| ||||
Farid Naib is CEO and Founder of Document Depository Corporation (DDC), which develops SaaS-based critical data management (CDM) solutions that enable management teams, boards and investors to make better decisions and follow industry, governance and compliance best practices. DDC (www.docdep.com) launched at the prestigious spring 2009 DEMO conference in California and has continued to expand its software offering and customer base since then. Naib has a long history of entrepreneurial activity, having founding several firms. He began his first company as a teenager, providing lighting services to a variety of local and international artists. Naib co-founded his first software venture, FX Systems, in 1985. It provided pricing systems for currency option traders as well as corporate Treasury Risk Systems. Clients included Dow Chemical, McDonald’s, Unisys, Sandoz and Société Générale de Belgique. In 1992, Naib founded FNX Solutions, a leading provider of fully integrated front-, middle- and back-office global trading and processing solutions to the world’s largest financial institutions. Under his leadership, FNX grew from five employees and one office to well over 200 employees and offices in seven countries worldwide by the end of 1998. In March 2007, he sold FNX to a publicly traded French technology company, GL Trade. After the sale, Naib served as the CEO of the Capital Markets Division of GL Trade, which included three former operating companies and FNX. In his role as CEO, Naib was responsible for the strategic direction and overall evolution of the capital market group at GL Trade, with staff and clients located around the globe. Naib is a recognized expert in financial risk management and has an extensive understanding of the key technological challenges facing today’s global financial markets. He has authored multiple papers on trading and risk management and has won many awards for his entrepreneurial achievements. In 1996, Naib was honored with Ernst & Young’s Delaware Valley Entrepreneur of the Year, and in 1998, PriceWaterhouseCoopers LLP selected FNX as the Growth Company of the Year. As a recipient of the Philadelphia 100 and the Fast 50 awards, FNX was recognized as one of the fastest growing technology companies in Pennsylvania. FNX was named one of America’s fastest growing, privately held companies in 1996, 1997 and 1998 in the Inc. 500. Naib is an angel investor and advisor for a variety of companies in the high tech, service and music industries. Naib currently sits on several boards and was a board member of Gain Capital, a highly successful foreign exchange trading firm in northern New Jersey. Naib received a BBA from Emory University in 1981 and an MBA in Finance from the Wharton School of The University of Pennsylvania in 1984. What drives you to be successful?The desire to create something that works, along with a strong desire to make things work out for my employees, clients and investors. What are the three most important elements of solid business leadership?Vision, with the ability to change direction when needed. The ability to delegate authority, while remembering that you cannot delegate responsibility. Desire for and appreciation of teamwork. How would you define career success?Having an interesting job that I look forward to going to. I don’t really see a correlation between how well you are paid and how successful you are. Interesting and engaging work is, by my definition, success. Would you consider yourself successful?Yes, I very much like my work, and I have been able to achieve financial rewards for myself and my various management teams and investors throughout the years. What are the goals you are setting for yourself now?To take my current company, Document Depository Corporation (DDC), and have it create a viable alternative to email folders as a place to store and manage important documents. Our first target is investment-backed companies and VC/PE firms, and I want to achieve consistent triple digit growth in 2011 and 2012. I want DDC to provide superior service and functionality to the investment community. Short-term goals include transitioning DDC from the development stage to the sales stage. We also want to explore the West Coast market for our products. As a CEO, what is your particular competitive edge?I have an ability to see a need, but I think many people have this ability. My main competitive edge is the ability to create a product and a company to serve that need. Other strengths include the ability to create cohesive management teams and the ability to think critically about what I am doing I have also assisted in a few turnaround situations, and I think I bring value in helping companies that are stuck at a certain level of revenue achieve new growth. What is the key to keeping your edge and staying ahead of the curve?A great deal of online reading, as well as talking to fellow CEOs and industry participants. Trying new things. Lots of interaction with clients and potential clients. I learn something from every sales demo or client meeting. How or from whom did you learn your leadership skills?The first company I ever had I started at 15. The company provided lighting rigs for touring bands. By the time I was 17, I was working with Allman Brothers off-shoots and bands like Kansas, the Police and BB King. I made an awful lot of mistakes in running the business, which I sold when I was 21. These mistakes helped me to be a better leader. What type of environment have you created to foster success at your company?An open environment where we can discuss new ideas, innovate very rapidly and manage a quickly changing company. At DDC, our current products did not exist even a few months ago. Our messaging is changing, as we better understand our market’s needs. An environment that values and commends hard work and exceptional achievements. What, if any, responsibilities does a business leader have beyond making a profit?Treating employees fairly, being an active part of the entrepreneurial community, helping out other companies and people when requested and as needed. What three lessons or words of advice would you give to emerging entrepreneurs or CEOs?
|
