Today we headed over to a VC firm in order to hear presentations from Timeset and Equivio. It was exciting to be in a firm that is in charge of investing in many great companies. The representative from the Marketing department who welcomed us did say that they do not invest in medical companies which I thought was interesting. They currently have 3 funds and are gathering money for their 4th fund.
Timeset CEO Noam Band was very interesting he laid out important things that are required of people when starting a start-up. For example he said that people generally come to work for start-ups because they are there for the idea and the potential to do something great. In addition he did mention that people do come to work for start-ups for the potential of stock options and becoming wealthy but he felt that people were more vested in the idea then the possibility of getting rich. Which is something I belive to an extent.
Equivio CEO was also very interesting. His company is a completely revolutionary idea. He takes the lengthy part of the discovery process in the legal field and makes it a much more manageable process. This then cuts down on billable hours and allows the discovery process to be focused on what is relevant to the case or issue at hand. I found this work to be very interesting because he addressed a problem that is very prevalent in the corporate sector. That is legal fees. These fees especially with massive law suits can cause financial strains on even the largest companies. Here companies will be willing to pay for this software because it will help them cut costs in other areas. So in order to save money the companies will have to buy the products which is a perfect position for Equivio to be in.
Tel Aviv University was a great stop. It was fun walking around the campus and it has an amazing view of all of Tel Aviv since it sits on top of a hill. When we walked into class we sat down and it felt very natural. The desks are narrower than at Pace and the space in between the next desk and my chair were tighter but all in all pretty similar. Ayla soon arrived and I have to say when you are in a different University it is always nice to see a famillar face. We introduced ourselves to some of the students and made ourselves comfortable for the Presentation.
Ayla Introduced us formally to her class and also introduced us to Ed Mlavsky. Ed was a very interesting man he spoke allot about the success of the companies in Israel and why certain dynamics do not work in the Israeli culture. He said that you should never hire an American CEO to run and Israeli company even if it has been bought by another American Company. He said it never works. While I agree the cultures are very different I am not sure that I would say never for example look at Fredric D. Price he has been the CEO of many successful Israeli companies.
Then it was time for Prof Bachenheimer to speak to the class. He spoke to us about Entreprenuership and what it really means to be entrepreneurial. He gave an example of the a pill bottle that one recives from the pharamacy. He then explains that people have a hard time reading the pill bottle. So he asked the question why is it done this way? Is it because this is the way that it has always been done. Target decided to do the research figure out the best possible bottle type that addresses all the problems at hand. It was with entreprenuerail spirt that they saw a problem and challenge it and fixed it for the better. It was a very interesting example and I think it really hit home with all the students in the class.
(I always think that examples like this are the best way to make a point in a lecture especially a great way to engage the students instead of just talking at them)
After the lectures were over it was time to mingle for a few with students. It was interesting hearing about their lives in Tel Aviv and what jobs they hoped to have one day. After we were done it was time to get back on the bus and head back to the Dizenegoff Suites.
As I am sure you know by now Eli was waiting for us to takes us home!!
As of now the ACADEMIC PORTION of the trip has ended!! It has truly been a great week!