Checking in with Imran Khan, ex-CSO of Snap, on his ecommerce venture Verishop

Imran Khan is one of the most prominent Bangladeshi-Americans in US tech, having built Snap's revenue operations and taken it to IPO and then launched his venture-backed ecommerce venture, Verishop.

Recently we had a chat with Imran Khan, who is a prominent figure in the technology and e-commerce industry, serving as the co-founder and Chief Executive Officer of Verishop, a social commerce company dedicated to enhancing the shopping experience for its community. Alongside his role at Verishop, Imran Khan is also the founder and CEO of Proem Asset Management, an investment firm focused on supporting promising technology-driven ventures.

Prior to his endeavors with Verishop and Proem Asset Management, Imran Khan held a significant position as the Chief Strategy Officer of Snap Inc. Under Imran's leadership, Snap Inc. experienced exponential growth, with the company's annual revenue reaching an impressive $1.6 billion within just four years.

Imran Khan's professional journey includes a distinguished background in investment banking and research. As the Managing Director and Head of Global Internet Investment Banking at Credit Suisse, he contributed to more than $45 billion worth of mergers, acquisitions, and financing transactions. Before his tenure at Credit Suisse, Imran Khan held the position of Managing Director and Head of Global Internet Research at JPMorgan Chase.

Imran Khan's multifaceted career trajectory reflects his passion for driving impactful change and shaping the future of e-commerce and technology. With his leadership and visionary approach, he continues to revolutionize the way people shop and engage with brands through Verishop, creating a more joyful and fulfilling shopping experience for consumers worldwide.

We heard from him on:

• His personal background and journey to get to Verishop

• Experience in his roles as a financier, operator, and investor

• How he sources, onboard, and supports brands through Verishop

• The operating model behind a fully remote company

• Future of retail and e-commerce in America

• Advice for Bangladeshi founders.

  

  🔴 Listen on Spotify.

💼 Actionable insights

Here's a summary of our key takeaways and highlights from the episode:

My decision to join Verishop was driven by the disruptive potential of digital content creators that I saw in the industry. I saw an opportunity for independent brands to revolutionize the retail sector, and my vision was to create a community where these small businesses could showcase their brands and passion. My goal was to build an impactful business. Verishop.com served as a curated platform for shopping, but our vision extended beyond that. We aimed to provide support to these entrepreneurs by partnering with media companies and other sites, offering distribution assistance and customer acquisition opportunities. 

We faced challenges in generating demand on the supply side, but many brands embraced our mission. To drive traffic, we partnered with media companies, invested in marketing and explored new strategies. We automated processes on the supplier onboarding front while valuing feedback and verification. Customer feedback was a priority. We also adapted to the US market preference for video content, clipping live streams for better consumer engagement. Effective communication of a brand's promise through videos and content proved vital to our success. Regarding our offline strategy, I view it as an additional distribution channel. Rather than creating Verishop-branded locations, we aimed to partner with companies that already had a strong offline presence, expanding our community to new locations.

Regarding remote work, I believe that building a culture around a shared mission is vital. There are mixed feelings about remote versus physical offices. Offline training is often more effective, especially for young employees. Different floors and offices may have their own micro-cultures, but the real culture should revolve around valuing people for the company's mission. Verishop's culture was centered on being passionate about the entrepreneurial community we were building.

Over the past 3-4 years, my biggest takeaway has been the importance of building a business that can break even. Relying too heavily on investors can be detrimental, and it's crucial to focus on raising just enough capital. Many companies fail because they have too much money and try to tackle too many things. I advise entrepreneurs to focus on specific milestones and the journey, raising funds only when necessary.

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