BABAK RAZI

Managing General Partner,

Third Wave Ventures,

Beverly Hills

From: Iran

When did you arrive in the United States and why did you come?

I arrived here in 1980 after having spent two years in Scotland, leaving behind the Iranian revolution in 1978.

Did you intend to return to your native countryat the time?

I did not.

Do you now?

I’d love to go back and visit. I know things have changed drastically, but I look forward to going back and visiting my childhood memories.

Why did you start your business in the United States instead of your native country?

I had no relationship to start a business over there.

What’s the worst thing about starting and running a business in the United States?

I believe we are losing the vision that has made this country great – taking bold bets and doing the hard work to invent new industries.

What’s the best thing?

The United States offers the best chance for an unknown to create and build a vision into reality.

What were the biggest surprises?

The biggest surprises continue to be how we have moved into comfort zones. We are investing in things that we know versus embracing change. As a result, we are now more financially and asset driven. We are moving away from the industries that made us great Ford, GM, HP, Boeing. I believe if we don’t return to thinking big and bold, that we will become an also-ran very quickly. We are not going to do this through great social media platforms and asset inflation.

What advice would you give someone from there about starting a business here?

Build the best possible team you can around you, create a culture – a tribe that can outlast any product design – and prepare your mindset to find solutions for the challenges that are sure to come as you start companies, and especially financing.

Do you go back often?

I haven’t been back since I left.

What was your view of the United States growing up?

I dreamed of going to school at UCLA – and ended up at University of California,

Santa Barbara. I loved the United States.

Did reality match your expectations?

For the most part yes.

What’s the funniest thing that’s happened to you as a foreign-born entrepreneur?

My name is Babak. I once called my sister and her assistant said, it’s Mr. Ak calling you. She calls me Robert Ak now for fun.