July 14, 2021
Why invest in Israel and how do Israeli founders expand to the US? By Cynthia Phitoussi
Cynthia Phitoussi, Co-Founder & Managing Partner SeedIL Ventures talks about investing in Israel and explains the major differences between American and Israeli founders and shares the best qualities of both. We also discussed the major changes in the Israeli startup ecosystem that Cynthia saw over the past 7 years.
Cynthia's LinkedIn: https://www.linkedin.com/in/cynthia-phitoussi-b306921b/
SeedIL Ventures: https://seedil.com/
The book about learning most critical soft skills: https://chutzpahcenter.com/book/
Transcript
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They're releasing to fundraising
video a podcast about
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fundraising for early-stage
startups.
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The major rules that we follow
here is no bullshit on this
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podcast.
No music to relax.
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You know, advertisements of our
sponsors.
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We only talk about fundraising
here and nothing else.
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So let's jump into the episode.
And today's a guest speaker, we
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have seen therapy to see
co-founder and managing partner
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at seed ill Bank.
Teachers.
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And in this episode, we'll talk
about investing in Israel and
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comparing that invest into
investing in the United States.
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Founders was the major
difference between two countries
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and specifically Founders in
them.
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And what are the major
challenges that Israel and other
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outside of the stirrups have
while expanding to the United
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States.
So Cynthia, let's kick it out by
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here.
Giving us some background on
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yourself and on sidel Ventures.
Not sure if I'm frozen Right?
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And we more likely face he died
L, did I?
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Yeah for Israel.
Okay, all right.
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Thanks for having me.
First of all, pleasure to be
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there on your podcast and I hope
we can spend some interesting
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time together.
So why you wanted me to first
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introduce myself right?
My backpack.
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That's right.
So I had, I would say three
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parts in my career.
Generally, I'm from France then
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I moved to the UK and finally 12
years ago now I moved to Israel,
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Tel Aviv.
So I'm saying I had free path,
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also Geographic geographically
but also in my career because my
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career in the startups last
investment, ecosystem only
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started in Israel because I felt
this was really the right place
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to do it and beforehand in Paris
and London.
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I had Some experience in market,
research for loud, fmcg
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companies, and for as a
consultant, as well.
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And then I had my own company.
I was an entrepreneur for like
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six years.
And before I move to Israel with
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my family, I sold my company
there.
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So essentially I had free pass,
but in the startup / investment
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story or interesting part for
today.
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I also had two different paths.
I would say, I started by
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standing together with my
partner partner today, Audrey.
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We found it together, a startup
accelerator called, the Hive for
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new immigrants, to Israel, who
want to start their own product
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and that was the best
introduction.
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We could get to this amazing
ecosystem in Israel.
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And then from 2014 onwards, He
started investing in Israeli
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startups, through a cloud of
investment first that then
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transformed into a fund since
2008.
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So today, all in all we have a
portfolio of 25 Israeli startup.
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22 are still active today and
that's what we do.
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Nice.
I love the size of portfolio and
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best of luck with the mods are
active.
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So let's let's actually start
with discussing the portfolio.
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Companies specifically would you
like to invest in in terms of
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geographically of course it's
Israel and with the sector stage
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and average excise that you
usually bright, right?
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So about the geography that this
product can be Israeli related.
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Meaning that it also includes
Israeli Founders that lead.
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Square.
Typically they would like down
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their company in the US and
that's absolutely accepted.
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But what's important for us is
that they have these Israeli DNA
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and I will explain why a bit
later because we are big big
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believer that Israeli.
Founders, have something special
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that we can find in any other
types of Founders.
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So that's about the Geography
about the sector.
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We basically are very agnostic,
we like to Take bets in many
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different sectors and we don't
want to limit ourselves because
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Israel has really positioned
itself.
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As a leader in many sectors
recently.
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If it was like historically
known for cyber medical, maybe
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agritech like more recently, it
has really become a leader.
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Also, in fintech in b2c to think
of ways, in automotive, if you
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think of mobile eye and in many
Any more factors of course.
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Security cybersecurity is also
traditionally known that.
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Even in food tax, you can find
really interesting opportunities
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here and so on and so forth.
So we didn't want to limit
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ourselves in terms of sectors,
the only factors we wouldn't
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touch are the Pure medical, like
medical device and
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pharmaceutical, and what we call
heavy Hardware.
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So, on the tip microprocessors
and all these things we wouldn't
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touch simply because we feel
they are not adapted to our
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model to the size of the ticket,
the ticket size that we would
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invest and and the time as well.
So the capital that is going to
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be needed along the way for
these kind of companies is not
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suited to our strategy but
usually it's also super
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interesting to invest in these
sectors.
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I'm not saying deep Tech is fun,
indeed, we're bringing more and
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more deep Tech Founders because
The idea that they just come up
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on with fundraising video that
they're just absolutely insane.
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Like I'm about to interview guy
who is inventing actual jet
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pack.
It was just fun, you know, you
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cannot miss this kind of stuff.
All right.
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So now let's talk a little more
about the what you mentioned
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earlier, which is Universe, only
Founders who have this is really
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India, and they can you tell us
a little more about that?
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What's so special about Israeli
and DNA?
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Yeah, I would first remind you
that what's absolutely amazing
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today.
I think it's the number of
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unicorns in this country.
We have in a country that is
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probably as small as.
I don't know why.
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I know about like a region in
France, a small region in
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France, maybe New Jersey.
I'm not sure what I'm saying
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now, but it's really a tiny,
tiny country of less than 9
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million people.
There, we have 65 unicorn, 65
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unicorns are founded by Israeli
Founders.
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So, like I said, sometimes they
move their company then, but
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these guys were educated here,
they were born raised and and
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usually have a very, very strong
Israeli DNA.
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So what what I find specific
here is definitely.
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First of all, that these
entrepreneurs are very, very
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resilient and this is something
that you need.
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Need, when you are an
entrepreneur because as you
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know, the journey is long, it's
hard, it's ups and down and you
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have to be capable of being
resilient and why Israeli are
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resilient.
Because obviously, the country
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is very special politically,
it's a country that is
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surrounded by countries that
they are not really friends
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with.
They have to go through the Army
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since a very young age.
So, like at 18 years old, every
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girl and boy in this country.
Go Group 2 to 3 years of army
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where they develop a lot of
skills.
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It's usually, for example, the
best cyber pools somehow takes
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place in the Israeli Army cyber
programming, but also all kinds
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of other skills, like
leadership, for example, at the
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age of 18, you see, young people
who get to manage themes of 2030
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to select them to deal with
them.
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And so on and so forth.
So this makes them very, very
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strong.
People that get to know how to
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work one with the other very,
very often, you see things where
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the founders met at the Army and
and know each other super well
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and know how they will overcome
all sorts of issues along the
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way.
And, you know, that the
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partnership between Founders is
really one of the number one
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reason for failing.
So if you know, your partner,
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well, You've gone through very,
very tough situations with him
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in the past, you're likely to be
able to work out with him as a
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as a start-up founder.
So I would say this is number
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one, the resilient number two is
that they really think big
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Israeli never considered that.
Israel is a market because it's
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only a nine million people come
trees.
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So it's no Market essentially.
So they will automatically think
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International.
They will never.
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Unless like, they can maybe do
like a Sandbox here.
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I may be a pilot or something
like that, but very, very
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quickly.
They will have the ambition to
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Target the world.
Starting with the u.s. in many,
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many cases, but also other
countries, they are very well
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positioned your graphically.
So we have here Europe, really
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close, and also in terms of
timelines and also the Middle
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East.
And with all the recent peace
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agreement that Israel has made
this year with Dubai.
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We've Morocco and and about
seven or eight countries, it has
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started also to become a very
very interesting Market just
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around us and obviously the US
which remains number one target
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market for Israelis.
So think thinking big means that
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they really give the means and
the resources to do that and
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even if they are speed startup,
they won't hesitate to travel
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when it was allowed until
recently.
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The to travel the world to take
the plane as they would take the
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met the the underground to you
know, they have a meeting and
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they go there they don't really
they don't get, I would say shy.
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They have what's called in
Yiddish, we call it.
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The hutzpah the hutzpah is
basically to be like the
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boldness to, to their to their
things.
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But in a good way like you, Can
be, it can be perceived as
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negative but in this occasion is
really positive.
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It's to their big things and not
to be ashamed and Israelis have
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that in big because of the
education.
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I think that they received, they
are allowed to question adults.
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They are the same level.
There is no hierarchy with your
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book, with your teacher, with
your parents.
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This is something also very,
very specific to Israelis and
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they apply Hi it to the real
life.
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So they would dare to go and
speak with the CEO of a major
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American corporation.
They wouldn't care.
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They wouldn't mind.
Okay.
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And I would add one more thing
Israelis are very Tech oriented.
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They're very good at technology
because very often entrepreneurs
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here come out of the equivalent
of the MIT like a university
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called the technion on another
one.
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Well, the Ben-Gurion University,
they're excellent universities
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and they learn a lot of these
Technologies also in the Army.
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So very often they come out of
the army, they work a little bit
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and then they have an idea.
Sometimes even that they got
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from the Army tell that they
will convert into something
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actionable in real life, but it
starts from the technology
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that's where there are the
really, really, really good and
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then this technology could be
turned into Thing, like, we see
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often that the same technology
applies to medical and maybe in
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the next year, they will realize
this Market is tough.
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So they will turn it into
something for whatever I agree.
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But it's essentially the same
technology.
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So this is also another set of
Israeli entrepreneurs that we
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really like and we think they
have a very high barrier to
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entry often.
They are offering Superior
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Solutions.
In many cases with very Very
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little mean.
He's nice.
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I love how much benefit is
really, no measure provides a
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remember Russian army.
It would release my was again,
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it would just teach you how to
March.
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That's that's pretty much all
it's hot here.
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So what's actually talk about
the expansion to United States,
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you mentioned that, you know,
Israeli companies.
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I've always have this Global
approach in mind because I'm
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Google it.
They population of Israel is
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slightly below 9 million people,
which is lower.
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Then population of Los Angeles
alone.
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And so is pretty small.
So let's talk about that
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expansion to the United States.
What are the major issues that
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Founders from Israel
specifically face when they
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start expanding to the United
States, right?
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So, I think had, they are very,
very tempted by the US market.
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They see really the American
dream, they are.
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They really love American
mentality and often?
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They think that they are closed.
Those in their culture.
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And I think it's true.
That the American culture is the
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closest you could find probably
to Israelis because they're very
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different to European.
For example, if I compare an
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Israeli to British guy or to a
french guy, they are just the
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opposite.
Same with the Asian people, the
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opposite as well.
But with American people and
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target market, they understand
each other pretty well.
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They usually speak.
Excellent English.
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I would say that the main
challenge would remain in the
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commercial side of things, and
there's also a cultural Gap,
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they sometimes don't perceive
it, but it exists.
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I think it could happen.
That actually, this boldness
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that I was talking about before
may be perceived as completely
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not politically correct in the
US for example.
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And they wouldn't even realize
it as like, as I said, they are
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good in technology and the flip
side of that is that they are
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sometimes less good.
In commercial approach in
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storytelling, they can talk
about their technology for hours
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in super deep details.
But when it comes to tell their
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story in an attractive way, they
sometimes meet that and it even
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show even shows, you know, in
their appearance Israelis are
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not very attached to the
appearance.
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Even you wouldn't see any
Israeli wearing, for example,
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you know, suit or tie it would
happen once probably on their
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wedding day and even though It
could even not wear that they're
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not, they don't like the
appearance, they like the death
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of things so it can reflect and
it can be sometimes a problem
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when they get to a meeting with
corporate in the US, for
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example, if it had the startup
level, it's fine.
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If it's accepted but sometimes
they don't really know how to
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behave and how to tell, right?
That's, that's a problem with a
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lot of early.
See, Challengers special,
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early-stage Tech Founders, very
common problem.
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They just do not know how to
tell their story which is
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unfortunate, but a lot of
accelerators help with that
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soap.
I'll recommend to people from
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outside of the US.
If you're thinking about
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expanding here, check out
accelerators.
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They're going to teach you ton
of good stuff here and connect
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you with their networks, which
can be extremely, extremely
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helpful.
All right, let's let's actually
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talk about that.
Maybe some advice to those
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Founders who are not in the
United States right now.
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But really, really warm to go to
the US - are some tools that you
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would like to recommend them.
Be there is Really cool story of
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how an Israeli and foundered
expand his or her company to the
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United States.
And do you think that method is
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applicable to other Founders,
something like that may be part
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of or like most of our portfolio
are, there are have expanded to
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the US.
Like I said, this is their first
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target market.
So we see that in many different
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ways.
If it's targeting American
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clients, if it's starting an
operation in the US or hiring
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and maybe a sales team from the
US and finally up to moving to
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the US or opening a full
operation in the US.
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So we see all kinds of scenarios
and actually, I don't know if
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there's really one particular
recommendation.
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I know that Israeli
entrepreneurs in the u.s. they
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very much use the network of
other Israelis, because there
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are so many bread in the Silicon
Valley now in Texas, as well.
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And also in New York of course,
even in l.a. they are for
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example like accelerator program
specifically for Israeli
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Founders in the US that help
them with all the tools older,
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you know, the tax and legal and
and connections and tone and
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support to.
I would definitely recommend
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Israeli Founders to do that, but
they already know it.
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I don't need to tell them and
they all have friends, Founders
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already there in the US.
That that kind of know all the
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shortcuts.
Oh, for sure.
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This is something they would do.
Sometimes I think and things
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that aren't were probably go
before the covid and now less
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true.
Sometimes if they are you know
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shorting cash and they don't
really have the means to travel
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to meet with the customers.
For example, we had a company in
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the past that didn't stick He's
in the US market because they
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were selling software for
hospitals and basically it would
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have required them to move there
because they really needed to
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sell and to show the product and
to be on premise because of all
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the security things and they
didn't realize that early enough
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or they didn't have the right
means to do it early enough.
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So in the end with the very long
cell cycles with hospitals, and
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so on, they didn't succeed on
the other side we see in.
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Other market.
And now after me, no, during or
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after covid, I can tell you that
a lot of our startups have
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managed to sell huge contracts
to really very large corporate
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without, even moving from their
garden, and that has been
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absolutely fascinating for me to
everything.
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Remote.
We are like so far do you
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graphically, but they could
really sell a lot of major
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contracts to Fortune 500
companies. and I think things
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that were right before, I'm not
right anymore today, 100%, yes,
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covid definitely changed that.
And I mean, it's cool.
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I really didn't like seeing
Founders having just like being
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forced to move to the United
States physically just to meet
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with customers and investors
that that was not a typical part
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of it.
So yes, very happy to see that
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transition.
So the majority of our listeners
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are actual American founders of
based in the United States, most
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likely originally from the
United States, any advice to
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those people, maybe there is
some particular skill that you
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think of American Founders
could.
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Learn from foreigners, may be
like there's some book that
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could teach them something or
just saying, watch them, there's
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a great book called hutzpah
actually.
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So we were talking about that
notion before the this boldness,
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a book written by somebody
called the in Bel Air.
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Really.
And this book is in English,
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it's absolutely amazing.
It explains all the reason
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behind the startup Nation it,
where the startup Nation a
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nation of entrepreneurs.
And how it starts from childhood
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till to to the the Army and then
in the corporate world and so on
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and so forth.
And they really give a lot of
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different tips about how to
really take these ingredients.
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May be called for rain
entrepreneur and to try to adopt
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a few of them.
Even if a lot of them are very
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specific because of the
situation of the country, but I
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think if you can be taken and
and she says that her Buys like
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a muscle that can be trained so
like the like you should train
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your like your way of Daring
things, you should train it as
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you would for a foreign
passports, for example.
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So I think this notion is super
interesting and I would strongly
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recommend these entrepreneurs to
to read this book.
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00:21:20,100 --> 00:21:23,800
Alright, so on this very
positive note, let me ask you
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one more question and then we'll
move on to the standard call to
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action question.
So first question is, I mean,
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last question is actually once
again about the expansion to
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United States.
Do you think some companies
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actually do not have to expense
to the US or to me or other
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foreign markets?
Maybe have you seen some
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companies that just started in
Israel?
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And there were like, okay,
that's that's actually good
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enough for us.
Have you seen any of those
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successes?
No, no not a single company.
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Would remain in Israeli to small
country, some may have excluded
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the US market and and went to
the European market.
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For example, we had an exit in a
company called present.
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So that is in the industry 4.0
like, maintenance prediction for
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like lots of machines in, in the
factories, these guys realize
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that they, they have some Major
competition in the u.s. is that
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it would have required them,
huge amounts in marketing and
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they decided to go to Europe and
in particular to the German
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market and there they really
succeeded enough to get acquired
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eventually and and they
identified the right Market
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there.
So I think they were right to
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exclude in that occasion, the
us.
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But I think apart from them, all
of our products are in the US
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and that Also, what investors
are looking for in it?
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Like a startup that wood wooden
Target.
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The US market would be would be
probably perceived as weird
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animal.
All right, understood.
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Yes, I know that that happens.
I've seen a lot of small
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countries, specifically, like
with the population below, 50
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million people.
So yes very, very understandable
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00:23:14,900 --> 00:23:17,900
and makes a lot of sense.
All right, now on this.
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00:23:17,900 --> 00:23:20,200
Now we're moving on to To the
last question of today's
371
00:23:20,200 --> 00:23:22,200
episode, which is a call to
action.
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00:23:22,200 --> 00:23:25,500
So Cynthia, won't do want to
listen to do as soon as the
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00:23:25,500 --> 00:23:32,200
episode is over.
I would love them to do know,
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first of all, researcher to us
any Israeli founder that may be
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00:23:37,700 --> 00:23:40,100
hidden in the u.s.
If we have here, only American
376
00:23:40,100 --> 00:23:44,400
listeners.
So if you have any idea of
377
00:23:44,900 --> 00:23:48,500
hidden Israeli Founders that
would like to send our way, if
378
00:23:48,500 --> 00:23:53,600
you find them absolutely
outstanding, send them away info
379
00:23:53,600 --> 00:24:00,900
at Cil.com and for the rest.
I would love people to think of
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00:24:02,100 --> 00:24:05,400
Israel differently.
Maybe next time, they hear about
381
00:24:05,400 --> 00:24:09,800
an Israeli startup to look into
it more carefully to look into
382
00:24:10,000 --> 00:24:13,600
all the characteristics that I
said before and to start
383
00:24:13,600 --> 00:24:17,800
thinking how, like, how
different it could be and how it
384
00:24:17,800 --> 00:24:20,700
can influence them.
Hmm, right.
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I mean, 65 unicorns, born that
in the country the size smaller
386
00:24:24,900 --> 00:24:29,100
than Los Angeles that is It's
very, very, very impressive.
387
00:24:29,100 --> 00:24:33,200
Yeah, great call to action.
I'll be sure to leave all links
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00:24:33,200 --> 00:24:35,800
to Cil in the description to
Subs owed.
389
00:24:35,800 --> 00:24:39,200
There is also going to be a link
to Cynthia's LinkedIn and also
390
00:24:39,200 --> 00:24:43,100
there's gonna be a link to that
book called hot to Sosa.
391
00:24:43,300 --> 00:24:45,300
Ho ho.
Ho, who's that?
392
00:24:45,300 --> 00:24:48,200
Alright, I was close enough.
I would I did my best all full
393
00:24:48,200 --> 00:24:50,800
up with Cynthia to make sure I'm
actually attaching the right
394
00:24:50,800 --> 00:24:52,900
book.
So people eat, you want to train
395
00:24:52,900 --> 00:24:54,700
that muscle?
That is reeling.
396
00:24:54,700 --> 00:24:57,600
Failure seem to have definitely
check Check out the description
397
00:24:57,600 --> 00:25:00,400
of this episode and there will
be some good stuff there.
398
00:25:00,600 --> 00:25:02,500
And as usually have a good
00:00:05,100 --> 00:00:07,800
They're releasing to fundraising
video a podcast about
2
00:00:07,800 --> 00:00:10,100
fundraising for early-stage
startups.
3
00:00:10,400 --> 00:00:13,600
The major rules that we follow
here is no bullshit on this
4
00:00:13,600 --> 00:00:15,600
podcast.
No music to relax.
5
00:00:15,600 --> 00:00:17,800
You know, advertisements of our
sponsors.
6
00:00:18,000 --> 00:00:21,100
We only talk about fundraising
here and nothing else.
7
00:00:21,400 --> 00:00:25,100
So let's jump into the episode.
And today's a guest speaker, we
8
00:00:25,100 --> 00:00:28,200
have seen therapy to see
co-founder and managing partner
9
00:00:28,200 --> 00:00:30,400
at seed ill Bank.
Teachers.
10
00:00:30,400 --> 00:00:34,000
And in this episode, we'll talk
about investing in Israel and
11
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comparing that invest into
investing in the United States.
12
00:00:38,300 --> 00:00:40,900
Founders was the major
difference between two countries
13
00:00:40,900 --> 00:00:42,400
and specifically Founders in
them.
14
00:00:42,400 --> 00:00:46,500
And what are the major
challenges that Israel and other
15
00:00:46,800 --> 00:00:51,900
outside of the stirrups have
while expanding to the United
16
00:00:51,900 --> 00:00:54,300
States.
So Cynthia, let's kick it out by
17
00:00:54,300 --> 00:00:55,600
here.
Giving us some background on
18
00:00:55,600 --> 00:01:00,400
yourself and on sidel Ventures.
Not sure if I'm frozen Right?
19
00:01:01,000 --> 00:01:03,900
And we more likely face he died
L, did I?
20
00:01:03,900 --> 00:01:09,800
Yeah for Israel.
Okay, all right.
21
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Thanks for having me.
First of all, pleasure to be
22
00:01:13,000 --> 00:01:17,700
there on your podcast and I hope
we can spend some interesting
23
00:01:17,700 --> 00:01:21,900
time together.
So why you wanted me to first
24
00:01:21,900 --> 00:01:23,700
introduce myself right?
My backpack.
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That's right.
So I had, I would say three
26
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parts in my career.
Generally, I'm from France then
27
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I moved to the UK and finally 12
years ago now I moved to Israel,
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Tel Aviv.
So I'm saying I had free path,
29
00:01:41,600 --> 00:01:46,600
also Geographic geographically
but also in my career because my
30
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career in the startups last
investment, ecosystem only
31
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started in Israel because I felt
this was really the right place
32
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to do it and beforehand in Paris
and London.
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I had Some experience in market,
research for loud, fmcg
34
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companies, and for as a
consultant, as well.
35
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And then I had my own company.
I was an entrepreneur for like
36
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six years.
And before I move to Israel with
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my family, I sold my company
there.
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So essentially I had free pass,
but in the startup / investment
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story or interesting part for
today.
40
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I also had two different paths.
I would say, I started by
41
00:02:35,700 --> 00:02:39,800
standing together with my
partner partner today, Audrey.
42
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We found it together, a startup
accelerator called, the Hive for
43
00:02:44,500 --> 00:02:49,500
new immigrants, to Israel, who
want to start their own product
44
00:02:50,100 --> 00:02:51,700
and that was the best
introduction.
45
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We could get to this amazing
ecosystem in Israel.
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And then from 2014 onwards, He
started investing in Israeli
47
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startups, through a cloud of
investment first that then
48
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transformed into a fund since
2008.
49
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So today, all in all we have a
portfolio of 25 Israeli startup.
50
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22 are still active today and
that's what we do.
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Nice.
I love the size of portfolio and
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best of luck with the mods are
active.
53
00:03:28,200 --> 00:03:30,800
So let's let's actually start
with discussing the portfolio.
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Companies specifically would you
like to invest in in terms of
55
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geographically of course it's
Israel and with the sector stage
56
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and average excise that you
usually bright, right?
57
00:03:43,200 --> 00:03:47,800
So about the geography that this
product can be Israeli related.
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Meaning that it also includes
Israeli Founders that lead.
59
00:03:51,900 --> 00:03:54,800
Square.
Typically they would like down
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00:03:54,800 --> 00:03:58,300
their company in the US and
that's absolutely accepted.
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But what's important for us is
that they have these Israeli DNA
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and I will explain why a bit
later because we are big big
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believer that Israeli.
Founders, have something special
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that we can find in any other
types of Founders.
65
00:04:14,200 --> 00:04:17,200
So that's about the Geography
about the sector.
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00:04:18,000 --> 00:04:23,100
We basically are very agnostic,
we like to Take bets in many
67
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different sectors and we don't
want to limit ourselves because
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Israel has really positioned
itself.
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As a leader in many sectors
recently.
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00:04:32,400 --> 00:04:37,400
If it was like historically
known for cyber medical, maybe
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00:04:37,400 --> 00:04:43,200
agritech like more recently, it
has really become a leader.
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00:04:43,200 --> 00:04:48,900
Also, in fintech in b2c to think
of ways, in automotive, if you
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think of mobile eye and in many
Any more factors of course.
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00:04:53,000 --> 00:04:58,000
Security cybersecurity is also
traditionally known that.
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00:04:58,200 --> 00:05:01,400
Even in food tax, you can find
really interesting opportunities
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here and so on and so forth.
So we didn't want to limit
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00:05:04,800 --> 00:05:09,100
ourselves in terms of sectors,
the only factors we wouldn't
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touch are the Pure medical, like
medical device and
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00:05:12,700 --> 00:05:16,700
pharmaceutical, and what we call
heavy Hardware.
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00:05:17,000 --> 00:05:21,600
So, on the tip microprocessors
and all these things we wouldn't
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00:05:21,700 --> 00:05:25,000
touch simply because we feel
they are not adapted to our
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00:05:25,000 --> 00:05:28,700
model to the size of the ticket,
the ticket size that we would
83
00:05:28,700 --> 00:05:33,000
invest and and the time as well.
So the capital that is going to
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be needed along the way for
these kind of companies is not
85
00:05:36,800 --> 00:05:42,100
suited to our strategy but
usually it's also super
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00:05:42,100 --> 00:05:44,300
interesting to invest in these
sectors.
87
00:05:44,300 --> 00:05:49,400
I'm not saying deep Tech is fun,
indeed, we're bringing more and
88
00:05:49,400 --> 00:05:54,800
more deep Tech Founders because
The idea that they just come up
89
00:05:54,800 --> 00:05:58,100
on with fundraising video that
they're just absolutely insane.
90
00:05:58,100 --> 00:06:01,900
Like I'm about to interview guy
who is inventing actual jet
91
00:06:01,900 --> 00:06:04,400
pack.
It was just fun, you know, you
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00:06:04,400 --> 00:06:06,300
cannot miss this kind of stuff.
All right.
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So now let's talk a little more
about the what you mentioned
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00:06:10,500 --> 00:06:14,300
earlier, which is Universe, only
Founders who have this is really
95
00:06:14,300 --> 00:06:16,600
India, and they can you tell us
a little more about that?
96
00:06:16,600 --> 00:06:18,900
What's so special about Israeli
and DNA?
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00:06:19,500 --> 00:06:23,700
Yeah, I would first remind you
that what's absolutely amazing
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00:06:23,700 --> 00:06:25,900
today.
I think it's the number of
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00:06:25,900 --> 00:06:29,500
unicorns in this country.
We have in a country that is
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probably as small as.
I don't know why.
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00:06:32,600 --> 00:06:35,500
I know about like a region in
France, a small region in
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00:06:35,500 --> 00:06:39,000
France, maybe New Jersey.
I'm not sure what I'm saying
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00:06:39,000 --> 00:06:43,200
now, but it's really a tiny,
tiny country of less than 9
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million people.
There, we have 65 unicorn, 65
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00:06:49,500 --> 00:06:53,100
unicorns are founded by Israeli
Founders.
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00:06:53,100 --> 00:06:56,500
So, like I said, sometimes they
move their company then, but
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00:06:56,500 --> 00:07:02,300
these guys were educated here,
they were born raised and and
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00:07:02,300 --> 00:07:06,500
usually have a very, very strong
Israeli DNA.
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00:07:06,500 --> 00:07:12,600
So what what I find specific
here is definitely.
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00:07:12,600 --> 00:07:18,400
First of all, that these
entrepreneurs are very, very
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00:07:18,400 --> 00:07:21,700
resilient and this is something
that you need.
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00:07:21,700 --> 00:07:23,800
Need, when you are an
entrepreneur because as you
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00:07:23,800 --> 00:07:27,900
know, the journey is long, it's
hard, it's ups and down and you
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00:07:27,900 --> 00:07:32,000
have to be capable of being
resilient and why Israeli are
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00:07:32,000 --> 00:07:34,600
resilient.
Because obviously, the country
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00:07:34,900 --> 00:07:38,600
is very special politically,
it's a country that is
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00:07:38,600 --> 00:07:42,800
surrounded by countries that
they are not really friends
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00:07:42,800 --> 00:07:45,900
with.
They have to go through the Army
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00:07:45,900 --> 00:07:49,400
since a very young age.
So, like at 18 years old, every
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00:07:49,400 --> 00:07:54,200
girl and boy in this country.
Go Group 2 to 3 years of army
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00:07:54,500 --> 00:07:56,600
where they develop a lot of
skills.
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00:07:56,600 --> 00:08:03,200
It's usually, for example, the
best cyber pools somehow takes
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00:08:03,200 --> 00:08:08,700
place in the Israeli Army cyber
programming, but also all kinds
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00:08:08,700 --> 00:08:12,100
of other skills, like
leadership, for example, at the
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age of 18, you see, young people
who get to manage themes of 2030
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00:08:18,600 --> 00:08:21,500
to select them to deal with
them.
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00:08:21,700 --> 00:08:26,100
And so on and so forth.
So this makes them very, very
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strong.
People that get to know how to
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00:08:28,800 --> 00:08:32,799
work one with the other very,
very often, you see things where
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00:08:32,799 --> 00:08:37,700
the founders met at the Army and
and know each other super well
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00:08:37,700 --> 00:08:41,100
and know how they will overcome
all sorts of issues along the
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way.
And, you know, that the
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00:08:43,100 --> 00:08:47,600
partnership between Founders is
really one of the number one
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00:08:48,100 --> 00:08:51,100
reason for failing.
So if you know, your partner,
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00:08:51,100 --> 00:08:54,600
well, You've gone through very,
very tough situations with him
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00:08:54,600 --> 00:09:00,300
in the past, you're likely to be
able to work out with him as a
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00:09:00,300 --> 00:09:04,200
as a start-up founder.
So I would say this is number
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00:09:04,200 --> 00:09:07,800
one, the resilient number two is
that they really think big
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00:09:08,600 --> 00:09:12,000
Israeli never considered that.
Israel is a market because it's
140
00:09:12,000 --> 00:09:15,000
only a nine million people come
trees.
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00:09:15,000 --> 00:09:19,500
So it's no Market essentially.
So they will automatically think
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00:09:19,500 --> 00:09:21,300
International.
They will never.
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00:09:22,200 --> 00:09:25,500
Unless like, they can maybe do
like a Sandbox here.
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00:09:25,500 --> 00:09:28,300
I may be a pilot or something
like that, but very, very
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00:09:28,300 --> 00:09:30,400
quickly.
They will have the ambition to
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00:09:30,400 --> 00:09:33,600
Target the world.
Starting with the u.s. in many,
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00:09:33,600 --> 00:09:37,500
many cases, but also other
countries, they are very well
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00:09:37,500 --> 00:09:42,000
positioned your graphically.
So we have here Europe, really
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close, and also in terms of
timelines and also the Middle
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00:09:45,500 --> 00:09:47,900
East.
And with all the recent peace
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00:09:47,900 --> 00:09:51,500
agreement that Israel has made
this year with Dubai.
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00:09:52,000 --> 00:09:56,500
We've Morocco and and about
seven or eight countries, it has
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00:09:56,500 --> 00:10:01,100
started also to become a very
very interesting Market just
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00:10:01,100 --> 00:10:06,300
around us and obviously the US
which remains number one target
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00:10:06,300 --> 00:10:10,700
market for Israelis.
So think thinking big means that
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00:10:10,700 --> 00:10:14,700
they really give the means and
the resources to do that and
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00:10:14,700 --> 00:10:19,500
even if they are speed startup,
they won't hesitate to travel
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00:10:19,500 --> 00:10:21,500
when it was allowed until
recently.
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00:10:21,600 --> 00:10:25,000
The to travel the world to take
the plane as they would take the
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00:10:25,000 --> 00:10:30,200
met the the underground to you
know, they have a meeting and
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00:10:30,200 --> 00:10:38,000
they go there they don't really
they don't get, I would say shy.
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00:10:38,100 --> 00:10:41,200
They have what's called in
Yiddish, we call it.
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The hutzpah the hutzpah is
basically to be like the
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00:10:45,800 --> 00:10:49,000
boldness to, to their to their
things.
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00:10:49,200 --> 00:10:54,000
But in a good way like you, Can
be, it can be perceived as
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00:10:54,000 --> 00:10:56,700
negative but in this occasion is
really positive.
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00:10:56,700 --> 00:11:02,800
It's to their big things and not
to be ashamed and Israelis have
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00:11:02,800 --> 00:11:05,300
that in big because of the
education.
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00:11:05,300 --> 00:11:10,300
I think that they received, they
are allowed to question adults.
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00:11:10,300 --> 00:11:13,700
They are the same level.
There is no hierarchy with your
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00:11:13,700 --> 00:11:16,700
book, with your teacher, with
your parents.
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00:11:17,600 --> 00:11:21,100
This is something also very,
very specific to Israelis and
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00:11:21,100 --> 00:11:23,000
they apply Hi it to the real
life.
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00:11:23,000 --> 00:11:27,800
So they would dare to go and
speak with the CEO of a major
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00:11:28,600 --> 00:11:31,300
American corporation.
They wouldn't care.
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00:11:31,300 --> 00:11:32,700
They wouldn't mind.
Okay.
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00:11:34,300 --> 00:11:38,800
And I would add one more thing
Israelis are very Tech oriented.
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They're very good at technology
because very often entrepreneurs
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00:11:44,800 --> 00:11:49,600
here come out of the equivalent
of the MIT like a university
180
00:11:49,600 --> 00:11:51,500
called the technion on another
one.
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00:11:51,900 --> 00:11:56,000
Well, the Ben-Gurion University,
they're excellent universities
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00:11:56,000 --> 00:11:59,700
and they learn a lot of these
Technologies also in the Army.
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00:12:00,500 --> 00:12:04,600
So very often they come out of
the army, they work a little bit
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00:12:04,600 --> 00:12:07,800
and then they have an idea.
Sometimes even that they got
185
00:12:07,800 --> 00:12:11,500
from the Army tell that they
will convert into something
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00:12:11,500 --> 00:12:15,400
actionable in real life, but it
starts from the technology
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00:12:15,400 --> 00:12:18,700
that's where there are the
really, really, really good and
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00:12:18,700 --> 00:12:23,800
then this technology could be
turned into Thing, like, we see
189
00:12:23,800 --> 00:12:28,000
often that the same technology
applies to medical and maybe in
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00:12:28,000 --> 00:12:31,300
the next year, they will realize
this Market is tough.
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00:12:31,300 --> 00:12:34,700
So they will turn it into
something for whatever I agree.
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00:12:34,800 --> 00:12:37,200
But it's essentially the same
technology.
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00:12:37,400 --> 00:12:42,100
So this is also another set of
Israeli entrepreneurs that we
194
00:12:42,100 --> 00:12:45,200
really like and we think they
have a very high barrier to
195
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entry often.
They are offering Superior
196
00:12:48,600 --> 00:12:51,900
Solutions.
In many cases with very Very
197
00:12:51,900 --> 00:12:55,500
little mean.
He's nice.
198
00:12:55,500 --> 00:12:59,600
I love how much benefit is
really, no measure provides a
199
00:12:59,600 --> 00:13:04,200
remember Russian army.
It would release my was again,
200
00:13:04,600 --> 00:13:06,200
it would just teach you how to
March.
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00:13:06,200 --> 00:13:07,800
That's that's pretty much all
it's hot here.
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00:13:08,700 --> 00:13:11,500
So what's actually talk about
the expansion to United States,
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00:13:11,500 --> 00:13:13,500
you mentioned that, you know,
Israeli companies.
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00:13:13,500 --> 00:13:16,400
I've always have this Global
approach in mind because I'm
205
00:13:16,400 --> 00:13:18,600
Google it.
They population of Israel is
206
00:13:18,600 --> 00:13:21,500
slightly below 9 million people,
which is lower.
207
00:13:21,700 --> 00:13:23,600
Then population of Los Angeles
alone.
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00:13:23,600 --> 00:13:27,000
And so is pretty small.
So let's talk about that
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00:13:27,000 --> 00:13:30,700
expansion to the United States.
What are the major issues that
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00:13:31,100 --> 00:13:34,500
Founders from Israel
specifically face when they
211
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start expanding to the United
States, right?
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00:13:37,400 --> 00:13:44,000
So, I think had, they are very,
very tempted by the US market.
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00:13:44,000 --> 00:13:46,900
They see really the American
dream, they are.
214
00:13:46,900 --> 00:13:50,100
They really love American
mentality and often?
215
00:13:50,100 --> 00:13:52,600
They think that they are closed.
Those in their culture.
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00:13:52,600 --> 00:13:56,100
And I think it's true.
That the American culture is the
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closest you could find probably
to Israelis because they're very
218
00:14:01,300 --> 00:14:03,500
different to European.
For example, if I compare an
219
00:14:03,500 --> 00:14:07,700
Israeli to British guy or to a
french guy, they are just the
220
00:14:07,700 --> 00:14:10,800
opposite.
Same with the Asian people, the
221
00:14:10,800 --> 00:14:15,200
opposite as well.
But with American people and
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00:14:15,200 --> 00:14:18,300
target market, they understand
each other pretty well.
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They usually speak.
Excellent English.
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I would say that the main
challenge would remain in the
225
00:14:24,900 --> 00:14:28,600
commercial side of things, and
there's also a cultural Gap,
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00:14:28,700 --> 00:14:32,300
they sometimes don't perceive
it, but it exists.
227
00:14:32,300 --> 00:14:35,400
I think it could happen.
That actually, this boldness
228
00:14:35,400 --> 00:14:39,300
that I was talking about before
may be perceived as completely
229
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not politically correct in the
US for example.
230
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And they wouldn't even realize
it as like, as I said, they are
231
00:14:45,800 --> 00:14:50,300
good in technology and the flip
side of that is that they are
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sometimes less good.
In commercial approach in
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storytelling, they can talk
about their technology for hours
234
00:14:57,700 --> 00:15:01,900
in super deep details.
But when it comes to tell their
235
00:15:01,900 --> 00:15:06,200
story in an attractive way, they
sometimes meet that and it even
236
00:15:06,200 --> 00:15:09,600
show even shows, you know, in
their appearance Israelis are
237
00:15:09,600 --> 00:15:12,200
not very attached to the
appearance.
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00:15:12,200 --> 00:15:15,200
Even you wouldn't see any
Israeli wearing, for example,
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you know, suit or tie it would
happen once probably on their
240
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wedding day and even though It
could even not wear that they're
241
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not, they don't like the
appearance, they like the death
242
00:15:27,100 --> 00:15:31,300
of things so it can reflect and
it can be sometimes a problem
243
00:15:31,300 --> 00:15:35,300
when they get to a meeting with
corporate in the US, for
244
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example, if it had the startup
level, it's fine.
245
00:15:37,900 --> 00:15:42,100
If it's accepted but sometimes
they don't really know how to
246
00:15:42,100 --> 00:15:46,000
behave and how to tell, right?
That's, that's a problem with a
247
00:15:46,008 --> 00:15:48,000
lot of early.
See, Challengers special,
248
00:15:48,000 --> 00:15:51,400
early-stage Tech Founders, very
common problem.
249
00:15:51,600 --> 00:15:54,200
They just do not know how to
tell their story which is
250
00:15:54,200 --> 00:15:56,700
unfortunate, but a lot of
accelerators help with that
251
00:15:56,700 --> 00:15:58,900
soap.
I'll recommend to people from
252
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outside of the US.
If you're thinking about
253
00:16:00,900 --> 00:16:03,000
expanding here, check out
accelerators.
254
00:16:03,000 --> 00:16:05,600
They're going to teach you ton
of good stuff here and connect
255
00:16:05,600 --> 00:16:08,400
you with their networks, which
can be extremely, extremely
256
00:16:08,400 --> 00:16:10,600
helpful.
All right, let's let's actually
257
00:16:10,600 --> 00:16:12,800
talk about that.
Maybe some advice to those
258
00:16:12,800 --> 00:16:14,800
Founders who are not in the
United States right now.
259
00:16:14,800 --> 00:16:19,200
But really, really warm to go to
the US - are some tools that you
260
00:16:19,200 --> 00:16:23,000
would like to recommend them.
Be there is Really cool story of
261
00:16:23,000 --> 00:16:27,200
how an Israeli and foundered
expand his or her company to the
262
00:16:27,200 --> 00:16:29,700
United States.
And do you think that method is
263
00:16:29,700 --> 00:16:34,300
applicable to other Founders,
something like that may be part
264
00:16:34,300 --> 00:16:39,500
of or like most of our portfolio
are, there are have expanded to
265
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the US.
Like I said, this is their first
266
00:16:41,700 --> 00:16:44,100
target market.
So we see that in many different
267
00:16:44,100 --> 00:16:47,300
ways.
If it's targeting American
268
00:16:47,300 --> 00:16:52,400
clients, if it's starting an
operation in the US or hiring
269
00:16:52,400 --> 00:16:58,000
and maybe a sales team from the
US and finally up to moving to
270
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the US or opening a full
operation in the US.
271
00:17:00,700 --> 00:17:08,300
So we see all kinds of scenarios
and actually, I don't know if
272
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there's really one particular
recommendation.
273
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I know that Israeli
entrepreneurs in the u.s. they
274
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very much use the network of
other Israelis, because there
275
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are so many bread in the Silicon
Valley now in Texas, as well.
276
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And also in New York of course,
even in l.a. they are for
277
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example like accelerator program
specifically for Israeli
278
00:17:30,100 --> 00:17:35,000
Founders in the US that help
them with all the tools older,
279
00:17:35,000 --> 00:17:40,100
you know, the tax and legal and
and connections and tone and
280
00:17:40,100 --> 00:17:44,300
support to.
I would definitely recommend
281
00:17:44,300 --> 00:17:46,800
Israeli Founders to do that, but
they already know it.
282
00:17:46,800 --> 00:17:50,100
I don't need to tell them and
they all have friends, Founders
283
00:17:50,100 --> 00:17:53,100
already there in the US.
That that kind of know all the
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shortcuts.
Oh, for sure.
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This is something they would do.
Sometimes I think and things
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that aren't were probably go
before the covid and now less
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true.
Sometimes if they are you know
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shorting cash and they don't
really have the means to travel
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to meet with the customers.
For example, we had a company in
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the past that didn't stick He's
in the US market because they
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were selling software for
hospitals and basically it would
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have required them to move there
because they really needed to
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sell and to show the product and
to be on premise because of all
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the security things and they
didn't realize that early enough
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or they didn't have the right
means to do it early enough.
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So in the end with the very long
cell cycles with hospitals, and
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so on, they didn't succeed on
the other side we see in.
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Other market.
And now after me, no, during or
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after covid, I can tell you that
a lot of our startups have
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managed to sell huge contracts
to really very large corporate
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without, even moving from their
garden, and that has been
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absolutely fascinating for me to
everything.
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Remote.
We are like so far do you
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graphically, but they could
really sell a lot of major
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contracts to Fortune 500
companies. and I think things
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that were right before, I'm not
right anymore today, 100%, yes,
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covid definitely changed that.
And I mean, it's cool.
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I really didn't like seeing
Founders having just like being
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forced to move to the United
States physically just to meet
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with customers and investors
that that was not a typical part
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of it.
So yes, very happy to see that
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transition.
So the majority of our listeners
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are actual American founders of
based in the United States, most
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likely originally from the
United States, any advice to
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those people, maybe there is
some particular skill that you
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think of American Founders
could.
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Learn from foreigners, may be
like there's some book that
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could teach them something or
just saying, watch them, there's
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a great book called hutzpah
actually.
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So we were talking about that
notion before the this boldness,
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a book written by somebody
called the in Bel Air.
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Really.
And this book is in English,
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it's absolutely amazing.
It explains all the reason
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behind the startup Nation it,
where the startup Nation a
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nation of entrepreneurs.
And how it starts from childhood
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till to to the the Army and then
in the corporate world and so on
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and so forth.
And they really give a lot of
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different tips about how to
really take these ingredients.
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May be called for rain
entrepreneur and to try to adopt
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a few of them.
Even if a lot of them are very
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specific because of the
situation of the country, but I
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think if you can be taken and
and she says that her Buys like
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a muscle that can be trained so
like the like you should train
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your like your way of Daring
things, you should train it as
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you would for a foreign
passports, for example.
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So I think this notion is super
interesting and I would strongly
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recommend these entrepreneurs to
to read this book.
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00:21:20,100 --> 00:21:23,800
Alright, so on this very
positive note, let me ask you
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one more question and then we'll
move on to the standard call to
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action question.
So first question is, I mean,
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last question is actually once
again about the expansion to
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United States.
Do you think some companies
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actually do not have to expense
to the US or to me or other
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foreign markets?
Maybe have you seen some
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companies that just started in
Israel?
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And there were like, okay,
that's that's actually good
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enough for us.
Have you seen any of those
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successes?
No, no not a single company.
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Would remain in Israeli to small
country, some may have excluded
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the US market and and went to
the European market.
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For example, we had an exit in a
company called present.
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So that is in the industry 4.0
like, maintenance prediction for
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like lots of machines in, in the
factories, these guys realize
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that they, they have some Major
competition in the u.s. is that
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it would have required them,
huge amounts in marketing and
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they decided to go to Europe and
in particular to the German
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market and there they really
succeeded enough to get acquired
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eventually and and they
identified the right Market
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there.
So I think they were right to
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exclude in that occasion, the
us.
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But I think apart from them, all
of our products are in the US
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and that Also, what investors
are looking for in it?
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00:22:52,800 --> 00:22:55,700
Like a startup that wood wooden
Target.
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The US market would be would be
probably perceived as weird
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animal.
All right, understood.
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00:23:05,900 --> 00:23:08,800
Yes, I know that that happens.
I've seen a lot of small
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countries, specifically, like
with the population below, 50
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million people.
So yes very, very understandable
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00:23:14,900 --> 00:23:17,900
and makes a lot of sense.
All right, now on this.
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Now we're moving on to To the
last question of today's
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00:23:20,200 --> 00:23:22,200
episode, which is a call to
action.
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So Cynthia, won't do want to
listen to do as soon as the
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episode is over.
I would love them to do know,
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first of all, researcher to us
any Israeli founder that may be
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hidden in the u.s.
If we have here, only American
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00:23:40,100 --> 00:23:44,400
listeners.
So if you have any idea of
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00:23:44,900 --> 00:23:48,500
hidden Israeli Founders that
would like to send our way, if
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00:23:48,500 --> 00:23:53,600
you find them absolutely
outstanding, send them away info
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00:23:53,600 --> 00:24:00,900
at Cil.com and for the rest.
I would love people to think of
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00:24:02,100 --> 00:24:05,400
Israel differently.
Maybe next time, they hear about
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00:24:05,400 --> 00:24:09,800
an Israeli startup to look into
it more carefully to look into
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00:24:10,000 --> 00:24:13,600
all the characteristics that I
said before and to start
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00:24:13,600 --> 00:24:17,800
thinking how, like, how
different it could be and how it
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00:24:17,800 --> 00:24:20,700
can influence them.
Hmm, right.
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I mean, 65 unicorns, born that
in the country the size smaller
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than Los Angeles that is It's
very, very, very impressive.
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00:24:29,100 --> 00:24:33,200
Yeah, great call to action.
I'll be sure to leave all links
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to Cil in the description to
Subs owed.
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00:24:35,800 --> 00:24:39,200
There is also going to be a link
to Cynthia's LinkedIn and also
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00:24:39,200 --> 00:24:43,100
there's gonna be a link to that
book called hot to Sosa.
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00:24:43,300 --> 00:24:45,300
Ho ho.
Ho, who's that?
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00:24:45,300 --> 00:24:48,200
Alright, I was close enough.
I would I did my best all full
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00:24:48,200 --> 00:24:50,800
up with Cynthia to make sure I'm
actually attaching the right
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00:24:50,800 --> 00:24:52,900
book.
So people eat, you want to train
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00:24:52,900 --> 00:24:54,700
that muscle?
That is reeling.
396
00:24:54,700 --> 00:24:57,600
Failure seem to have definitely
check Check out the description
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00:24:57,600 --> 00:25:00,400
of this episode and there will
be some good stuff there.
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And as usually have a good
