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The Times Tech Podcast

Plug and Play's Saeed Amidi: "We invest a little money, then pray a lot"

The Times Tech Podcast

Will Morley

Business, Unknown, Technology

4.9654 Ratings

🗓️ 16 September 2017

⏱️ 40 minutes

🧾️ Download transcript

Summary

The Sunday Times’ tech correspondent Danny Fortson brings on Saeed Amidi, founder of Plug and Play, one of the world’s largest startup accelerators, to talk about how he invests in 150 companies each year (2:50), chickening out of an Airbnb investment (4:10), arriving from Iran (7:50), starting a bottled water company (9:00), becoming an angel investor (11:40), investing in Google when it was just three people (12:45), his $100m payday from Dropbox (14:30), backing Peter Thiel at Paypal (16:05), investing judo (17:20), why accelerators help (20:30), his London plans (22:50), trying to find the Uber of insurance (25:30), the problem with tech tourism (28:40), on whether unicorns face extinction (32:05), if the Silicon Valley model can be exported (35:00), and why he likes to back immigrants and foreigners (36:55).

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Transcript

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0:00.0

Yo, technology.

0:03.2

What is it all about?

0:05.1

Do you want to know how to slip into the Silicon Valley bloodstream?

0:09.3

To meet the right people, and perhaps most importantly to raise money, then this week's

0:13.8

guest on Danny in the Valley is the man for you.

0:16.4

I had to succeed.

0:18.2

I did not have a choice of a failure.

0:21.5

Saeed Amidi is the founder of Plug and Play, which bills itself as the world's largest

0:26.4

startup accelerator. Every year, thousands of companies come through his doors, and Amidi

0:31.0

invests in an astonishing number of them, about three a week. He's had some very big hits in the

0:36.5

past, including Dropbox, and in his earlier

0:38.8

days he gave Larry Page and Sergei Bryn their first rented office space. He invested in them too.

0:46.0

Plug and play is an interesting model and a very chaotic building, which is I guess is what you

0:51.9

would expect from a place that houses more than 450 companies.

0:56.1

I've been there a few times now, and there's always a lot of nervous, unhealthy-looking

0:59.8

engineers pacing the halls and hushed conversations and delegations of executives streaming in and

1:05.6

out. The ceilings are hung with flags from every country you can think of, and the walls

1:10.5

are plastered with poster boards of past startups that have either been bought or gone public.

1:16.2

Walking in is kind of like a sensory experience.

1:18.8

It feels like a startup flea market.

1:21.7

But Amidi sat down to explain the method to his madness and and how he went from rank outsider,

1:27.9

newly arrived from Iran,

...

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