Entrepreneurship Keynote - Saeed Amidi

Summary

S Amidi, CEO and founder of Plug and Play, shares his entrepreneurial journey from starting a packaging and bottled water business at 19 to becoming a successful investor in tech startups like PayPal and Dropbox. Amidi discusses Plug and Play's role in connecting startups with corporations for innovation and scaling, highlighting their global expansion and various industry verticals.

Takeaways

• 😀 S Amidi is the CEO and founder of Plug and Play, a platform that connects startups with corporations for innovation and scaling.
• 🏢 Amidi's entrepreneurial journey began at the age of 19 with a packaging and bottled water business, which he still operates today.
• 💼 The Iranian Revolution forced Amidi to become an entrepreneur to sustain his lifestyle after his family lost all their assets.
• 🏢 Amidi's first company, which started in 1979, now employs about 3,000 people and generates approximately $600 million in revenue.
• 💼 Amidi's initial foray into the tech industry was through a real estate investment in a building that later housed PayPal as its first tenant.
• 💡 The first technology investment for Amidi was PayPal, where he invested $100,000 as part of a rent negotiation deal.
• 💼 Amidi and his brother made angel investments in startups, including Dropbox and Lending Club, learning from other VCs and angels in the process.
• 🏢 In 2006, Amidi purchased a large building to house over 400 startups, aiming to increase his chances of meeting and investing in great entrepreneurs.
• 🤝 Plug and Play facilitates connections between startups and corporations, offering startups a clear path to production and scaling.
• 🌐 Plug and Play operates in 22 different verticals, including mobility, IoT, fintech, insure tech, and now semiconductors, with a global presence.
• 🌟 The platform accelerates 2,500 startups a year, providing them with introductions to clients, customers, and investors, and co-investing where appropriate.
• 📈 Amidi's vision includes opening more offices in the US, focusing on specific industries and collaborating with economic development and corporations in each region.

Q & A

Who is S Amidi and what is his role at Plug and Play?

S Amidi is the CEO and founder of Plug and Play, a company that provides a platform for startups to connect with corporations for innovation and scaling.

What was the catalyst for S Amidi to become an entrepreneur?

The Iranian Revolution led to the loss of his family's assets, prompting S Amidi to become an entrepreneur to sustain his lifestyle and living expenses.

What was S Amidi's first business venture?

S Amidi's first business was a packaging and bottled water company, which he still operates today and has grown to about 3,000 employees and $600 million in revenue.

How did Plug and Play's first technology investment come about?

The first technology investment for Plug and Play was in PayPal. S Amidi's brother agreed to accept $100,000 of a two-year rent payment in advance as an investment in the company.

What was the significance of the Lucky Building in Plug and Play's history?

The Lucky Building was the first property purchased by Plug and Play, which housed interesting technology startups, including the first tenant, Peter Thiel of PayPal.

How did S Amidi's approach to investing in startups evolve over time?

S Amidi and his team began by investing in startups as angels, learning from other VCs and angels, and eventually moved to a platform model where they could introduce startups to corporations for innovation.

What was the turning point for Plug and Play in terms of scaling their operations?

The purchase of the Philips Electronics headquarters, a 180,000 square ft building, allowed Plug and Play to house over 400 startups and increase their chances of meeting and investing in great entrepreneurs.

How does Plug and Play facilitate collaboration between startups and corporations?

Plug and Play runs industry-specific platforms where they introduce startups to corporations for co-development, pilot programs, and scaling, providing a clear path to production and market access.

What is the current scale of Plug and Play's operations globally?

Plug and Play operates in 22 different verticals, accelerating over 2,500 startups a year, with 55 offices around the world, each potentially running one or many verticals.

What is the process for a startup to join one of Plug and Play's batches?

A startup must be selected by one of Plug and Play's corporate partners or co-investors, VCs. Once selected, they join a batch and are introduced to potential clients, customers, and investors.

What is Plug and Play's strategy for opening new offices?

Plug and Play plans to open new offices in collaboration with the economic development of the state and corporations headquartered there, focusing on specific industries and running one or many verticals in each office.