Arif Janmohamed’s passion for tech innovation is firmly ingrained in him. He grew up watching both his grandfather and father get involved in various startups. As a partner at Lightspeed Venture Partners, Arif carries on the family tradition.
Over the past 14 years at Lightspeed Venture Partners, Arif has concentrated his attention on startups involved with cloud computing, data, and artificial intelligence. One of the startups he has supported is TripActions, which provides an array of travel and expense management solutions to more than 8,800 corporate clients. . In addition to his investment in TripActions, Arif has been involved at StreamOnce, Memoir Systems, AVI Networks, IO Turbine, Mist Systems, Alif Semiconductor, ThoughtSpot, Cycognito, RAPsphere, Theta Lake, and other leading enterprise companies. Currently, Arif resides in the Bay Area.
Please tell us a little bit about your business – what is Lightspeed Venture Partners all about?
Lightspeed Venture Partners is a global multistage venture capital firm focused on accelerating disruptive innovations and trends in the enterprise, consumer and health sectors. Lightspeed and its affiliates currently manage $10.5 billion across the global Lightspeed platform, with investment professionals and advisers in Silicon Valley, Israel, India, China, Southeast Asia, and Europe.
Tell us a little bit about your background and how you started your company?
I have a unique background. My family is from East Africa, my ancestors are from India, and I grew up in Canada. I studied engineering at the University of Waterloo, which is Canada’s top engineering school. The first half of my career was focused solely on engineering and technology. I moved to the U.S. in the late ’90s and worked as a chip designer and then product manager at three startups. It wasn’t until later in my career that I decided to make a shift to focus more on the business side of technology. It was around this time when I received my MBA from the Wharton School at the University of Pennsylvania and then joined Cisco Systems in their mergers and acquisitions group. In 2008, I joined Lightspeed and have been with them since.
What would you say are the top three skills needed to be a successful entrepreneur, and why?
- Great entrepreneurs are gifted storytellers — they can easily describe their vision to prospective employees, to customers, and to investors.
- Incredible entrepreneurs have a unique insight into a business or technology and act on it with urgency and focus
- Entrepreneurs need to be comfortable taking risks and persistent in overcoming those risks.
How have the pandemic and lockdown affected you or your new business?
The pandemic has definitely made us more efficient at meeting entrepreneurs digitally by using remote tools such as Zoom or conference calls. It streamlined the connection process and forced us to reinvent the way we connect with entrepreneurs, and even how we do our due diligence, such as background checks and reference calls. Overall, it’s really forced us to rethink a hybrid means of venture capital.
How do you separate yourself from your competitors?
At Lightspeed we are not afraid to take risks. We have a team of tenured partners who specialize in investing in specific markets. I focus on enterprise investments at the intersection of cloud, AI, and data. What I also think sets me apart from other investors is my dedication to the founders I invest in. I aim to be a thought and capital partner to CEOs through good times and bad times — a trusted, levelheaded person who can help founders navigate the challenges of building and scaling a business. I want to be that coach, adviser, and even psychologist to support the CEOs I work with.
What have been your biggest challenges and how did you overcome them?
When I entered the venture capital business 15 years ago, I was an unknown. I didn’t have a major brand on my résumé, apart from the schools I attended. I hadn’t been part of a successful startup at that point in my career. But what I did have was drive, hustle, persistence, and the desire to win. I had insights into an industry and was unafraid. I was not afraid to cold-call, to reach out cold to founders and connect with entrepreneurs. I was able to make connections with people in a very authentic and vulnerable way, which helped me build my network and eventually win me the right to invest alongside entrepreneurs.
What was your first business idea and what did you do with it?
In the ’90s, I began assembling computers and reselling them to my friends. Then I realized it was actually less work to assemble computers, network them together, and lease time on those computers to my friends for them to play games. And what did I do with it? That funded my living room.
What are you learning now? Why is that important?
I’m learning that children have a unique way of looking at the world. Every generation looks at the world in a different way. From an investment standpoint, it is very important to have this perspective because the world doesn’t stand still, technology doesn’t stand still, and innovation doesn’t stand still. So, it’s important for me to rethink the world as it is through the eyes of those who will inherit it, as opposed to those who have been on it for a while.
What’s a productivity tip you swear by?
If you’re traveling for business, use TripActions. It will save you time, hassle, and effort while you’re on the road.
Can you recommend one book, one podcast, and one online course for entrepreneurs?
Amp It Up and Tape Sucks by Frank Slootman. They are both really great books.
If you only had $1,000 to start a new business, knowing everything you know now, how would you spend it?
I would learn how to market online efficiently and I’d invest in a good chair.
What helps you stay driven and motivated to keep going in your business?
I come from a family of entrepreneurs and business owners, so I grew up surrounded by the pillars of innovation. I am personally motivated by meeting incredible, driven entrepreneurs, by learning about new markets and innovations, and by dreaming about what can be. I love meeting new entrepreneurs and hearing how their ideas will positively impact our future and change things for the better.
What is your favorite quote?
“You miss 100% of the shots you don’t take.”
What valuable advice would you give new entrepreneurs starting out?
Have a value proposition. We’ve seen a lot of entrepreneurs who come to us with an idea or a unique piece of technology but they haven’t thought through the five key pieces of their value proposition: What is the purpose of your product? Who are you selling to? What is the market? What is unique about what you are building? What is significant? Before you jump into finding co-founders and raising capital, you should have answers to these five questions. Understand what you’re building and why it’s important.
Who should we interview next and why?
Satya Nadella: discuss how he transformed and reignited growth at Microsoft
What is your definition of success?
Happiness at home, freedom to spend your time the way you want to with the people you love, and the latitude to work for and learn from amazing people.
How do you personally overcome fear?
Jump.
How can readers get in touch with you?
Readers can find all of my contact information — email, social media, etc. — on the Lightspeed Venture Partners Website. https://lsvp.com/
