their very own ought to discover a mentor, initially — not a member of the family, however somebody who will let you know the reality.
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Then floor your self in values that fulfill your wants as a human and elevate your online business to assist different folks.
“On the finish of the day, that can make your journey way more fulfilling,” Zamani says. “The actual fact is the overwhelming majority of companies do not survive. So that you wish to make that journey value experiencing, and never simply looking for an exit, looking for an IPO which will by no means occur. Then you definately really feel like, ‘Ah, that was a failure.’ However for those who’re making that journey one thing that is value residing, you’ll all the time really feel fulfilled whether or not or not that climax comes about in your online business.”
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