With Great Power Comes Great Responsibility
It took more than a decade, but I enjoyed every step of the way.
When I first graduated as an Electrical Engineer, the path was very clear — you have to go and work for a company in the field. I was incredibly lucky that although I wasn’t the best engineer, I was in an innovation department that worked closely with EDP Ventures, EDP’s corporate venture capital arm (and one of the largest utilities in Europe). I had no idea what venture capital was or what tech start-ups even meant, let alone whether I was ready for the role.
Fast-forward more than a decade later, and I am incredibly proud to have joined Pi Labs and climbed the not-so-corporate ladder to Partner. I still remember the day I was interviewed by the founder, Faisal Butt (and his son), and not really understanding how an engineer that had only worked within the energy space could really add to the built world. Faisal believed in me, perhaps in a way that I didn’t, and apparently, it turns out he was right!
Started from the bottom…
When I first joined, Pi Labs was about to raise its third fund. It was fairly known as THE accelerator within the PropTech space in Europe, but this was the fund that would take things to a whole new level. While I will never compare the challenges of managing a VC fund to what it feels like to run the same tech start-ups that we invest in (which is harder to several degrees of magnitude), to an extent, we were punching above our weight as they do. At the time, most of the systems we were using were quite open source; we didn’t really have any standardised HR processes, and even going after deal flow was fairly scrappy. However, this didn’t stop us from pitching to some of the largest corporates in the built world and sharing our vision that we would convert this accelerator/fund to the ultimate built world platform.
We were absolutely thrilled that companies like Assura, Great Portland Estates, Revcap and Patrizia gave us the first ounces of confidence that we could do this. We took this trust and professionalized Pi Labs — not only did we set in place systems that allowed us to be that much more efficient, but more importantly, we hired a spectacular team that helps us deliver all we have so far: a $90 million Fund (securing many other parties like APG, Europes 2nd largest pension fund), over 80 investments, world-class leading research within our space, a brand that is now easily recognisable, incredible business development and investor relations while expanding our network almost five times in five years.
…Now we here
Pi Labs reached a point where I believe our networks are always enquiring about what we will do next. And while we could keep things as they are and not rock the boat, too, this is never going to be our plan. Our start-ups and investors don’t come to us for more of the same but rather to see what technologies are going to be state-of-the-art in solving the built world’s most pressing problems (such as climate crisis, housing affordability and labour shortages) and to continue to provide the support I think our founders greatly appreciate — such as our most recent Leadership Programme or Barrie Heptonstall’s Unlocking the Art of Pipeline Management workshop.
The one thing that will remain constant is our commitment to digitalising and decarbonising the built environment. According to McKinsey, Construction and Real Estate are two of the least digitalised industries in the world (after fishing and agriculture), with another of their reports mentioning that the built environment as a whole contributes to 39% of global carbon emissions. It is our belief that by backing founders and technologies that are addressing these challenges, we will leave a better world for generations to come. As a now Partner at Pi Labs, this is the single largest responsibility one could ask for.
There is no ‘I’ in Partner.
Of course, none of this would be possible without two major factors. The first one is our team, each and every single one of them contributed to me and Pi Labs getting here. From interns who have found some of our best success stories to the stellar investment team backing dozens of brilliant founders, our witty and relevant research that is quoted to infinity, a business development team working countless nights for us and our investors, and including our impactful marketing team, that has created a content behemoth. The best thing about being a Partner at Pi Labs is that I get to work there. Although not a part of the Pi Labs team (officially), my wife, who, during the pandemic, memorised the Pi Labs pitch by heart after hearing it for countless months…
Secondly, our founders. I cannot claim credit for any of the work that any of them has put into their business. Our sole responsibilities are to find the best teams, believe in them, allow them to grow and try to step out of the way unless we are needed. Of course, we do have to keep a close eye on them, but we cannot run companies better than the founders themselves. To all that have made Pi Labs look good, it is only because you all look even better!
As for me, the story has just begun. There isn’t a better feeling than that first meeting where we discuss the newest most interesting company in our pipeline. And while responsibilities for a Partner in any business do change, my door will always be open to those who want to change the world.
