So Long Israel

It's a bittersweet moment as today marks our last day in Israel.  On the one hand we're excited: we came here to build businesses and learn about the Startup Nation in person.  Just a few days ago we pitched our ventures in what was truly the culmination of this experience.  So as we leave Israel, we know that our departure signifies the accomplishment of the task that we set out to complete.  We can all look back on the last two months and know that we got so much from this experience.  We took an idea and turned it into a business, which is no small feat.  Throughout the process, we became master of the elevator pitch, market sizing gurus and all too well acquainted with PowerPoint's features.  

But our time here in Israel means so much more than the business skills, professional development and important people we met.  Two months ago, twelve MBA's from four different universities arrived in Israel, many of us as total strangers.  We spent nearly every moment over the course of the ensuing 8 weeks together, working, playing and living.  When we board our respective airplanes today at Ben Gurion Airport we will never again be strangers because we shared together the experience of a lifetime.  From waking up to this beautiful view out our window:

to sharing our professional and personal goals on long bus drives across the country to visit a company or attend an industry conference, to the amazing Masada sunrise:

we have all grown together in ways we never though imaginable.

At the beginning of the trip, Asher Epstein explained his philosophy on expectations: "set low expectations and over-deliver."  Well, Asher, over-deliver doesn't even begin to describe it.  This has truly been the experience of a lifetime.  Every single one of has has grown professionally and personally, we've seen and done some amazing things, and if nothing else we are walking away with a deep appreciation for this beautiful country.

So long Israel.  It's been wonderful, and I'm sure it won't be the last time.

We Did It

Eight weeks ago we arrived in Haifa, Israel with the goal of building businesses out of Technion-developed technology.  We've met with business leaders, incubator directors, venture capitalists and industry experts; we've pitched our ventures every week and received tough but important feedback; and we've had access to industry advisors and mentors whose experiences in entrepreneurship have helped us navigate the intricacies of our own industries.

Last night was the culmination of this process, as we pitched our ventures to venture capitalists from top firms such as Bessemer, Sequoia and Giza.  Simply the opportunity to pitch business plans to top VC's is great, but after eight weeks of immersing ourselves in our ventures it was nothing short of impressive.  All six of our international venture teams presented eloquently, expressing the problems our businesses solve, the markets they address and the the amount of funding required to make them profitable.  We fielded tough questions from the panel of VC's, but after two months of habituation we were perfectly accustomed to the Israeli style of questioning.

Looking back on what we've accomplished, I am very impressed by our collective progress.  Eight weeks ago we were presented with technologies in fields ranging from medical diagnostics to imaging and chemical analysis.  We've taken these scientific innovations and built real business ventures out of them.  The experience of building a business is truly priceless, and not something that many people can say they have done.  From solving the problems we've encountered along the way to understanding the motivations and thought processes of venture capitalists who fund our ventures, we now posses the tools and experiences of seasoned entrepreneurs.

The Dingman-Technion Entrepreneurship
teams after our final pitches

Preparations

In order to prepare ourselves for the challenges of tech transfer and venture capital that await us in Israel, our team of MBA’s has been preparing since January.  We began this process by researching the three primary technology sectors for the Israeli economy: agricultural, water and medical devices.  We wrote in-depth reports detailing the economic drivers, strengths and weaknesses and primary companies in each of these segments.  We shared the reports with one another and will continue to review them as they apply to our specific projects and the companies we visit.

With the basics under our collective belt, the team met with several experts who shared their breadth of experience on topics ranging from intellectual property law to Jewish business ethics to the technology commercialization value chain.  Their knowledge has provided us with a basis of understanding that will make the transition to doing business in Israel much smoother, and for that we are grateful.

Ann Liebschutz, Executive Director, US Israel Science and Technology Foundation 

Ann expanded on our conception of the Israeli business environment by sharing her experience in promoting collaboration between Israeli and US firms and researchers.  Specifically, Ann contributed to our team’s understanding of the role of the Office of Chief Scientist in technology commercialization and how Israel has been able to cultivate such a pro-startup business environment.  Understanding and leveraging the public funds and support available in Israel is a crucial factor for the survival and success of the nation’s startups.  There is no doubt that we will be able to apply Ann’s expertise in our own work this summer.

Rick Zitelman, President and Founder, The Zitelman Group

With teammates from the US, China, Taiwan, Brazil, and Nigeria, one thing our team does not lack is international experience.  Rick’s discussion on Jewish business ethics, however, exposed our team to a different perspective on business dealings as seen from the perspective of Jewish tradition.  As a venture capitalist with experience investing in early stage technology companies in Israel, Rick’s insights were pertinent and highly applicable to our experience this summer.

Rick Zitelman of The Zitelman Group

Miles Gilburne, Managing Member, ZG Ventures LLC

From researchers, to tech transfer officers, to venture capitalists and everyone in between, our task this summer will require us to satisfy a diverse group of stakeholders.  Miles Gilburne imparted more than 25 years worth of venture capital experience when he led a spirited discussion on the technology transfer value chain.  He dissected the complex web of individuals that we will encounter throughout the technology commercialization process and explained the unique motivations and goals of each player throughout the process.

Miles Gilburne of ZG Ventures