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It ’s not every day an Indian-origin angel investor invests in startups in Pakistan. But Palo Alto-based Asha Jad eja Motwani, an angel and venture capitalist from Silicon Valley, saw the project not only as a bridge between the two nations, but also an opportunity to bring Pakistan’s young entrepreneurs in the “global arena”. Motwani’s husband, the late Prof Rajeev Motwani, was something of a legend. He co-authored the PageRank algorithm of Google and was mentor to the search giant’s founders.
In a telephone conversation from her hometown of Ahmedabad, Motwani shared her thoughts on the entrepreneurial eco-system in Pakistan and how angel investors should be aware of con artists.
Your husband was the co-author of the Google algorithm along with Sergey Brin and Larry Page. What has been your impression of them?
I see Larry and Sergey as friends and family. Sergey comes home more often than Larry for Rajeev Circle fellowship events. I remember Sergey loaned me his CFO upon Rajeev’s passing, to free the family from office matters. He also made sure his yoga and meditation team took care of us as we healed in the few years after Rajeev’s loss.
The biggest difference between Indian and Pakistani entrepreneurs is the environment they work in. Indian entrepreneurs are working in a very optimistic [environment] and have a stronger support system comprising angels, VCs, mentors, etc.
What I like about the young Pakistani entrepreneurs is the extremely high ethical standard. They are mortified if an investor’s $5 was misspent.
I am impressed to see the value system. That’s something we didn’t know about. I have also noticed that Indian companies in Bangalore are already hiring Pakistani programmers.
The developers are eyeing excellent talent from Pakistan and, I think, it’s a win-win for both. Pakistanis are making good money and Indians are getting great talent.
Being an Indian-origin investor, did you face any resistance in Pakistan?
People were surprised. My Pakistani friends in the US said, ‘Are you crazy?’, ‘Why are you going there?’ They warned me that it’s an unstable country and something bad could happen. But that’s not true. In Pakistan, they were thrilled that I was there and that I was of Indian origin. I was blown away that they were this welcoming and open to change. Now that I have invested in some startups, I feel it’s the right thing to do and help them come to the global arena and see what’s happening outside and be part of the larger ecosystem.
Did you speak with any other investors to exchange notes?
No, not at all. I absolutely had no idea what to expect. I was in Pakistan just to attend a friend’s wedding and do some social stuff. That’s when I stumbled upon a few startups and it was actually an eye opener. The startups were hungry for some mature mentorship.
What are the red flags you watch out for when entrepreneurs come to you for funding?
I have seen a bunch of con artists in the Valley who reach out to angels. The investors normally don’t have staff, so they don’t do serious due diligence as a VC firm. So, if somebody has only been raising angel fund without raising capital from a serious venture fund, that’s something to look more closely into. One or two of my angel friends were taken for a ride.
Which have been the most interesting connections you have made?
I would say my most powerful connections have been: Ronald ‘Ron’ Conway, who has been a mentor for me and my late husband Rajeev, when we were in Stanford; Ram Shriram, a friend from Stanford, and Acumen founder Jacqueline Novogratz, who I am hugely inspired by. These are some of the people I really like and all of them have helped me professionally.
A mentor you wish you had.
Vinod Khosla. He’s brilliant, a visionary. I have always wanted a little bit more of his time, even one hour in a year. But it’s not been easy to get access to him. In fact, we have co-invested in three companies so far. So, I have seen him at close quarters as a board member.
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