"I think the main thing that companies will need to focus on in 2022 is attracting and retaining talented employees."
Zain Jaffer is a serial entrepreneur and the Founder of Zain Ventures, a family office which actively invests in real estate and tech firms as a part of its overall asset management.
In addition, Jaffer is a Partner at Blue Field Capital and launched a venture capital fund that invests in PropTech startups. Previously, Jaffer was the Co-Founder and CEO of Vungle, a mobile advertising company that was acquired by The Blackstone Group in 2019.
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Table of Contents
We are thrilled to have you join us today, welcome to ValiantCEO Magazine’s exclusive interview! Let’s start off with a little introduction. Tell our readers a bit about yourself and your company.
Zain Jaffer: I’m a partner at Blue Field Capital, a serial entrepreneur, and the founder of Zain Ventures, a global investments and asset management company that primarily invests in real estate and PropTech startups, particularly those that incorporate blockchain technology. Zain Ventures is the natural outcome of my lifelong passion for technology and entrepreneurship. When I was 13, I became one of Google’s top publishers and was an early tester of its video ad technology. This experience laid the groundwork for the founding of Vungle in 2011, which was a tech startup that helped app developers seamlessly integrate ads into their platforms.
Between 2011 and 2018, Vungle generated over $300 million in revenue globally, culminating in its being sold to the Blackstone Group for $780 million. My time at Vungle helped form the core values and strategies of Zain Ventures. My firsthand experience with the passion and drive that goes into a startup, as well as my understanding of the life-changing difference that finding the right investors can make, has made me want to help aspiring entrepreneurs and disruptors make their ambitious visions a reality. I’ve modeled my investing and mentorship strategies around helping founders with world-changing ideas find the resources–material and otherwise–that they need to thrive.
I have extremely high hopes for the next couple of years. The sectors I’m most interested in have all seen massive advances due to the triple threat of artificial intelligence, machine learning, and blockchain technology. As revolutionary as these new technologies already are, I believe that we’ve only just begun to scratch the surface of their potential. We’re entering a technological renaissance, and I want to help it flourish in any way I can.
2020 and 2021 threw a lot of curve balls into business on a global scale. Based on the experience gleaned in the past couple years, how can businesses thrive in 2022? What lessons have you learned?
Zain Jaffer: One of the main things that COVID demonstrated to all of us was the power of organizational agility. While “flexibility” has become a common buzzword since the advent of remote work, I tend to see flexibility as a component of a more encompassing approach. I’ve read a number of studies which showed that cross-functional team activity was one of the key differentiators between companies that survived the pandemic and those that did not, and I don’t believe that such practices are only useful as emergency measures.
I think that we’ll see businesses of all kinds focusing on building workforces that employ a more dynamic, collaborative approach to problem solving. While some companies might take longer to scale as they focus more energy on finding and developing this kind of talent, I think it will have clear long-term benefits.
Organizational agility goes hand-in hand with the movement towards flexible scheduling. Allowing employees and teams to have more autonomy in determining when and how they work creates a positive feedback loop, as it promotes more intrinsic motivation among employees, which positively correlates with the ability to adapt to change and tackle problems creatively.
COVID has really shown me that, while such an approach might sound chaotic in theory, it can actually increase an organization’s efficiency. I believe that the businesses that put serious thought into how this approach can work for their organization will be the ones that thrive this year, and those that refuse to adapt might even risk losing talent.
The pandemic seems to keep on disrupting the economy, what should businesses focus on in 2022? What advice would you share?
Zain Jaffer: I think the main thing that companies will need to focus on in 2022 is attracting and retaining talented employees. The move towards more flexible, autonomous work structures has changed people’s perceptions about what a successful career looks like to them. Even though the job market appears to be shifting yet again post-COVID, it seems that most people are determined to take their careers into their own hands, opting for jobs that provide them with a fulfilling work-life balance and opportunities for growth.
A major driving force behind the so-called “Great Resignation” was simply that many employees were seeking greener pastures elsewhere. If businesses want to retain employees, they need to create opportunities for learning and personalization, both within the company as a whole and within employees’ particular roles. Those who don’t feel like their company is invested in them as individuals will be much less likely to hesitate before seeking more fulfilling opportunities elsewhere.
How has the pandemic changed your industry and how have you adapted?
Zain Jaffer: While the pandemic has obviously had a lot of negative effects on every industry, it has also been an exciting time to be a VC. That’s because the challenges that it has posed have led to some extraordinary innovations. It’s during times of difficulty and uncertainty that people really dig deep and draw on their problem-solving skills to find solutions that not only relieve present difficulties, but also create future opportunities.
The accelerated technological progress that we’ve seen in recent years, especially in the blockchain and AI spaces, are poised to transform the way we do business. As a result of all this, I’ve redoubled my efforts to learn about these new technologies and connect with startups that embody a truly global vision.
I believe that advancements in tech will provide us with the tools to more effectively mitigate and adapt to any future crises, so I’m looking to nurture ideas that I think have truly transformative potential. In this same vein, I’ve also been partnering with filmmakers around the world through the Zain Jaffer Foundation to support documentaries that I hope will shine a spotlight on global inequities and the problems caused by climate change.
I have always believed that entrepreneurs should use their businesses to stand up for what they value, and I think that the experience of COVID has made that commitment even more urgent to me.
What advice do you wish you received when the pandemic started and what do you intend on improving in 2022?
Zain Jaffer: I wish that I had been told that, while certain personal habits and leadership skills are essentially timeless, the world in which we exercise those habits and skills can change dramatically and without warning. It took me a lot of time and effort to establish a pre-pandemic work-life balance and to refine my approach to corporate communication, and all of that had to change once the pandemic began.
I learned quickly that I could not simply repeat what I’d been doing before, but would have to reimagine it for a very different world. Embracing the change rather than resisting it is ultimately what has made all the difference.
I think the pandemic has taught us all the value of taking some time to pause and slow down in our everyday lives, and that doing so does not have to harm your productivity, but can actually increase it. I’m embarking on a number of exciting projects this year, but I’ve been making a conscious effort to be more generous and more intentional with the pauses I allow myself.
When you take some time to step back from the constant stream of actions and decisions you have to make within a day and focus on bigger-picture concerns, you can get a stronger grasp of what’s truly important. Stripping away the inessential is one of the most basic rules of maximizing productivity, so making a habit of taking these intentional pauses is actually, though perhaps counterintuitively, a great way to get more work done.
Online business surged higher than ever, B2B, B2C, online shopping, virtual meetings, remote work, Zoom medical consultations, what are your expectations for 2022?
Zain Jaffer: I think that we’re going to see a general continuation of a lot of the trends we’ve seen over the last two years, and I think that this will be a net positive for all kinds of businesses. Making effective use of virtual meetings and more flexible working arrangements can help businesses cut down on inefficiencies while empowering employees to work in a way that best suits their personal preferences.
Methodologies that were not acceptable before are now considered the norm. What will truly distinguish businesses going forward will be the ability to make time for meaningful in-person interactions while maintaining effectively coordinated online operations. No two companies will navigate these challenges in the exact same way, but the general goal should be to use online options to eliminate inefficiencies while still maintaining a robust and involved team culture.
When it comes to businesses that opt for a return to the office, I think we’ll start to see a rethinking of what physical workspaces look like and how they function. Given the fact that many companies are capable of operating remotely, workers will want more compelling reasons to get back into the office. Offices across a variety of industries will likely begin to integrate the kinds of mental and physical health-boosting amenities–such as meditation rooms, workout rooms, and healthy food options–that we tend to associate with Silicon Valley tech startups.
How many hours a day do you spend in front of a screen?
Zain Jaffer: The nature of my work and my interest in tech makes lots of screen time inevitable, but I must say that the majority of it is now done on a mobile screen rather than the rare traditional desktop computer interaction. However, I am always conscious of practicing what I preach in terms of work-life balance. When I was building Vungle, I had virtually no balance, and while the effort certainly paid off, it’s not something that I could have kept up forever.
I try my absolute best not to go beyond six or seven hours of screen time. This means making time for my family and for things that I love to do, like travel.
I also try to make sure that the time between waking up and starting work is entirely my own: I’ve made a habit of not checking my emails or scrolling through my phone immediately after waking up so that I can have the time and space to set my intentions for the day. It’s a simple step, but it’s had truly profound effects on my everyday mindset and well-being.
The majority of executives use stories to persuade and communicate in the workplace. Can you share with our readers examples of how you implement that in your business to communicate effectively with your team?
Zain Jaffer: Of course, every company wants to see consistent growth and profitability, but I think that we miss out on an essential aspect of doing business when we focus exclusively on meeting these targets. The most powerful organizations are those whose financial goals are directly connected to their vision, and this vision is best expressed through storytelling. Every founder has some reason, some experience or belief, that caused them to found their company.
These reasons can form the basis of powerful stories that inspire both those within a business and the public beyond it. I believe that all business leaders are natural storytellers, but not all of us are aware of why or how to cultivate this gift. It’s crucial to try to stay in touch with the deep factors that motivated you to start your entrepreneurial journey in the first place, as these will inform and be informed by your future goals and aspirations.
Also, story-telling can be very powerful in motivating employees to reach a goal or complete a task. If I can share something insightful or funny about my upbringing or past efforts when talking with someone about a project, it’s going to resonate with them more personally, and we both will feel more connected to each other.
As a VC, I am looking for the next big story just as much as I’m looking for the next big product or service. When I’m choosing whether to invest in a company, I pay close attention to the story they’re telling me. Obviously, there are plenty of logistical concerns involved in the process as well, but a coherent, ambitious vision embodied through effective storytelling is something I’m always looking for in a startup.
I try to invest in companies whose stories and visions excite me, and that I feel inspired to share with others, because I don’t want to just be an investor–I want to be a part of the next big changes in how we live and work.
Business is all about overcoming obstacles and creating opportunities for growth. What do you see as the real challenge right now?
Zain Jaffer: For me, one of the biggest challenges we’re currently facing is how best to foster a genuine sense of community within the workplace. The widespread re-shuffling of talent that began with COVID does not appear to be slowing down, and I don’t think that we’ll see improved stability in the labor market until companies–and employees–figure out how to build meaningful connections in remote and hybrid settings. All too often, we see connection and efficiency as opposed to one another, not understanding that they can actually be mutually reinforcing.
Giving employees the tools to establish a work-life balance that suits their needs is one of the best ways to inspire them to stick with a given company for the long run. We, as business leaders, need to understand that employees’ lives and relationships outside of work are just as important as those within the workplace, and that supporting them in both areas is crucial to helping them find meaning and purpose in their work.
Personalization can be really critical here. Don’t force a software developer who just wants to be left alone to code to come into the office for endless meetings and “team-building” exercises. Everyone has different motivations and work styles, and imposing a single mold on every employee can actually drive them apart more than it brings them together. Ultimately, it comes down to finding ways to respect people’s differences while also helping them see how their unique traits and skills serve the company’s common goals.
On the more technical side of things, I think a major challenge that all businesses need to reckon with is the problem of knowing how to make meaning out of the excessive amounts of data we are constantly confronted with. This applies both within and outside of our businesses: not only are companies across all industries faced with having to sift through extraordinary amounts of data in order to make truly informed decisions, but we are also contending with a media environment that makes it extremely difficult to tell what is just hype and what isn’t.
Having systems in place to collect and organize information into actionable insights is critical to making choices that actively consider past, present, and future influences and trends. Personally, the recent advances in artificial intelligence (AI) and machine learning (ML) are very exciting to me, as these tools are literally superhuman in their ability to manage data and will only grow more sophisticated with time. I believe that it won’t be long before we see them implemented in basically every industry.
In 2022, what are you most interested in learning about? Crypto, NFTs, online marketing, or any other skill sets? Please share your motivations.
Zain Jaffer: I have long been invested in the crypto and NFT spaces, and I’m very excited to see how they get used in the near future and beyond. I think that all of the hype and headlines about celebrity NFT purchases and rapid price fluctuations can sometimes distract us from thinking about the true potential of blockchain technology and how we might use it across various industries. While it obviously has major implications for the art and entertainment world, fewer people know about how it can be used across other industries.
I’m particularly excited about a recent development known as real estate tokenization and investment fractionalization, in which investors can purchase parts of a property that are represented on the blockchain. This process will go a long way towards democratizing real estate, as it allows new and early-stage investors to enter the real estate market and make returns without having to save up enough to buy an entire property themselves.
Instead, they are able to invest fractionally, which involves a much smaller sum that will grow as the property’s value appreciates. More widespread adoption of this technology will be a major boost to the general state of real estate and investment education while allowing a much larger section of the public to get their foot in the door of this highly lucrative market.
A record 4.4 million Americans left their jobs in September in 2021, accelerating a trend that has become known as the Great Resignation. 47% of people plan to leave their job during 2022. Most are leaving because of their boss or their company culture. 82% of people feel unheard, undervalued and misunderstood in the workplace. Do you think leaders see the data and think “that’s not me – I’m not that boss they don’t want to work for? What changes do you think need to happen?
Zain Jaffer: The fact that 82% of people report feeling undervalued means that only 18% of bosses are creating truly vibrant company cultures. Business leaders may not see that they are part of the problem, either because they don’t want to or they don’t realize that they aren’t listening to the needs of their employees.
It’s a difficult thing to do, but I think that executives have to be willing to seriously ask themselves whether they are the kind of boss that employees want to work for and to seek answers from others in their company. Beyond that, I think it’s important that even executives who have succeeded in creating a strong company culture need to stay humble and always be thinking about what they can do to improve.
I wonder how much those numbers have been impacted by the majority of the workforce being remote for so long? Today’s leaders need to have all the same skills of motivating, communicating and directing, but now, they have the added challenge of being skilled in those areas across a (probably) globally spread out, remote workforce. It is simply yet another challenge for leaders to keep in mind and overcome.
Business leaders who are truly interested in making change always need to look at themselves first. In the face of statistics like these, the first question we need to ask ourselves is “what can I, personally, do right now to help change this?” Leaders play a special role in creating and maintaining company culture, so they need to think clearly and critically about what they can do to improve it.
We’re currently in a strange situation because, while the same skills of motivating, directing, and communicating with employees are as valuable now as they’ve ever been, they’ve had to be adjusted to suit a more dispersed remote workforce. I don’t think we can deny that the majority of the workforce being online for so long has impacted these numbers–not because remote workforces are inherently less cohesive than non-remote ones, but because many executives were slow to adapt their old practices to this medium.
One of the main principles I’ve found helpful is to think about company culture in both the very long term and the very short term: what is your company’s vision for its own future and the world’s future, and how can you embody this in each of your daily activities? Your grand vision isn’t something you should only present to your shareholders, but something that should be communicated in every interaction you have with your employees.
I am a big believer in the power of conversation to drive innovation, and I think that, whether it’s in person or over Zoom, executives need to engage directly with their employees and clientele as much as possible. It’s easy to underestimate the impact that our words and behaviors have on those around us. When we understand that our smallest actions and interactions can be profoundly inspiring to others, we may put more conscious effort into those little actions, which benefits everyone.
On a lighter note, if you had the ability to pick any business superpower, what would it be and how would you put it into practice?
Zain Jaffer: My business superpower would be the power of experimentation. Many of us are afraid to experiment, and I think that this ties in to our fear of failure, since trial and error are the basic building blocks of experimentation. However, it’s the risk involved that makes experimentation valuable in the first place–you never know what’s going to happen, and you never know how even the failures might contain the seed of some great success within them.
I would use the power to pursue the most out-of-the-box projects imaginable and learn from the failures as much as from the successes, building resilience each step of the way.
Of course, you can’t have the power of experimentation without a healthy dose of bravado and courage. If I had not gone into my first company with plenty of confidence and bravery, I don’t think I would have been able to get it off the ground.
Of course, there is a point where confidence can tip over into hubris and become harmful, but I think we actually tend to think that this threshold is much lower than it actually is. As long as you can retain the experimenter’s willingness to try, fail, and try again, I think that you’ll be fine–it’s when you develop a brittle kind of confidence that’s easily shattered by failure that you run into real problems.
What does “success” in 2022 mean to you? It could be on a personal or business level, please share your vision.
Zain Jaffer: At this point in my career, my idea of success is much more intimately connected to the successes of others.
Once I sold my company and became a VC, I gained an entirely new perspective on what it means to collaborate with others. I know the struggle of being a founder firsthand, but I constantly find myself humbled by the talent and ingenuity that newer founders are putting into their projects. I always want to work with people who inspire me and whose ideas are poised to change the world–meeting great minds and helping their ideas come to fruition has become my definition of success.
Jed Morley, VIP Contributor to ValiantCEO and the host of this interview would like to thank Zain Jaffer for taking the time to do this interview and share his knowledge and experience with our readers.
If you would like to get in touch with Zain Jaffer or his company, you can do it through his – Linkedin Page
Disclaimer: The ValiantCEO Community welcomes voices from many spheres on our open platform. We publish pieces as written by outside contributors with a wide range of opinions, which don’t necessarily reflect our own. Community stories are not commissioned by our editorial team and must meet our guidelines prior to being published.
