The Promised Land

I was at an investor conference last week and was asked how it felt being part of the start-up community actively for the last 11 years (5 as an investor, 6 as a founder). What I quipped then truly outlines our ethos: it’s the story of the Jews and the promised land. And that in 3 phases.

Phase 1 (“The Promise”) – God had promised the future inhabitants of Israel a land that will flow with milk and honey. It will be fertile; life and livestock will multiply. While none existed, the belief was blind, and all moved.

When I, too, moved to the start-up domain, there was a promise. That the world will be changed by start-ups, they will stand for advancement and wealth creation; they will be run by young men, where legacy, caste, and creed won’t count. And I moved, like a few others, with the firm belief that the promise will come true.

Phase 2 (“Hardships yet Advancement”) – What the Jews faced for over a thousand years is well known. Persecution for their religious views and exclusive nature was common. Same with us in start-ups. We were few in numbers and were exclusive. We had different ideologies that we will change the world and run it our way; we were ridiculed by most.

While being persecuted, wherever the Jews were, they stayed together. And they took the world a thumping step ahead in whatever they could participate in, like in banking, philosophy, engineering, and sciences. Same with start-ups: we participated in a few areas, largely the ones that could be disrupted by technology or capital, but had the same disruptive impact in them. These advancements made both wealthy, and that led to further exclusion. Hence, much like the Jews, the prosperity was largely a function of national policies and beliefs of big boys (corporates/ larger communities).

Phase 3 (“The Promised Land”) – Finally, in 1948, after the great tragedies of the holocaust (which exterminated a huge 30% of the Jewish population), they got to the Promised Land. And then there was no stopping them. While they still had to deal with making the barren land green and fighting with hostile neighbors, they are undeniably the best in many domains of human advancement.

I feel it’s that moment for us in start-ups too. We are now in the Promised land. Out of the Covid tragedy, which exterminated many of us, we are mainstream now. Last year was the year of unicorns; this was the year of Shark Tank, likely of the IPOs. Even our scams are front-page news. Many of us still have our own demons to crack: some of the profitability, some of
the execution at scale, some of the employee mobility, while others of global relevance. But if the future is anything similar to that of Israel, Phase 2 would end up being an investment than an expense.

In our own small way at OfBusiness, we feel responsible for both the past and future: we have seen tough times but likely hold the torch and baton for a better tomorrow.

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