Stay Humble, Hungry and Scrappy feat. Farid Virani

[00:00]Maya Pomroy: Welcome to Owl Have You Know, a podcast from Rice Business. This episode is part of our Flight Path series, where guests share their career journeys and the stories of the Rice connections that got them where they are.

Today, our guest is the entrepreneur behind one of the most transformative moments in Rice Business school's history. Farid Virani, together with his wife, Dr. Asha Virani, Rice Class of 1989, made a historic philanthropic gift that gave our undergraduate program a name, the Virani Undergraduate School of Business. It's much more than a name. It's an investment and opportunity, a catalyst for innovation, and a commitment in developing leaders to solve the world's toughest challenges. The impact is immediate and profound.

Entrepreneur, philanthropist, builder of businesses, teams, and pathways for the next generation. Farid joins us now to talk about his journey as an entrepreneur, scaling with purpose, his deep commitment to philanthropy, and why investing in students is the smartest bet of all.

Farid, thank you so much for joining us on the podcast today.

[01:18]Farid Virani: Thank you. Thank you for having me.

[01:20]Maya Pomroy: Everything about you and your family has such a deep purpose. And we are sitting here in The Faris Foundation that you and Asha founded in loving memory and in honor of your son, Faris. You have been deeply ingrained in so many philanthropic causes throughout the city of Houston. You know, reading your profile, it really is, you know, phenomenal to think about how much you have given back to our city and, really, our country and to our world. And this continues to progress, even with the gift that you gave to Rice Business.

So, when you came to the United States at the age of 19 and then eventually landed in Houston, what was it about this city that you decided, “This was it. This was the place that I'm going to set down my roots and this is where I'm going to begin the next chapter of my story?”

[02:21]Farid Virani: I don't think that there was any planning on my part. I think it's a little bit of grace, some pixie dust, and a little happy coincidence that I ended up in Houston. And once I came here, like I said, I was 19 and just went through the challenges of settling and going to school and what have you. And the city was welcoming, people were kind and gave me opportunity that allowed me to adopt the city as my hometown. So, that's, kind of, how it all happened. Not to mention, I met my beautiful wife, Asha, here and a beautiful family all happened here. So, it is home.

[03:11]Maya Pomroy: Can you tell me how you and Asha met?

[03:13]Farid Virani: We met in 1988. Around that time at Rice, she was a student. And as some people know, I was a waiter across the street at Marriott Medical Center.

[03:28]Maya Pomroy: So, she came to the hotel?

[03:31]Farid Virani: No, no. It was a social event. It was a New Year's Eve get together, a New Year's Eve party. And I remember going there after doing my closing. So, I went there in my uniform and we, by chance, met.

[03:48]Maya Pomroy: That's beautiful.

[03:49]Farid Virani: That was a long time ago, but yes, that's exactly how it happened.

[03:54]Maya Pomroy: And the rest is, so to speak, history.

[03:56]Farid Virani: Yes. Literally, yes it is. Yeah. 37, 36 years later, yeah.

[04:01]Maya Pomroy: Congratulations!

[04:03]Farid Virani: Thank you.

[04:04]Maya Pomroy: That's definitely a milestone.

[04:06]Farid Virani: It is.

[04:06]Maya Pomroy: So, you came to Houston. And, you know, I want to talk about the intersection of business and philanthropy. And, you know, that runs deep in both you and Asha's veins. And so, you know, that's something that is very unique to your story. So, you came to the U.S. and you started a business, literally one store in Baybrook Mall, right?

[04:36]Farid Virani: Yeah.

[04:36]Maya Pomroy: That you scaled to more than 2,500 locations in North America, Canada, and Mexico. Okay. So, tell me your story, your entrepreneurial journey and your story. How did you do that?

[04:51]Farid Virani: I didn't do it. We did it, meaning it's the team behind the folks that supported me, my family, of course, Asha, and a lot of good luck, good opportunities, some good decisions, and some hard work. So, put it all together and here we are. As far as starting the Baybrook Mall story, the first store, technically….

[05:24]Maya Pomroy: What year was that?

[05:25]Farid Virani: This was 1999. May, 1999. That's, kind of, where Prime Communications started with one store in Baybrook Mall. And over the years, like I said, you know, just good partnerships with businesses, good people, good team players. And together, we were able to just grow the pie, just make the pie bigger and share it with everyone. And that's, kind of, how it all happened.

[05:58]Maya Pomroy: So, you grew this business. And when was it that you decided, “You know what? I feel that it is time for me to start investing in my community. It's time for me to start investing in the city of Houston. It's time for me to start investing in my home and making sure that I can help raise other people to be able to achieve the great heights that I've achieved myself?”

[06:23]Farid Virani: I don't exactly know when it started, but it was always. It's just part of who we are. It’s part of our values, our faith. It's just to give back, give back to the place from where we have gotten so much.

So, I don't precisely know when it all happened, but it just happened over time. Asha has played a very big role in everything I've done because she, more than me, is a kind of force behind our family to do more and leap forward and play forward.

So, it all happened slowly over time, and then momentum built, kind of, as I aged and saw what the needs were and learned more. And then it just slowly built on its own.

[07:17]Maya Pomroy: And so, the needs. So, Houston Rice Business is, you know, a phenomenal educational institution. The best.

[07:27]Farid Virani: Absolutely.

[07:28]Maya Pomroy: The best in Houston. And I know that your son went to Rice Business and graduated in 2021, which is the same year that the undergraduate program began. Was it when he was at Rice that you recognized that there was a need for an undergraduate school at Rice?

[07:46]Farid Virani: So, Faraz, my son, he went to Rice and he graduated literally in 2021.

[07:56]Maya Pomroy: 2021, during COVID.

[07:57]Farid Virani: Exactly. And we had a lot of conversations about what the opportunities were, what were some of the things Rice was doing and not doing, and what were some of the things we should be focused on, especially for the upcoming students, upcoming leaders of our community?

And we were just talking, and a friend of mine brought an opportunity to me that, hey, Rice is looking for somebody to maybe support the undergraduate school, the mission with the building. And that's, kind of, how the conversation started. And once we met Dean Peter Rodriguez, I mean, he is amazing. And meeting him, talking to him, the whole family, got involved and got engaged. And we ended up, kind of, taking a different route, but ended up supporting the school by naming and making a contribution to the undergraduate program.

And it happened. It took almost a year for it to happen, for the conversations to crystallize. But it ended up becoming a family decision that my son, Faraz, played a bigger role. Asha, obviously, they both went to Rice. So, they're very much-

[09:25]Maya Pomroy: Owls.

[09:26]Farid Virani: … Owls. And we have… Like, I have a niece. I have a nephew that went to Rice. Asha has cousins that went to Rice. So, there's a lot of… our family has benefited a lot from Rice and how Rice has played a role in our lives. So, then it was just the stars are aligned on all different sides. And it just all came together with the guidance of Dean Peter. And like I said, it just all came together.

[09:55]Maya Pomroy: Yes. So, now that it's the Virani Undergraduate School of Business, so this will be year…

[10:03]Farid Virani: Two.

[10:04]Maya Pomroy: Year two.

[10:05]Farid Virani: I mean, yeah, upcoming. You know, October 29th is the anniversary.

[10:08]Maya Pomroy: Yes. So, what do you hope that students understand or be inspired by when they're a part of that program?

[10:20]Farid Virani: I mean, first and foremost, they should be thankful and grateful at how fortunate they are to be at Rice, to be at an institution that I believe it's absolutely fantastic to develop them into the future leaders, to give them the education that they're going to get, but more than that, help them become the future leaders, our leaders, leaders that the city, the state, the country needs for us to leap forward into the second half of the century. Because I think education… both my wife, Asha, and I believe education is the absolute number one ingredient that we need in our city and state for us to stay competitive, to stay relevant, and to move forward. And this is, kind of, like, our… we're doing our part to play it forward.

[11:24]Maya Pomroy: So, leadership, you mentioned that quite a bit. So, what's the secret sauce? What are the components of a good leader?

[11:35]Farid Virani: Sure. I absolutely believe a leader has to have humility, has to be humble.

[11:46]Maya Pomroy: Humble, hungry, and scrappy is what you say.

[11:47]Farid Virani: I really believe that. Those are the three things that have had… you know, have been what I would say those are the three things that have, kind of, been principles that have guided me throughout my life and my career, is basically being humble, because when you're humble, you're open to listening to other people. You are open to different ideas. You're open with the fact that someone may know more than you do.

[12:16]Maya Pomroy: There's always going to be somebody that knows more than you do.

[12:18]Farid Virani: And I think, with humility, you are open to listening to that. As far as being hungry, to me, that means you are always curious. You are always wanting to know more. It's just the natural, kind of, curiosity that has served me well. And I believe being hungry, intellectually hungry, it's important. And the last but not the least, as an entrepreneur, being scrappy helps. Doing more with less, using today's tools and technologies to do more with less. And then just outfox the competition by literally being resourceful. That's a mindset. I mean, to me, it's a mindset.

[13:12]Maya Pomroy: Growth mindset. Exactly. It's a growth mindset. 

[13:13]Farid Virani: It's an entrepreneurial mindset. It's a scrappy mindset. It's doing more with less mindset.

[13:18]Maya Pomroy: So, what do you believe, specifically with regards to business education in particular, is so essential, you know, in terms of the next generations? What are the challenges that you see? Because there is a race, right?

[13:35]Farid Virani: Yes.

[13:35]Maya Pomroy: There's a race, more so than I think before. What are the qualities that you feel that we really need as a society to, you know, rise above the competition?

[13:46]Farid Virani: I agree. So, what is one thing that I believe has changed systemically throughout the world is speed by which things change. I think, in my lifetime, I've seen things change, but man, now talk about changing fast. Super fast, right? In the world of AI and in a day and all the… so, everything is moving very fast.

So, for the next generation of entrepreneurs, the business leaders, not only have to build businesses and solve problems in society, but they have to be agile, they have to be fast, they have to embrace technology. That's a lot of stuff that is coming their way. They have to find their own North Star as to what they're going to do. And how you do it, I think, will depend on individuals, on their passion, on what they find exciting, what excites them.

But more than that, to me, it will require a mixture of basic business fundamentals, of doing the right things, building things, having great teams around, but embracing technology, not running away from it. Embracing change, not running away from it, I think, will separate successful entrepreneurs and businesses with those who want to take a shortcut.

[15:14]Maya Pomroy: So, you know, specifically for the Virani School, so because we are at the very, very beginnings of the school, what do you hope, looking back 5, 10, 15 years, is going to be, you know, what the Virani School is known for? And, you know, what do you want it to be? What do you want it to be known for?

[15:47]Farid Virani: So, my hope is that the Virani School at Rice becomes a top 10 school in the country.

[15:58]Maya Pomroy: Top five.

[16:00]Farid Virani: Top five. You said it. You said it. But more than that for me is that it becomes an institution, Virani School becomes an institution that develops the future leaders for the country.

Now, whether they are in business, in entrepreneurship, whether it is in the political arena, whether it is in a… in any industry, but so long it develops leaders that give back to the community and give back to the society and give back to the country, then we will all benefit tremendously from, so that is my hope.

[16:40]Maya Pomroy: And, you know, the quality of students at Rice Business, just from my experience going there, you know, I met so many unique people from, really, all over the world that chose Rice specifically because, not only Houston, but Rice Business is a very welcoming place. And so, that's something that I'll forever be grateful for, for my experience at Rice Business.

So, you know, your success clearly goes beyond profit, which I think is what you would like to instill in the Virani School. That it's not so much about profit, but it's also about being a good human being and a good community leader. And that is something that I think is very unique to Rice.

And so, you know, we're sitting here in The Faris Foundation, which is such a meaningful part of your family's work. And for those who may not know about The Faris Foundation, could you talk a little bit about what it is? 

[17:47]Farid Virani: Sure. So, before I start, September is Childhood Cancer Awareness Month. That's what this event is about. Most people don't know about that, that September is Childhood Cancer Awareness Month. And we have had a very, what I call… we have suffered a profound loss in our family and our lives. We lost our youngest son to a rare bone cancer. That was a very difficult chapter in our lives and especially for my wife and I. You can't help when things happen, but you certainly can react differently to bounce back, to try to do things.

[18:45]Maya Pomroy: To change the future to better.

[18:46]Farid Virani: To change the future. And also, to… and that's what defines you. It's not the tragedy. So, that's, kind of, where this Faris Foundation, which my wife Asha leads, came together. And the mission for Faris Foundation is to provide brighter days and better treatments for children with cancer.

That's basically what they do. They do that with many different initiatives, several different initiatives, research, awareness. They do fund-raise. And they also do this beautiful arts and music programs and therapies. They also do what we call the JuJu programs, where we send care packages to kids nationwide.

[19:34]Maya Pomroy: I love that JuJu program. I know that there's a room back there that's called the JuJu room.

[19:39]Farid Virani: Yeah. They do that. And it's been a wonderful way for Asha and our team to give back and basically hopefully help drive some new treatments for children.

[19:56]Maya Pomroy: Just being in this space, it's so joyous and happy. And you feel, you know, the positive energy and the Good JuJu of really doing things for those that are going through and walking through what you and Asha and your family walked through, and to make it a little… to make it… to help guide them through a really, really dark and challenging time. So, what advice would you give Rice students and young entrepreneurs that have big dreams?

[20:32]Farid Virani: I would say the following, you know. Be curious because you just don't know what life has in store for you. I mean, I think, for me, being curious and asking questions about things has served me well. And obviously, you know, be grateful that you are at an amazing institution like Rice, even more special, the Virani School. But then, you know, stay humble and stay scrappy and stay hungry. And that pretty much has served me well. And it's simple. You can remember it. And it's nothing fancy.

[21:11]Maya Pomroy: It has really been a pleasure to chat with you about this amazing opportunity. And, you know, I know that this is something that you and your family and your legacy will live on, just like The Faris Foundation and the Virani School as well. What's next, though?

[21:33]Farid Virani: You know, I don't know, but I'm curious.

[21:36]Maya Pomroy: But you're curious.

[21:38]Farid Virani: And I am looking and thinking. And opportunity will come. Something will come. But I'm open-minded and my heart is open. Our family is looking to do things that are meaningful and that are probably more impactful.

[22:00]Maya Pomroy: I don't know. You're pretty impactful already. But there's always…

[22:05]Farid Virani: Remember, I'm hungry.

[22:06]Maya Pomroy: Yes, yes, yes, yes. Always be hungry. Always be hungry.

[22:10]Farid Virani: Yes. So, that's, kind of, where we are. But, you know, other than that, just being grateful for everything in life and where we are, sitting here and talking about it.

[22:19]Maya Pomroy: Yeah. Well, everybody I know is very, very grateful in the city and especially at Rice Business, and beyond, you know, because Rice is on the map and just becoming stronger and stronger because of people like you and Asha and your family. And so, I personally would like to thank you for that opportunity, you know, for the next generation of leaders that you are helping to create and push forward.

[22:50]Farid Virani: Thank you. Thank you so much for your time.

[22:52]Maya Pomroy: Yeah, thank you.

Thanks for listening. This has been Owl Have You Know, a production of Rice Business. You can find more information about our guests, hosts, and announcements on our website, business.rice.edu.

Please, subscribe and leave a rating wherever you find your favorite podcasts. We'd love to hear what you think.

The hosts of Owl Have You Know are myself, Maya Pomroy, and Brian Jackson.