Meet Ifty Nasir, founder and CEO of Vestd
Ifty Nasir is founder and CEO of Vestd, the UK’s original share scheme and equity management platform. He is a passionate advocate for the Ownership Effect and, after becoming a senior executive at BP and Essar Energy, founded Vestd to help startups unlock people-powered growth.
Vestd is a platform which enables founders to give their team shares or options through a range of schemes including Enterprise Management Incentives (EMI). The platform also has features and products to support early-stage companies including SEIS and EIS advance assurance.
Describe Vestd in three words.
Equity for all.
Tell us about your experience prior to launching Vestd?
My route to entrepreneurship began as a teenager when I attempted to set up ‘computer aided real estate’ - very similar to the Zoopla and Rightmove sites we have today, but I couldn’t secure support from the regional enterprise council who failed to see how the product could work. I suppose the timing for that venture just wasn’t right.
In my earlier career, I reached the most senior levels at BP and Essar Energy but soon I decided to try again with a new business idea to help transform the ‘shareholder’ world, which is currently dominated by ‘cash’, to one more reflective of the contribution made through human endeavour, energy, and hard work.
Although I was enjoying my work in the corporate world I had a growing family and decided that I needed to better balance my home life with my work life. So I set up Vestd with my nephew.
Vestd now supports other entrepreneurs like myself by facilitating and guiding businesses in sharing equity to incentivise teams and unlock people-powered growth. Our focus is on supporting SME and startups, who previously would not have access to these schemes due to the red tape and costs involved. But through our platform, Vestd has opened the door to growth for many entrepreneurs.
There’s always a lightbulb moment before the beginning of a new venture. What was that moment for you?
I’m a strong believer in the ‘Ownership Effect’ so I wanted to create a business that reflected that and aligned with. I think better businesses are built when all those helping to build them are truly invested in their success.
And that’s where Vestd came in. It advises businesses on how to share equity to incentivise teams and unlock people-powered growth.
What does your business offer its target audience?
On a surface level, all of our customers have access to our core features - digital equity management, the ability to issue shares and options instantly, a real time cap table, legal docs, the option scheme designer and shareholder dashboards. What this really means, however, is that the startups, scaleups and SMEs we work with get to experience this “ownership effect” that we talk about.
The thinking behind this is that when employees own even a fraction of equity in a business, they are more likely to be more loyal, work harder, solve problems faster and support the wider team to ensure that everyone gets to share in the success.
Small businesses owners are often put off by the process of getting a share scheme set up. But gone are the days of having to deal with relentless piles of HMRC paperwork and intricate accountancy work, all of which take a lot of time and money. Instead, Vestd provides a safe, easy and affordable solution to share equity.
With all the success stories around entrepreneurship and how innovative people have to be to take the leap. How do you think you’ve innovated your sector and why?
Vestd was the first and is the only regulated share scheme platform for UK SMEs. This is a huge step towards backing small businesses in the battle against major corporations in keeping their talented staff, as they can now offer an investment potentially worth a lot more than possible with cash.
On top of this Vestd is the only fully digital platform of its kind in the UK. This, along with the fact we are a fully remote team, puts us at the forefront of digitally managed equity schemes, meaning we benefit from the instantaneous nature of online and collaborative working.
We’ve opened the door for more startups to align, motivate and reward teams with equity, which we believe will directly lead to more and stronger startups in the future. It’s a game-changer for all sectors.
What do you think gives a brand longevity?
No matter how good an idea for a brand or business, when it comes to crunch time, it's all about the people and teams within it that gives a brand true longevity. Having people willing to put in their best, and the teams to support each other mutually along the way. Companies that can work as one to provide a great product or service and create something that they can be genuinely proud of. They also tend to be the ones that leave a lasting impression in any and all fields.
How important is company culture and what is your top tip to get it right?
Our people and culture is something that we hold in high regard here at Vestd. In today's climate, fresh off the back of the great resignation and with reassessments of work-life balances being at the forefront of many people's minds, culture is king.
Work culture is what attracts talented individuals. It’s also key to the retention of that talent. There’s no point onboarding a team of great people to just lose them around the corner.
When it comes to building a successful culture, we believe that providing the option to become personally invested is the most powerful tool. Companies that share ownership grow as much as 28% faster than those who don’t.
What are your thoughts on failure?
The mantra in startupland is to fail fast. Obviously we’d rather not fail at all but the reality is that not everything we try will work. Failing is part of learning.
For example, the ad campaigns we run… some of them won’t make the grade, whereas others will hugely outperform. We learn in both circumstances. And from there it’s about doing more of the things that work, and stopping anything that doesn’t deliver in line with our hypothesis.
How does technological advancement speak to the strategic direction of your business?
The world is largely digital but in some areas digital transformation has yet to happen. When we launched Vestd seven years ago there was no way of getting involved in share schemes without employing and relying on accountants and lawyers. Now we have supplemented this with technology to provide a safe, simple and importantly inspiring way to share equity.
As we gain access to more advanced technology, this process will naturally become even more streamlined and simple. We also are hoping to be able to get more and more companies involved in an equity economy, enabling all people to participate in business using the Vestd app. In time this will help achieve The Social Development Goals set out by the UN, established back in 2015, created to drive the world towards being cleaner, safer and fairer.
What plans do you have for Vestd over the next two years?
Well, we’re on a mission to increase equity inclusion and will be further developing our product and team, to make it as easy as possible for founders to motivate their teams with shares.
In growing our team we will be able to continually develop our platform with new, great and creative ideas to bolster its efficacy and accessibility. After all, the driving force of Vestd is to allow SMEs of all kinds to gain access to the world of sharing equity, so for us to develop in this way is a given.
We intend to become the ‘household name’ when it comes to equity management, but more than that we want to inspire founders and entrepreneurs to believe that sharing a slice of the action with your staff when it comes to business is a standard feature of employment. Although whether that can be done in just two years could be another story.
What would be your top marketing tip, to grow a business that is niche?
Be as helpful as humanly possible. Produce educational resources customers and prospects will actually find useful. Think about the value you bring to the market, what problems your product or service solves and then prove it. Collect and share testimonials from customers and listen to their feedback in earnest to improve your offering over time.
