From VC Investor to Qur’an App Start-Up Founder! | Shinaz Navas - Muslim Money Talk Ep 12
Sep 23, 2024
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Shinaz Navas, founder and CEO of Niyyah and former EdTech VC investor, shares his transformative journey from venture capital to startup founder. He discusses the unique challenges faced by the Muslim community in education and faith. Shinaz delves into fundraising hurdles, the importance of product-market fit, and the inspiration behind his Quran app. He also confronts biases in VC funding and emphasizes the crucial role of technology in deepening Muslim engagement with the Quran, ultimately paving the way for a better educational experience.
Shinaz Navas transitioned from VC investing to founding Niyyah, driven by a desire to impact Muslim education and engagement with the Qur'an.
Niyyah's core mission is to make the Qur'an more accessible, helping users build daily habits and meaningful practices rooted in Islamic teachings.
The startup's adaptive product development focuses on user feedback and engagement metrics to ensure continuous improvement and community impact.
Deep dives
Shanaz Nawaz's Journey from VC to Startup Founder
Shanaz Nawaz transitioned from a venture capital career to founding Nia, an app aimed at helping Muslims engage with the Quran. Initially, his role as a VC focused on education-tech investments, where he became frustrated by the limited impact of traditional education systems. This frustration led him to explore ways to be more impactful, which eventually inspired the creation of his startup. His journey illustrates the importance of personal experiences and insights in shaping one’s career direction, particularly the desire to meaningfully connect with his faith through his work.
The Vision Behind Nia
The core mission of Nia is to help Muslims become better practitioners of their faith by making the Quran accessible and applicable in their daily lives. Recognizing that many Muslims struggle to understand and consistently practice the teachings of the Quran, Nia aims to provide a daily habit-building tool through its app. The app not only facilitates understanding but also encourages users to make meaningful changes based on Quranic principles, addressing a significant gap in the existing offerings within the Muslim community. This transformational approach to daily engagement with the Quran is central to Nia's design and functionality.
Funding and Growth Strategy
Nia has successfully raised over $2 million in funding, highlighting a strong belief in the startup's potential. The initial fundraising efforts were challenging, relying on the impact of commitment from early backers and strategic networking. With a focus on maintaining momentum, the startup leveraged its traction and strategy for growth, particularly through organic social media engagement. By utilizing channels like Instagram, Nia has been able to grow its user base significantly, with content designed to generate interest and shareable moments about Quranic teachings.
Product Development and Market Fit
Nia's approach to product development has been adaptive and user-focused, with a dedication to achieving product-market fit through extensive user feedback and iterative design. Initially launching as a broad educational app, it evolved to zero in on Quranic content, resulting in increased user engagement and retention. The app focuses on interactive quizzes to assess understanding, providing actionable insights into how users engage with the Quran. By measuring key performance indicators such as completion rates of quizzes, Nia gauges progress toward fulfilling its mission and ensuring users find real value in the product.
Future Aspirations and Community Impact
Looking ahead, Nia aims to deepen its community impact by offering new features and challenges that directly address the practical applications of Quranic teachings in everyday situations. The startup is working on content that tackles issues like stress and anxiety through a Quranic lens, aiming to enrich the spiritual wellness of its users. Continuing to iterate on its offerings based on user feedback and market dynamics will be essential as Nia positions itself for scalable growth. The overarching goal remains clear: to empower Muslims to lead more fulfilling lives by integrating their faith into their daily routines effectively.
Today's guest is Shinaz Navas, Founder and CEO of Niyyah and former EdTech VC investor.
Shinaz shared his journey from investor to founder, driven by a passion to help Muslims elevate their learning and build a better relationship with the Qur'an.
From fundraising challenges, early pivots and iterations, to his strong belief on why VC funding is the only way to go when it comes to building a start-up, checkout this latest episode of Muslim Money Talk!
This podcast is powered by Kestrl. Kestrl is an app that helps Muslim to grow their wealth without compromising their beliefs
Kestrl - The Muslim Money App
https://kestrl.io/
TIMESTAMPS:
00:00 - Intro
03:10 - Uni and Career overview
07:02 - Moving to VC
09:35 - What VC's look for in early stage start-ups
12:06 - Start-up patterns and potential biases
15:04 - Is VC the only way to go?
16:50 - The VC power law
20:01 - Does VC mean Growth at all costs?
23:33 - Inspiration behind Niyyah (India to the UK)
26:44 - UK schooling is broken
30:45 - What does Niyyah do?
32:22 - Early Pivots in Niyyah's journey
38:40 - Drawing inspiration from Noom & Duolingo
41:08 - Finding a technical co-founder
44:02 - Raising the 1st funding round Niyyah vs. Kestrl
47:50- Pivoting to focus on Qur'an
50:57- Becoming VC backable
53:09 - Current focus on product-market fit and future plans.
54:49 - Key metrics to track
59:26 - Key growth channels & strategies
1:02:03 - What's next for Niyyah and rapid fire questions
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