Muslim Money Talk Backing Billion Dollar Muslim Founders: Saalim Chowdhury. Ep4 Muslim Money Talk
In this podcast episode of "Muslim Money Talk," host Areeb Siddiqui is joined by Saalim Chowdhury, a renowned VC investor and former director of Techstars London. They discuss Saalim's journey from a small village in Wales to his success in venture capital, emphasising the importance of building businesses based on lived experiences and solving real problems. They also touch on the challenges and opportunities for minority and Muslim founders in the entrepreneurial world.
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
00:00 - Intro
02:46 - Recounting the application process to Techstars.
03:10 - Screening process for Kestrl and initial misinterpretation.
04:02 - Discussion on the lack of awareness and understanding of Islamic fintech.
04:27 - Importance of diverse founders with lived experiences.
05:54 - Saalim's diverse investment portfolio and focus on lived experiences.
07:08 - Saalim's background and upbringing with a scarcity mindset.
08:00 - Importance of abundance mindset for minority founders.
08:56 - Reflection on Kestrl's mission and empathy in product development.
09:40 - Money as a reflection of value creation.
10:53 - Building institutions to cater to Muslims without guilt or exploitation.
12:05 - Challenges of Islamic banks and legacy systems.
13:18 - Influence of Saalim's father and the importance of community.
15:39 - Saalim's admiration for his father's forward-thinking mindset.
17:20 - Growing up in a Welsh village and community respect.
18:58 - Encouragement from Saalim's father to take risks wisely.
20:55 - Value of diverse opinions and healthy team dynamics.
21:21 - Strengths and insecurities of immigrant founders.
27:34 - Saalim's admiration for Areeb’s dedication during challenging times.
28:43 - Differences between UK and US VCs' backgrounds and risk appetites.
31:07 - Cultural and structural differences in early-stage investments.
34:12 - Professional investors vs. founder investors and their risk assessment.
39:37 - Saalim's framework for selecting companies in an accelerator.
41:08 - Team dynamics as a critical factor in startup success.
42:27 - Advice on co-founders and conflict resolution.
46:00 - Saalim's reflections on being a founder vs. a VC.
48:50 - Importance of finding one's calling and the influence of Salim's father.
Saalim Chowdhury:
https://www.linkedin.com/in/saalimc/