E19: Ali Jehangir Siddiqui, The Renaissance Man behind the Multibillion Dollar House of Jahangir Siddiqui

Who is Ali Jehangir Siddiqui and why I was interested in having a conversation with him?

Ali is an entrepreneur, investor, diplomat and industrialist. When I first met Ali in 2017, he was the Special Assistant to Prime Minister Shahid Khaqan Abbasi of Pakistan. For my friends in the US, that would be like the President’s Chief of Staff. He also didn’t need the job. He had built one of Pakistan’s fastest growing banks in JS Bank (now over $4B in assets), built the largest carbon-neutral private steel industries in the UAE (Arabian Gulf Steel Industries), founded the first private domestic airline with AirBlue and was central to growing the Jahangir Siddiqui Group into easily the Top 10 family business empires out of Pakistan.

I recently got interested in the history of patronage which got me into the history of Medici family from Renaissance Europe, one of the wealthiest families in the 15th century. When we caught up after recording the episode, I was curious about whether Ali had studied them before starting the bank given his interest in Austrian and European history — unsurprisingly he had deeply studied both the Medici and Fugger families before starting the bank. Given the unique range and adaptability Ali has shown by reinventing himself in different industries every few years (venture capital & private equity, commercial airline, steel & glass manufacturing, foreign diplomacy, climate-tech to name a few) it would be fair to categorize him as a Renaissance Man of our era at the heart of building and growing what future historians will probably refer to as the House of Jahangir Siddiqui (JS Group).

Ali and I reconnected last year after seven long years. Even though we have had limited interactions, he has had some of the most formative impact on my life trajectory and career since I have met him. I will share those exact moments in a bit but first some context is important on where I was at in life at the time.

I was working on playing my part in growing a still nascent entrepreneurship ecosystem in the country by organizing business plan competitions in 20+ universities across the country. I was doing this as the head of Pakistan’s national campus program for Hult Prize Foundation which would grant $1 million to a team of student entrepreneurs working on a specific challenge every year.

This took me to New York City to the annual final event where $1 million is awarded which overlapped with the UNGA week which brings together all world leaders. Ali was in town as part of the Prime Minister’s delegation and was helping coordinate high stakes meetings with other heads of states, billionaires and so forth in a very short three day trip. On that same trip, I was introduced to Ali through a mutual to discuss potential collaboration opportunities with the government.

Ali was gracious enough to carve out time for me, my colleague and the Hult Prize winning team that year. At the end of the meeting, he came up to me and said that he is close with the Prime Minister and his sons and that I should become friends with them. He scheduled a 45-min meeting for all of us and the rest as they say, is history.

What did that particular instance do? It showed me that if you are ambitious and you work hard, there is some sense of meritocracy in the world. That you in fact can change the trajectory of your life. It showed me that anything is possible and people are just people at the end of the day even if they have fancy titles or 20-car motorcades. I did not come from the wealthiest family or the most powerful but was able to open doors, that changed how I have looked at life ever since.

After I was back in the country, I kept nagging Ali and his chief of staff at the time and would try to meet him for all sorts of stuff. My different business ideas at the time, my job and just try to learn from him by finding an excuse to spend some time together. During one of these trips to the Prime Minister’s office, he showed me this app called RelSci where you could list your most powerful/well networked connections and map out an exact path to anyone in the world.

This taught me that anyone in the world is at most six degrees removed. Donald Trump was President at the time, just as an experiment I checked for a path to him and saw that Ali was four degrees removed. It would later turn out that he would get appointed as the Ambassador to the U.S and thus I would be one degree removed. I never asked for any introduction, well at 21 I wasn’t doing something that would warrant the request for such introductions but it taught me a critical lesson: relationships run the world and anyone including the President of the United States is at most six degrees removed from you.

In this conversation:

We talk about the pros and cons of the CEO role in companies, optimizing your career around your strengths, cold outreach, taking over a successful family business, spotting and nurturing outlier talent, consuming media and making sense of the world, the concept of rules being counterintuitive to innovation, the concept of shorting people, the art of relationships, mentorship, evaluating opportunity costs and more.

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Timestamps

00:00 - Introduction01:31 - On doing his first ever long form podcast06:24 - Operating philosophy and not taking CEO roles 13:28 - On optimizing his career around strengths 17:00 - Lessons from working with one of Asia’s largest VC firm21:30 - Social media presence and identity24:00 - Media diet, continuous learning, questioning institutional programming & making sense of the world 33:00 - The art of cold outreach, warm intros and 40:20 - Spotting, hiring and nurturing outlier talent54:25 - Ambition, problem-solving archetype56:00 - Taking over a successful family business1:04:25 - Talent retention 1:14:55 - Mentorship1:21:00 - The concept of rules is counterintuitive to innovation1:24:31 - Evolution of venture capital1:32:06 - The art of relationships 1:38:13 - Shorting people 1:41:16 - What is more important? The network or the product?1:51:01 - Building OnZero 02:01:25 - Evaluating opportunity cost and the 10 year plan 2:10:30 - Closing thoughts and rapid fire

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