World Zarathushti Chamber of Commerce marks 25 years with push for youth entrepreneurship

Mumbai: Till two to three generations ago, the Parsi-Irani community produced merchants, traders, businesspersons, industrialists, wealthy brokers and visionaries. That entrepreneurial spirit disappeared over the past few decades as more and more from the community preferred cushy, nine-to-five jobs in banks or as salaried employees.In a bid to foster entrepreneurship among the community's youth, the World Zarathushti Chamber of Commerce (WZCC) is marking the completion of 25 years with a three-day convention in Mumbai from Jan 8 to 10. Business leaders and industrialists like Cyrus Poonawalla, chairman of Serum Institute, Rasna chairman Piruz Khambatta and Burjis Godrej, ED, Godrej Agrovet, are scheduled to address the community's youth.Zerick Dastur, India region president, WZCC, said: "Twenty-five years ago, WZCC started as a flicker of an idea with limited resources. Today, WZCC has been shaped not just as a chamber of commerce but as an institution based on a set of principles. The values of industry with integrity are embodied in the very fabric of the institution. Over the years, we have increased our membership base, consolidated our entrepreneur support programs, launched new initiatives like the internship programme and the law committee and also focused on youth involvement and participation.''WZCC has active chapters across India, the US, Canada, West Asia, Iran, the UK and Australia. In India, WZCC operates through three active chapters—Mumbai, Pune, and Bengaluru."WZCC now gives Rs 25 lakh interest-free finance for start-up funds for young Zoroastrian entrepreneurs and professionals in India under the Minoo Shroff Memorial Fund (MSMF) and overseas USD 50,000, under the Zoroastrian Entrepreneurial Development Foundation (ZEDF). Sufficient corpus has been created to service this initiative,'' said Percy Master, WZCC global president."Finances have been given to 32 young entrepreneurs globally to start their businesses, and all have been very successful in their endeavours. Education scholarships are also given under this scheme,'' he said.Master said the community has provided entrepreneurs, professionals and philanthropists over the years and has made India and the world proud."Recently, we have started to promote Iranian youth who require an opportunity to blend with our community globally and start their own business in Iran where they are living,'' he said.WZCC also has seven chapters spread across North America. In 2020, WZCC partnered with the Federation of Zoroastrian Associations of North America to establish the Zoroastrian Entrepreneurship Development Foundation (ZEDF), providing interest-free loans to entrepreneurs across the US, Canada, and the UK. "USD 50,000 loans are given, and they are paid back over four years interest-free. Business owners also get regular mentorship from industry experts. Over the last five years, we have funded 11 businesses. ZEDF also offers scholarships of up to USD 30,000 every year to students pursuing entrepreneurship studies at the graduate level in North America,'' said Arzan Sam Wadia, director, WZCC international board.