“I feel money is a by-product of values. That’s how I perceive financial freedom.” – Zafir Shafiee Chowdhury
YSSE: You are an inspiration to millions. Who has been your inspiration?
Zafir Shafiee: I am honored that people consider me their inspiration.
So, in my entrepreneurial journey, Bill Gates was my idol, and I followed him closely. Since childhood, I’ve been inspired by Thomas Alva Edison for his innovative spirit and love of inventing interesting things.
YSSE: How did you do with names like Singularity and Bondstein? Tell us more about the companies.
Zafir Shafiee: I was a huge fan of Science Fiction. So, ‘Singularity’ (founded in 2012) was named by me, which refers to a point of infinity. ‘Bondstein’ (founded in 2014) came from the fusion of the concepts of being smart like James Bond and intelligent like Einstein.
Singularity works on web development, mobile applications, game development, etc. Bondstein works on designing and fabricating smart devices equipped with sensors.
YSSE: What drives you?
Zafir Shafiee: The impact I create. Every day after I wake up, I feel like a new day has started and a new challenge is up for me.
Innovation and problem-solving on a larger scale drive me.
YSSE: When did you achieve your first breakthrough?
Zafir Shafiee: In 2013, I experienced my first breakthrough with the prestigious Commward Award, my first professional award. This renowned award, presented by the Bangladesh Brand Forum, is a significant accolade in the innovation field. We won the award, beating GrameenPhone, for creating a robot in collaboration with Lafarge for Google. This achievement was like an assurance that we were on the right track.
YSSE: Could you share a funny incident from your school days?
Zafir Shafiee: School days are full of fun memories. I and Shahrukh studied at Government Laboratory High School, and we then continued our studies at Dhaka College. He was very serious during our school days. In contrast, I have been actively engaging in various clubs and their activities since I was in standard 5. I excelled in quizzes, debate, and general knowledge competitions and also led the Red Crescent Society. When we were in Standard 10, I persuaded Shahrukh to participate in an upcoming event at my quiz club with great difficulty. I introduced him to the Moderator, Sir, and the President of the club. But to my surprise, he ditched me at the last moment, saying, “I won’t do anything, actually,” and went in the opposite direction. This left everyone shocked and created an awkward situation. We still laugh about it when reminiscing.
YSSE: What was your feeling after being listed in Forbes 30 Under 30?
Zafir Shafiee: It was an unfathomable and completely unexpected moment. I got the news when my co-founder, Shahrukh, called me at around 6:30 a.m. and urged me to check my email. After reading the email, I didn’t know how to react. Then, I discovered our profiles on the Forbes website and was requested to provide official photographs. We received immense appreciation, media coverage, and well wishes from all directions. While I have received numerous awards, this one will remain special forever.
YSSE: How are you different from the other entrepreneurs?
Zafir Shafiee: Every human’s leadership style varies. While most leaders tend to be controlling, I strive to be empathetic. I have 130 employees currently working for my company. It’s not possible to talk to everyone personally, but I try my best to align myself with them. Similarly, I practice empathy with my clients, prioritizing their satisfaction over my own or the product’s interests.
YSSE: What is financial freedom in your terms?
Zafir Shafiee: While I come across opportunities for lucrative outcomes, I believe that driving value will naturally lead to financial comfort. I feel money is a by-product of values. That’s how I perceive financial freedom.
YSSE: Could you please provide information about the device designed to prevent leaks of public examination questions?
Zafir Shafiee: After the 2015 medical entrance question leak, we developed a product called Smart-Box with a problem-solving approach to address day-to-day challenges. In 2016, we proposed the idea to DGHS(Directorate General of Health Services) to prevent such mishaps. They agreed, and within a week, we delivered the solution, ensuring no leaks that year. Our success was highly appreciated by Dr. Jafor Iqbal, Kaykobaad Sir, the Health Minister, and since then, we’ve scaled the product for use in various public exams. We started with a problem-solving mindset, reached breakeven, and continue to supply it at a low cost to support students.
YSSE: Tell us something about your upcoming agricultural projects.
Zafir Shafiee: In agriculture, IOT is a promising field. We have a successful cow collar prototype with 100 units deployed and ready for mass marketing. Additionally, we’re working on a groundbreaking soil-sensing solution using LoRaWAN technology. The main challenges in agricultural sensor devices are power and communication. However, LoRaWAN solves this issue by providing long-range communication with low power consumption, allowing sensors to function for 3 to 5 years without a battery change. This technology enables the control of thousands of sensors through a single gateway, addressing the challenges significantly.
YSSE: How has the journey been in the last 11 years?
Zafir Shafiee: The journey has been a mix of uncertainty and excitement. Back then, as a young 19-year-old, there was an adrenaline rush to do something new. Balancing business and studies at BUET was challenging due to the immense academic pressure. After my classes, I had to work from 5 p.m. to 2 a.m. in the office. However, now that I am fully dedicated to the business, life feels much easier.
The initial 2-3 years were a struggling phase, and thoughts of giving up frequently crossed my mind. While it required significant effort and struggle, I wouldn’t classify our experience as a failure like the majority of startups that face a 95% failure rate because I had a very good co-founder, a good team, and I picked good people.
YSSE: What are your plans?
Zafir Shafiee: My goal is to become the founder of a Fortune 500 company with a global scale-up that significantly contributes to Bangladesh’s GDP.
YSSE: What are the things that you look at as an investor when a startup comes to pitch to you?
Zafir Shafiee: I look at two things upfront.
Firstly, the founder’s ability and skills are important, as the investor invests in the person behind the company. Secondly, I assess the idea based on my entrepreneurial experience of 11 years in the industry.
YSSE: What legacy do you want to leave behind?
Zafir Shafiee: I want to die happy, knowing that I could benefit mankind in some way. I wish to leave behind innovations and nurture future leaders who will carry on my legacy. Just as I was inspired by Edison and Bill Gates, I want my story to be an inspiration for generations to come.
Rapid-fire questions
- When I’m stressed, I still work. (Laughs)
- My superpower is my problem-solving attitude.
- Describe yourself in one word.
Ambitious.
- If a biopic is made of your life in the future, whom would you like to play the lead role?
(After a minute of pondering and self-talk) Mmm… Let me just say, Russell Crowe.
- What is the best decision of your life?
Starting a business.
- What is something you wish you knew when you got started?
Running a company is not kid’s play, and it would cost one’s entire fun life.
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Writer,
Razna Rahman
Intern,
Content Writing Department,
YSSE.