INNOVATORS VS COVID 19
Salman Moghimi Tells Us How Young Entrepreneurs Can Have an Impact in the Society during a Global Pandemic
We talked to Salman Moghimi, CEO and Founder of Peyk on how it powers businesses with an instant delivery solution that has never been seen before and here is what he said about it.
First of all, how are you and your family doing in these COVID-19 times?
Salman Moghimi: I’m doing well. Fortunately, everyone in my family is so far COVID-free. We are on a path to keep developing Peyk as our service is a great tool for society during lockdowns.
Tell us about you, your career, how you founded or joined Peyk
Salman Moghimi: I grew up in a family of entrepreneurs with over five decades of experience running manufacturing businesses related to the automotive industry; so I always knew I was going to run my own business. From an early age, the subjects I studied were geared towards giving me the theoretical knowledge to actualize my ambition of launching a business that would impact society, positively by using the power of technology.
As I studied for A-levels and university, I experienced first-hand the inconvenience of trying to quickly send a personal package across London. At the time, my only options were to send the package the next day or to transport it myself. This was the inspiration for Peyk. I then worked day and night to design a business plan that would allow me to pitch for funding. While preparing the plan, I spent several months working with Amazon as a self-employed delivery driver. This allowed me to garner a first-hand understanding of the logistics used in their 24-hour operations and which helped me to finesse the concept for my platform and refine the business plan.
I then founded the business in 2018, when I was 20 years old and studying Business Management at Cass Business School at City, University of London.
How does Peyk innovate?
Salman Moghimi: On a mission to revolutionize the delivery industry by normalizing the concept of instant delivery, Peyk enables individuals and households to send or receive anything they wish (as long as it’s legal) via their courier, known as a ‘Peyker’, placing their booking through a hassle-free and convenient mobile app.
Often described as the Uber or Deliveroo of instant person-to-person deliveries, the business is disruptive because it offers the fastest, safest, and most cost-efficient way to send personal parcels from A to B in London. The idea behind Peyk is a simple one. Friends and family, as well as businesses, often need to quickly send things to each other, and yet there is no dominant solution for doing this, with the options being to do it yourself, wait 24 hours, or send the item across town in a taxi. The advent of Covid-19 has more than proven the business case both during and post the UK lockdown.
Although peer-to-peer couriers aren’t a new thing and are widely used across Asia and the Middle East, they are yet to take off in Europe. Peyk has brought a similar service to the capital but has bolstered it with great tech to revolutionize and transform the way Londoners send items to one another. That’s why it’s disruptive.
How the coronavirus pandemic affects your business and how are you coping?
Salman Moghimi: Peyk is disrupting the delivery industry by taking a model similar to that of Deliveroo and Uber and applying it to the courier industry and enabling individuals and households, rather than just businesses, to send or receive packages via their courier using groundbreaking tech.
Fundamentally business disruption is about understanding the customer and their needs, then introducing or adjusting a business model that meets these needs. When disruption isn’t positive it’s usually because it’s simply just innovation and not actually disruption, or it’s not rooted in a real need for change and is simply being driven by new tech.
However, sometimes negative disruptions can also create positive outcomes. Covid-19 has undoubtedly been one of the most disruptive things to happen to us in the last 12 months, and companies both big and small have had to adapt and pivot as to ensure that they continued to serve their customers’ needs. And, while the impact for some businesses will, unfortunately, have been negative, for us, there has been a lot of positive change and I think we will see some truly innovative and disruptive businesses arise as a result of this period in the world’s history. For us, we have reached over 60% growth within the platform and have had days that over 100 new people applied for jobs through Becoming a Peyker.
Did you have to make difficult choices and what are the lessons learned?
Salman Moghimi: As an entrepreneur with sufficient experience over the past years, I have the 3 best words of advice for anyone who wants to follow on my journey for a startup. These are:
1: Try to create the best team that you can. Create that cozy and friendly start-up environment.
2: Have trust in what you are doing! Don’t let demotivation get a grip on the direction you want to go.
3: Don’t jump away from any challenges that you experience.
What specific tools, software, and management skills are you using to navigate this crisis?
Salman Moghimi: We use a series of in-house made software to manage the team, tasks and to coordinate with each other. Furthermore, we use Trello to share some content and also Clockify to monitor employee attendance.
Who are your competitors? And how do you plan to stay in the game?
Salman Moghimi: We’re just at the beginning of the Peyk journey — we just turned two in September. In the coming months, we are releasing the Peyk Marketplace, which will allow thousands of Londoners to access hundreds of local stores powered by our fast deliveries. Our next big innovation is also coming down the line, which will be Peyk’s first patented product.
Your final thoughts?
Salman Moghimi: “If you win, you will be happy. If you lose, you will be wise”
As a young entrepreneur, I have to be prepared for good and bad things to happen at any time. I believe that experience is the greatest earning you ever make in business and so if things go wrong, I don’t necessarily see this as failure — every experience is a chance to learn. There is a power in previously earned experience and failure that can provide the motivation to stand up and fight for another successful venture again. There is always a new chance to build things up again from scratch but next time you take more experience and potential into the venture with you.
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