The Story of How a Missing Transcript Sparked the Creation of a Multi-Million Dollar Data Company by a College Student
The inception of TransCrypts was sparked by a mishap that motivated Zain Zaidi to create a platform enabling individuals to possess their verified data history.
Back in 2020, a missing transcript incident prompted college student Zain Zaidi to establish the Silicon Valley data company TransCrypts.
During his application to Harvard University for graduate school, Zaidi faced a situation where his undergraduate school, San Jose State University, failed to send his official transcript to Harvard.
Reflecting on this incident, Zaidi pondered, “After investing four years and substantial tuition fees in earning an electrical engineering degree, why should I rely on my school to validate my graduation?”
This mishap served as the catalyst for Zaidi and his partner, Ali Zaheer, to launch TransCrypts, a platform empowering individuals to take control of their verified data history.
Initially focusing on the academic record sector, the duo later shifted gears to the HR domain by streamlining the HR verification process through verified blockchain records, enabling employees to have ownership and share their data.
Currently, TransCrypts serves 250 enterprises, facilitating employees with readily available employment and income documents for various purposes like loan applications and job transitions.
After securing angel investments, TransCrypts garnered acceptance into Techstars, a venture capital firm and startup accelerator, offering valuable guidance and acceleration for the company’s growth.
Zaidi expressed gratitude for the mentorship received during the challenging process of building a company from scratch, highlighting the pivotal role of mentors and advisors in his entrepreneurial journey.
Following their engagement with Techstars, TransCrypts collaborated with renowned investors like Mark Cuban to further propel their growth.
Zaidi shared how persistence and product development led to Cuban’s investment interest, highlighting Cuban’s expertise in marketing and his responsive communication.
Despite generating revenue, Zaidi chose not to take a salary for the initial three years of the business, prioritizing proving the business model and reducing reliance on investor funds.
Zaidi acknowledged the dedicated employees who relocated to the Bay Area, emphasizing the trust and faith they placed in the organization and its leadership.
Recognizing the responsibility towards employees and customers, Zaidi stressed the importance of prioritizing their well-being for organizational success.
Zaidi emphasized the values of selflessness and sacrifice, crucial for entrepreneurship and effective leadership, reflecting on the significance of decision-making in employee management.
Looking ahead, Zaidi envisions TransCrypts evolving into a multifaceted organization empowering users with data ownership, aiming to redefine the credit bureau model by enabling individuals to control their data.
Zaidi’s vision is to create a modern-day credit bureau where individuals have autonomy over their data, aiming to eliminate the challenges associated with traditional credit bureaus and returning control to the users.
