Nida Khan, CEO of software solutions provider Nash fintechX, shares her entrepreneurial journey, key strategies for success, and invaluable advice for women entrepreneurs.
Briefly explain the key activities of Nash fintechX.
Nash fintechX is a software development company, focused on providing solutions for corporates to help them attain net-zero. Our product suite targets carbon markets and comprises of the following offerings: DCarbonX (Blockchain-based carbon credit market), CNet0 (Carbon offset marketplace), and CTrackX (Carbon footprint calculator).
What’s your personal story behind founding the company?
I finished my PhD in computer science from SnT, Luxembourg in July 2020. My research focused on the use of blockchain in industrial applications. After my PhD, I decided to create my own company to help me implement my ideas and derive intellectual satisfaction. We started our journey with consultancy work to get to know the needs of the corporate world better, before diving into the exciting world of software development. Covid was at its peak at that time, and we were stuck at home. COP26 happened and I started acquiring information on the climate crisis and carbon markets struck me, as the issues that were being reported could mostly be solved using blockchain. Then I got the idea of developing DCarbonX. I initially developed a prototype of DCarbonX on Solana blockchain and then went for our pre-seed round, to recruit a team of software engineers to help in the development of MVP. Following the testing phase of our prototype, we switched to developing our products on Algorand blockchain.
What are your keys to success as a female entrepreneur in tech?
My keys to success as a female entrepreneur would be similar to male entrepreneurs, namely knowledge, hard work, belief in your abilities, persistence, ability to learn and change, patience when things don’t go the way you want to, and passion for your work. Additionally, there might be days or weeks where the light at the end of the tunnel would not be visible, but it is crucial to continue moving on the path one has chosen and give their best efforts. Entrepreneurship is a competition, and the major survival skill is to continue moving forward, even though the steps one might be taking appear small. In Indian scriptures, there is a mention of an incident, where Arjuna in Mahabharata, was asked to strike at the reflection of the eye of a fish to demonstrate his excellence in archery. He succeeded against others because he looked at only the eye of the fish. Hence, our focus should only be on our goal. The minute we start looking at other things, we dampen our emotional strength and diminish our drive to pursue our goal.
Are there specific skills or attributes that are particularly important for women founders?
As a female I think it is very important to always believe in our abilities. We should not undervalue what we do. We should be outspoken and confident about our reflections on a certain subject being discussed. We should carve our own independent style, as opposed to following the male counterparts, who dominate entrepreneurship, more so in the tech field. Women do as well as men and even better as long as they are in academics, but very few females manage to maintain this success level later on in their careers. They have to look at themselves as being the same as they were in their academic years and being a mother/ wife does not change things. It just adds a feather in their cap. Additionally, women should take care to enhance their knowledge on relevant financial aspects, to ensure they talk in terms of numbers when dealing with others, as capital is the oil that runs businesses.
What common challenges do women entrepreneurs in Luxembourg face?
The challenges are similar to what women face in other countries. They might be magnified or diminished depending on the business need. Luxembourg is a geographically small country and hence, if a need surfaces in the market for a specific sector being targeted by a business, then women entrepreneurs would benefit more. Challenges are part and parcel of most entrepreneurs, there’s no running away from it. It refines your personality for the business world, because if you want a truly successful company, you will eventually think of going global, and the challenges you faced would have taught you how to survive in the international landscape. In Luxembourg, the number of startup competitions are not as prevalent as in Asian countries to help entrepreneurs acquire pitching skills in a real-world scenario, as opposed to mockups. I feel there should be more startup grants, with not so stringent eligibility criteria. In a country like Luxembourg, if resources are pooled, a very fertile environment exists to produce multiple unicorns. We have a diverse population and diversity is a contributing factor to innovation. People here are all connected to each other, and in-person meetings are always possible. All these factors are very good grounds for raising successful startups. Consolidation of forces can happen within a very short timeframe, which is vital if a startup needs a push to scale and grow.
What strategies do you recommend to overcome these challenges?
Continue to work hard and focus on your goals. Try to participate in as many startup events as possible, both in and outside Luxembourg. Join international competitions in your sector to know how and where your product/ service stands. Even the failures teach you. You get to meet founders from other countries and some of these companies become unicorns. You learn that it is people like you, who succeed. This will give you the inspiration and motivation to continue. You learn from their experiences on overcoming issues they faced, whether in terms of capital, client acquisition or the team. It is also very important to go for an incubation programme at the beginning of your journey. You build a network of other founders, which keeps on growing with time. They are your friends in this journey. Follow up with an acceleration programme to connect with stakeholders in your sector, raise funds and network with target clients. Always reach out to people for help. You might get a ‘No’ or ‘No response’ in many cases but then you are building your own support ecosystem in this process, as you would know whom to reach out to and where not to knock in future. It is very important to know your resources, constraints and strengths. It will help you to plan your next steps accordingly.
What resources or networks have been effective in supporting your company’s growth?
I have been fortunate to have received support from networks from different countries, who have all contributed to the company’s growth in different ways. In Luxembourg, Luxinnovation has been a pillar of support in their guidance on structuring grant documents, mentorship, introducing to a few potential clients and helping to increase our visibility through encouraging us to apply for startup events. I talked about my company products in the Women in Tech event, organised by BPI France during VivaTech through Luxinnovation. I pitched at the Superconnectors event in Paris, through Luxinnovation, where Startup Luxembourg was one of the partners. I recently had contact with a representative from the House of Web3, Luxembourg, and it has been pivotal in terms of acquiring a feel of dealing with target clients as well as getting product validation. The Chamber of Commerce in Luxembourg has also contributed to helping us in getting exposure with international clients and innovative companies through our participation in the Joint Trade Mission from Belgium-Luxembourg to Saudi Arabia and Oman, as well as the VivaTech Trade Fair visit.
During one of the guided tours organised by HubInstitute, facilitated through the Chamber of Commerce, the tour guide asked all the companies about their work. When he listened to what we are doing at Nash fintechX, he said you should have a booth here. This might come across as minor comments but for founders, hearing feedback like this always reinforces the validation of what we are doing. The trade mission helped us to get more attuned to the needs of the target sector, as well as strategize our next steps for client acquisition. I did my incubation program from EuraTechnologies, France. I received mentorship, guidance, created a company branch in France with their support and I will be going for an innovation and entrepreneurship programme from Stanford University with the team from EuraTechnologies.
We received a grant of $50K from Expo Live Innovation Program in UAE. The capital we received through the grant and our pre-seed investment round helped me to continue my business processes. The grant was the culmination of several pitching rounds, the last was held in Dubai, where we were selected with 35 other founders as Global Innovators in 2023. We were also selected as a panellist in COP28, where I represented Nash fintechX in a discussion on Unlocking Carbon Credits. Recently, we have been shortlisted as a finalist in FutureTech World Cup Qualifiers, organised by Dubai AI & Web3 Festival. If we get selected in this round, we will get to pitch in the Grand Finale and showcase our solution to a global audience. This will increase the credibility and visibility of our software solutions.
Do you have any role models who influenced your journey as founder and CEO?
Whenever I felt lost, I drifted to reading about tech founders. Since I feel like a tech person myself, I can resonate more with them. Elon Musk, Steve Jobs, Bill Gates, Jensen Huang and Jeff Bezos are amongst the people that inspire. Then there are some fictional characters as well who did well in business like Scarlett in the novel ‘Gone with the Wind’ (Margaret Mitchell) and Charlie Trumper in the novel ‘As the Crow Flies.’ (Jeffrey Archer). In general, most people in my network, whom I interact with often, have influenced my journey and continue to do so.
What advice would you give to women considering starting a businesses in Luxembourg or Europe?
Gather a lot of information about the sector you want to start your business in. If possible, have some professional qualification to support you in that sector as nothing works like having an upper hand in knowledge, especially in a new or growing sector. Network with people in that sector and collaborate with them to give you a headway, while launching your business. If you are developing a product, then try to develop in stealth, incorporating your business once the prototype is ready, provided you have the capital to go ahead with this. Always focus on your product/ service. Businesses become successful without initial support, if product is good. But if the product is average, then long-term viability will be difficult to achieve, despite all investment, partners or collaborations. Don’t see yourself as a woman starting a business as that perception might make you look towards challenges and inequality present in the area and demotivate you. Look at what you are good at, why you are starting a business, and what could stop you from becoming successful. Adopt a mindset of: if you don’t start, someone else will, so why not you?
