Future Startup Weekly #47: Links and Commentary

Entrepreneurship, Technology and Society | November 11, 2022 | Number 47

I have taken an unannounced break from the newsletter for the past few weeks. While on break, I decided to make some changes to the format. From now on, instead of sending only Future Startup links, I will incorporate 2-5 external links that focus on the business and technology scene in Bangladesh / world and general personal growth and intellectual exploration essays. I also plan to add my short comments to each linked piece where possible.

Today is the first day of the new format. If you like reading Future Startup, I would appreciate it if you share it with others who might find it inspiring and educational — post it on Facebook/LinkedIn, send it to your friends and Whatsapp chat groups, and share it. I can’t overstate how much it helps us grow and do more great work. Thanks for reading.

About the update.

Last week Future Startup published:

1. Tacit knowledge and entrepreneurial success

I have come to observe that many important entrepreneurial traits are difficult to teach clearly. You have to learn them intuitively or perceptually. Cedric Chin calls this “knowledge that cannot be captured in words alone.” You can read about them. You can study those who have. You can design courses, and apply psychological knowledge and techniques in teaching them, but it is difficult to teach them purely theoretically.

While having a theoretical or verbal understanding of these skills is helpful, to truly learn these skills, you must experience them and learn intuitively. I think that’s one of the reasons why it takes several failures to get to significant entrepreneurial success or why it takes so long to build successful businesses.

2. An interview with Shabab Shahriar Khan and Muhammad Saeedul Alam, Founder, biniyog.io

Shabab Shahriar Khan and Muhammad Saeedul Alam are the founders of biniyog.io, a Dhaka-based halal investment platform that connects regular people with profitable businesses.

Finding meaningful investment opportunities can be a challenge in Bangladesh. It is a complex problem that is exacerbated by a lack of personal finance education and investment knowledge, a lack of accessible investment opportunities, and a crisis of confidence. If you are looking for reliable halal and Shariah-compliant investment opportunities, it may further limit your options. Shabab and Saeed said that it was a challenge they faced themselves – “we could not find any easy and transparent way to make halal and Shariah-compliant investments in Bangladesh.” So they decided to build a solution and biniyog.io was born.

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Biniyog.io is still in its early days – the company just turned one last month. The company says it has worked with a few hundred retail investors and a handful of businesses. It is a relatively new vertical. There are several infrastructure and policy challenges. But the problem is real. And it’s a fascinating space that offers genuine opportunities.

I recently had an opportunity to speak with Shabab and Saeed about their venture and a wide range of topics. The conversation came out very interesting.

3. “Ask for help”, says BariKoi CEO Al-Amin Sarker Tayef at the first meeting of the Future Startup: We held our first meeting last week. This is a sort of summary of the event.

There are two groups of people. A group is naturally good at asking for help. For example, many people say that Steve Jobs was very good at asking for help. He would reach out to anyone and everyone if he needed something from them. So do many famous founders. So it is not a challenge for these people. They do very well in entrepreneurship and in general, in life. Then there is a second group of people who overthink everything and find asking for help mortally challenging. This is the group where most people fall. They go through hundreds of mental movies before finally gathering the courage to ask someone for help.

There is no easy solution for this group of people. They will always struggle when it comes to getting help. However, this mental challenge can be overcome through practice.

4. Without power distribution, a great product alone rarely guarantees success

Legendary investor and a16z founder Marc Andreessen explains it best in his interview with Elad Gil for Elad’s excellent book High Growth Handbook: “The general pattern for successful technology companies, contrary to myth and legend, is that they become distribution-centric instead that product. – centered They become a channel of distribution, to go out into the world. After that, many new products are introduced through this distribution channel.

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5. Founder Stories Collection: 05 excellent founder interviews: This is a list of 5 interviews with 5 startup founders that we published in the last few weeks.

Out of FS link

1. A Kushtia man builds a $4b pharma in the US with the promise of cheap Covid treatment

“When I arrived at Yale, I didn’t speak English well; I also didn’t understand English very much. We couldn’t communicate with each other. But as you can see I like to talk, and I did many. friends over time; many of them were my teachers and are now my board members. They are the most generous people,” he said.

“Don’t you think it’s unusual that a kid from Kushtia goes to Harvard, Yale and establishes a billion dollar biotech? It’s an American story; only in America you will experience something like this. America is made in a way that says people. just go and try it. It’s something I’ve experienced with every door that’s opened. Every person that I’ve needed a favor of never said no.”

2. Be more ambitious: a rational case for dreaming big (if you want to do good)

Self-help advice often encourages people to “dream big,” “be more ambitious,” or “shoot for the moon” – is this good advice? Not always. When asked, more than 75% of Division I basketball players thought they would play professionally, but only 2% actually did. Whether the players in the survey made a good bet or not, they overestimated the odds of success… by more than 37 times.

This level of overconfidence is common, and means that “being more ambitious” is not always good advice. Some people even like to take risks, which explains why they buy lottery tickets even if they lose money on average. Whether to be more ambitious depends on the field and the person in question.

However, if your goal is to have a positive impact on the world, we think we can make a rational case for setting ambitious goals – based on the concepts in our key idea set. In short, our advice is to do as much as you can to set up your life so you can afford to fail, and then aim as high as you can. As a slogan: limit downsides, target upsides.

3. Why We Stopped Making Einsteins by the excellent Erik Hoel

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“I think the most depressing fact about humanity is that during the 2000s, most of the world had essentially free access to all knowledge and that did not trigger a golden age.

Think about the advent of the Internet long enough and it seems impossible not to begin to discard preconceptions about how genius is produced. If genius was just a matter of genetic ability, then in the past century, as the world’s population has increased dramatically, and as mass education has risen, and as racial and gender barriers have thundered down around the world , and particularly in recent decades as free information saturates our society, we should see a genius boom—an efflorescence of the best mathematicians, the greatest scientists, the most inspiring artists.

If a revival is too big for you, will you at least admit we should expect some sort of ball?

And yet, this great experiment in the real world has seen, not only no effect, but perhaps the exact opposite effect of a decline in engineering.”

4. Interoperable digital transaction platform Binimoy to be launched on Sunday

  • “Binimoy, an Interoperable Digital Transaction Platform (IDTP), is all set to launch on Sunday (today) that will enable money transactions through mobile financial services (MFS) and banks.
  • Customers will be able to easily transact money from their bank to mobile banking and vice versa through Binimoy.
  • Orion Informatics Limited, Microsoft Bangladesh Limited, Fintech Solutions Limited, and Sain Ventures Limited (JV) contributed to developing the platform.
  • According to Bangladesh Bank sources, it will cost Tk5 to send Tk1,000 from bKash to Rocket. Sending the same amount from MFS to banks will cost Tk10.
  • On the other hand, sending money from MFS to Payment Service Provider (PSP) accounts will cost Tk5 per thousand taka. Bangladesh Bank issued a notification in this regard on Thursday (November 10).



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