From Attic to Success: The Journey of Pejman
In 2012, Forbes named Pejman one of the most successful angel investors. With over 15 years of experience in high-tech start-ups and early investment, Pejman has invested in more than 100 start-ups, including Dropbox, Lending Club, Gusto (Zenpayroll), Doordash, and many others.
Pejman’s journey began in 1992, when he moved to Silicon Valley with only $700 in his pocket. He had left Iran, where he was a respected sports reporter, and was determined to seize the opportunities that the United States had to offer. Initially, he worked at a yogurt shop, where he convinced the owner to let him sleep in the attic without paying rent. However, his life took a dramatic turn when he found a job as a car wash in San Jose and learned English at a local community college.
One day, while watching TV in the attic, Pejman saw an ad for a sales position at a medallion rug gallery in Palo Alto. He picked up the phone and asked the owner if he could have a chance. His persistence paid off, and he landed the job. Over the next few years, Pejman became an expert in selling high-end carpets, establishing strong relationships with his clients, and learning about the world of technology and entrepreneurship.
In 1995, Pejman’s boss, Amedee, a successful businessman who had built a business empire in Iran, approached him with an idea to create a technology venture fund. Pejman invested $200,000 in the fund, which was a significant amount for him at the time. He and Amedee spent a lot of time learning, attending meetings, and reading books to understand the world of venture capital and entrepreneurship.
Their first challenge was to convince people that they were serious investors. They would often meet with founders who were skeptical of their credentials, but Pejman’s persistence and knowledge eventually won them over. One of their early investments was in Andy Rubin, who was developing Android at the time. This was a turning point for Pejman, as he realized that Rubin had a rare entrepreneurial quality that was essential for success.
Over time, Pejman’s investments became more successful, and he began to attract the attention of top venture capitalists. He and Amedee invested in companies such as Dropbox, Lending Club, Danger, Zoosk, and others, which eventually became worth over $20 billion. In 2013, Pejman created his own fund, Pejman Mar, with a $50 million investment, and partnered with Mar Hershenson, an entrepreneur from Spain who had a Ph.D. in electrical engineering from Stanford University.
The Qualities of a Great Entrepreneur
Pejman has identified several key qualities that distinguish great entrepreneurs from others. Firstly, they are not driven by big dreams, but rather by a desire to solve practical problems. They are vigilant and can reduce their ideas to a viable business model. Pejman also looks for entrepreneurs who have a long-term vision, rather than short-term goals. They should be focused on customer satisfaction, creating jobs, and building long-term development, rather than just seeking to get rich quickly.
Secondly, perseverance is essential for a successful entrepreneur. Pejman recalls his own experiences of trying to start a business in Tehran during the Iran-Iraq war, and how he had to adapt to changing circumstances. A good founder will not give up easily and will try different approaches to achieve their goals.
Thirdly, a great captain knows where the ship should sail and is willing to take risks to reach the destination. They are loyal to their crew and will insist on their final mission, even if it means staying with the ship when it’s going down.
Fourthly, co-founders are crucial to the success of a business. Pejman looks for entrepreneurs who have a strong partnership with their co-founders, who understand each other’s strengths and weaknesses, and can work together to achieve their goals.
Lastly, Pejman looks for entrepreneurs who have a long-term goal and are focused on creating real change. They should be paranoid and friendly, with a clear vision for the future, but also be willing to adapt to changing circumstances.
A Unique Personality
Pejman’s own journey has been shaped by his experiences in Iran and his determination to succeed in the United States. He has a unique personality that has been forged through his struggles and successes. He is a good captain who knows where the ship should sail and is willing to take risks to reach the destination. He is a great entrepreneur who has a long-term vision and is focused on creating real change.
In conclusion, Pejman’s journey from attic to success is a testament to the power of perseverance, determination, and a unique personality. He has invested in over 100 start-ups and has a proven track record of success. His qualities as an angel investor, including his ability to identify great entrepreneurs and his willingness to take risks, have made him one of the most successful angel investors in the industry.