The CEO of Hamava believes that the exits from this accelerator are among the most genuine exits in the ecosystem. According to Entezarian, Hamava has not merely sold shares to other shareholders, and most of its exits have occurred within the value chain.
According to Iran digital economy annotation, Hamed Entezarian, CEO of Hamava, explains the relationship between Hamava and the Innovation Factory: ‘We have connections with the Innovation Factory in Azadi, but if we look at the broader picture, Hamava is an accelerator whose mission, as defined by its shareholders, particularly Sarava, was to establish the Azadi Innovation Factory in collaboration with Pardis Technology Park. In fact, Hamava’s activities are not limited to the Azadi Innovation Factory alone; over the past seven years, Hamava has made approximately 70 investments.’
He continues: ‘Since the formation of the Hamava brand, which resulted from the merger of Shazan, Avatech, and Noava, 70 investments have been made. Additionally, before this merger, these entities made a total of about 135 investments. This means that 135 teams were invested in, of which around 40 to 45 are currently active. Of course, some of these investments have been exited, some have failed, and some, despite having migrated, have not closed their startup files.’
On the Path to Building a Valuable Portfolio
Entezarian views Hamava’s mission in the acceleration process as building a valuable portfolio for its shareholders and continues: ‘Hamava was initially formed in 2018 with the design of the Azadi Innovation Factory, and with the support of Pardis Technology Park officials and the partnership that was established, it added more value to the ecosystem. Recently, new contracts have also been signed in collaboration with Pardis Technology Park to create more exciting developments for the ecosystem, so that the returns reach the entire ecosystem.’
The CEO of Hamava further discusses the changes in the factory’s operations and says: ‘Until last year, there were 5 warehouses belonging to Pardis Technology Park and 5 warehouses belonging to Hamava, but now all 10 warehouses are under contract with Hamava, and the management of the factory is with Pardis Technology Park to ensure that activities continue within their framework. One of the advantages of this decision is the tax exemption on salaries, which has now been extended to the Azadi Innovation Factory with the cooperation of the Pardis Technology Park managers. We do not have significant financial benefits from the factory; this is an agreement where now the management of leasing and financial matters is handled by Hamava, while the strategic management of the factory, especially regarding services, is pursued by Pardis Technology Park.’
Priority is Given to the Founder
Entezarian, in response to reporters, discusses the future of the Pardis Innovation Factory: ‘We have been working with our colleagues at Pardis Technology Park to explore the possibility of purchasing the park. Even if this does not happen, we are working on forming a fund or involving partners to buy the factory and ensure it remains within the ecosystem. The factory is not just for Hamava; we view ourselves as one of eight users of this space, each with our own dedicated co-working and acceleration areas. We do not consider the factory as our own. It has become a space for the country’s innovation ecosystem and is one of the most vibrant ones.’
Entezarian also explains Hamava’s acceleration efforts: ‘We have 40 to 45 active teams and are not focused on any specific sector. We have diverse teams in agriculture, health and medicine, artificial intelligence, e-commerce, and education. Our goal is to discover talents. Hamava’s focus is on the founder because we believe a capable founder who can build and lead the business is more important than other issues.’
Regarding Hamava’s investment approach, Entezarian says: ‘Our investments are both monetary and non-monetary. Non-monetary investments include mentorship and providing infrastructure like servers, while a portion also includes cash.
He explains the equity received by Hamava: ‘Accelerators and investors take on the risk for the future. Often, when someone joins an accelerator, the team and business model are already quite developed. We invest around 13000 dollar in seed and non-seed phases, taking fair equity. We do not want to destroy the team and do not take more than 15 percent. In Hamava’s portfolio, there are a few companies where we hold more than 50 percent of the shares, and we aim to adjust these holdings. The principle should be that investments are attractive for investors so they are motivated to develop the business.’
Focus on Identifying Talents Outside Tehran
He also discusses the acceleration services outside Tehran: ‘Two years ago, we worked on the UNDP project in several provinces such as Kerman, Urmia, and Chabahar, focusing on waste management, agriculture, and water. We executed three programs as part of this project. This provided us with a valuable opportunity to identify talents outside Tehran. There are many untapped talents in smaller towns and cities. Therefore, we have taken the issue of entering these towns seriously as part of our social responsibility. In addition to the UNDP project, we have invested significant energy in this area and will announce new developments to the ecosystem within a month.’
Regarding the exits at Hamava, he says: ‘Our exits are among the most genuine exits in the ecosystem. We have not merely sold shares to other shareholders. Most exits have occurred within the value chain, and we have completed 7-8 exits so far.’
Gazelle Plains Over Unicorns
The CEO of Hamava also discusses the performance report of Hamava: ‘We aim to release our six-year report by September.’
He further explains about the team recruitment process: ‘We rarely issue open calls; individuals come to our site, state their conditions, and we review them. Our experts respond within less than a week in the investment committee, and we schedule meetings with them. Last year, we onboarded 12 teams, three of which are in the acceleration stage, the rest are still in development, and one has failed.’
Entezarian also explains about funding at Hamava: ‘We often co-invest because our work is inherently collaborative, and we believe the market in Iran should be approached according to its own conditions. Instead of focusing solely on unicorns, we can aim for a field of gazelles that, together, can become unicorns. Unicorns have not truly emerged outside countries like the US. Turkey has had some success due to involvement with companies from Dubai and foreign investments, but Iran is under sanctions and our situation is different. If we only look outside Iran, we might lose motivation and create a wave of despair.’
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