Author: Jean Luc Juste
Zeeshan Shaikh never set out to be an entrepreneur. The idea of founding a startup wasn't a lifelong dream but rather a path that emerged through the experiences and inspirations he encountered during his time at MIT. This is the story of how Zeeshan transitioned from a corporate career in banking to launching TitanPayAI, a startup poised to revolutionize the payments industry.
A New Beginning at MIT Sloan
In December 2020, Zeeshan received the exciting news of his acceptance into the MIT Sloan Fellows MBA Program (SFMBA). The plan was to begin this prestigious program in May 2021. However, the COVID-19 pandemic brought uncertainty, making it difficult to plan. With classes potentially shifting to a remote format, Zeeshan made the difficult decision in March 2021 to defer his enrollment by a year. It was a tough call, but it set the stage for what was to come.
The First Spark of Entrepreneurship
During the early months of 2021, while still planning to attend MIT, Zeeshan connected with other admitted students, including Mohit Malhotra, a fellow from Dubai. Mohit had recently sold his CFA Program preparation business to Kaplan for millions and was joining the SFMBA program to explore his next venture in the education space.
In one of their discussions, Mohit asked Zeeshan if he had ever considered entrepreneurship. This question struck a chord. Though Zeeshan had always been cautious about the risks of entrepreneurship, he realized that his approach to his work at the bank, taking ownership, striving for excellence, and making a meaningful impact was akin to the mindset of an entrepreneur. Inspired by this conversation, Zeeshan decided to take entrepreneurship seriously, brainstorming five potential business ideas that he believed could succeed.
A Guiding Mentor
Another significant influence in Zeeshan's journey was Asad Jumabhoy, a family friend, mentor, and MIT Sloan alum. Zeeshan first met Asad in Singapore, where he completed his undergraduate studies at the National University of Singapore. The Jumabhoy family, known for their strong educational background and entrepreneurial spirit, played a pivotal role in shaping Zeeshan's aspirations.
When Zeeshan deferred his enrollment at MIT due to the pandemic, he sought Asad's advice on his next steps. Asad, who had started his own global tax refund company called UTU, encouraged Zeeshan to focus wholeheartedly on entrepreneurship. He advised Zeeshan to take a leap of faith and commit to making his entrepreneurial dreams a reality.
Arriving at MIT and Narrowing the Focus
When Zeeshan finally arrived at MIT in May 2022, he had narrowed his five initial business ideas down to two. As he immersed himself in the Sloan program, it became clear that MIT demanded its students to challenge themselves and make a mark in their respective industries. Zeeshan knew he had to choose the most difficult path, the one that would have the highest impact.
By July-August 2022, Zeeshan had decided to tackle a problem he had encountered during his time as Head of Payments at HSBC: the Request for Information (RFI) process in cross-border payments. This process often delays payments as banks seek additional information for compliance purposes. With over 400 million RFIs globally each year, the payments industry faces a significant financial burden. Zeeshan's goal was to solve this problem, one step at a time.
The Birth of TitanPayAI
Zeeshan's journey through the MIT Sloan program was marked by several key milestones. In September 2022, he enrolled in the New Enterprises Course under Professor Bill Aulet, a legendary figure in MIT's entrepreneurship ecosystem. During this course, Zeeshan assembled a team, conducted customer interviews, and developed a comprehensive business plan for what would become TitanPayAI.
In October 2022, Zeeshan's startup was accepted into MIT Sandbox, a program that provides funding and mentorship to student entrepreneurs. Around the same time, he also took the AI4Impact Course at MIT Media Lab, where he met influential advisors, including his first business advisor, Shahid Azim.
By the fall of 2022, Zeeshan had refined his startup idea and began working on building a prototype. In January 2023, he was accepted into MIT FUSE, a mini-accelerator program that allowed him to focus on his startup full-time.
In March 2023, Zeeshan's hard work paid off when TitanPayAI won NFX VC's FAST Program at MIT and Harvard, securing $100,000 in funding. This financial boost gave Zeeshan the confidence to turn down job offers from global banks and fully commit to his entrepreneurial journey.
The Launch of TitanPayAI
After graduating from MIT in June 2023, Zeeshan devoted himself entirely to TitanPayAI. The startup officially launched on 28th June 2023 during an Eid dinner with his fellow Sloan Fellows. By this time, Zeeshan and his team had developed a working prototype of their product, which they began presenting to potential clients.
In September 2023, Zeeshan attended the TechCrunch conference in San Francisco, where he met Mathieu, a fellow entrepreneur with a background in payments. The two hit it off and decided to collaborate, with Mathieu eventually joining TitanPayAI in February 2024 and became as a co-founder in May 2024.
Building a Team and Overcoming Challenges
One of Zeeshan's greatest strengths has been his ability to build a talented and dedicated team. By March 2024, TitanPayAI had attracted the attention of a major global bank, leading to a presentation and the validation of their solution. Although the product was not yet ready for piloting, this experience motivated Zeeshan and his team to push forward.
In May 2024, TitanPayAI joined the Cohort 2 of C10Labs, an AI Venture Studio co-founded by Zeeshan's advisor, Shahid Azim. With a growing team and continued support from mentors and advisors, Zeeshan's startup is poised to make a significant impact on the payments industry.
The Journey Continues
TitanPayAI is more than just a startup; it's a mission to solve a critical problem in the payments industry and leave a lasting legacy. Zeeshan's journey from a corporate banker to an entrepreneur has been filled with challenges, but his determination, vision, and the support of his mentors and team have propelled him forward.
As TitanPayAI continues to develop its product and engage with potential customers, Zeeshan remains focused on his goal of revolutionizing the payments industry. The road ahead is long, but with each milestone, Zeeshan and his team are one step closer to achieving their dream.
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