Hello again! One year later, and once again, a group of 12 MBA students (both from Smith, as well as other top MBA programs) is primed to depart for eight weeks in Haifa, Israel as part of the Dingman Center’s Global Technology Entrepreneurship Fellowship program.
To myself and the inaugural team from summer 2010, the fact that the program has continued into a second year provides perhaps the greatest sense of satisfaction. It delivers tangible affirmation of the entrepreneurial path we blazed last summer. As the first participants in a brand new program, we knew the risks involved. Yet, without a doubt, last summer not only met, but exceeded our expectations. More importantly, we helped lay the foundation for this year's team to hit the ground running.
As I have mentioned previously on many occasions in this blog - Israel is an entrepreneur's dream. It is the quintessential Start-Up Nation. It is a land of high-tech innovation and a center of venture capital. Yet, it is also a land of many contradictions. For these and a myriad of other reasons, Israel is a fascinating laboratory for any business professional interested in studying innovation or entrepreneurship.
This post marks my final comments on the program. However, the story continues for this year's MBAs. If you are interested in reading about and following their exploits in Israel over the following two months, please head over to their page to find out more. Fellow MBA and 2011 participant Andrew Giessel has taken over blogging duties for this year's program. I wish him all the best, and hope you enjoy reading his posts this summer.
Showing posts with label smith. Show all posts
Showing posts with label smith. Show all posts
Back In The USA
Last Friday morning at 4:45AM Eastern Standard Time, I landed safely back in the United States of America from Tel Aviv, Israel. After passing through customs and then a quick layover at Newark International Airport, I was in Washington by 8:20AM. All in all, it has been a very long, but satisfying summer in Israel these past 10 weeks. In so many ways, this program met and then exceeded my expectations. It was awesome!
Farewell Israel
After two months, our summer program in Israel has finally come to an end. The Smith team accomplished a lot - and for me personally - I believe this was a fantastic chance to participate in an internship unlike any other. It was challenging and rewarding in so many different ways. After I get a chance to decompress back in the States for a few days I'll provide a bit more post-game analysis. Until then, here is our final group photo - taken the second to last week - right before we drove south to Eilat from Rehovot.
Team Members, From Left to Right
Team Members, From Left to Right
Chris Rajashekar, Steve Kushner, Brad Husser, Don Mayer, Anne Bisso, Dan Branscome, Kelley Harris, Asher Epstein (Program Director), Sean Luke, Gil Sharon, Kristin Thompson
Dead Sea Visit
Yesterday, after our fantastic hike and tour of Masada, we departed for our next stop of the day - the Ein Gedi waterfalls. Located west of the Dead Sea, close to Masada and the caves of Qumran, Ein Gedi contains a natural oasis, cave, and spring system - as well as a series of waterfalls and pools cascading from the high mountains above. It is a spectacular place - especially when you consider the surrounding desert conditions. Everyone who passes through the region inevitably stops at Ein Gedi - even if only just for a moment.
From the bus we hiked to the upper waterfall and pool. After our earlier hike at Masada, this one was pretty much a literal "walk in the park". That being said, it was still pretty hot, so some folks definitely took this as an opportunity to gripe. Once everyone was sitting in the cool water all the cares floated away. As we walked back down the trail to the parking lot, our guide mentioned the cultural and religious significance of the site. Apparently, Ein Gedi is mentioned several times in biblical writings. For example, it is featured prominently in the Song of Songs and also in Samuel - where David hides from Saul in the caves of Ein Gedi.
After departing the waterfalls, we traveled further up the coast to Mineral Beach - a small resort and spa along the shores of the Dead Sea. Heading straight to the beach, we jumped into the water. Since the water has such a high concentration of salt, you float right to the top. It's a very strange sensation, to say the least. The water also has a very smooth feel to it - almost like an oil - but not quite. Apparently, you can stay in the water for hours and hours, without ever getting wrinkled skin. Up on the beach was a small area to apply mud - which we each quickly caked all over ourselves. So much fun!
The Fortress Masada
Masada is perhaps the second most famous Jewish site in Israel after the Western Wall in Jerusalem. Built by Herod the Great between 37 and 31 BCE, there were two immaculate palaces, fortified as a place of refuge for the monarch in times of crisis. During the Jewish Revolt in 66 CE, the fortress was seized by religious zealots (the Sicarii) who had fled from Jerusalem after the destruction of the Second Temple by the Romans. Not content with only near total victory, the Romans besieged Masada in order to crush the final resistance.
After many weeks preparing for our fateful climb of Masada, the day of our accent was finally here. Early Wednesday morning, the team awoke after our only semi-restful night at the Bedouin tent. Arriving at the entrance to the Masada park, the group exited the vehicle, got fresh water, and then began the trek up the Snake Path - while two in the group - Kelly and Anne - opted to take the cable car. From the base to the guard tower at the top is a very steep (and winding) climb. It took us all between 25 and 40 minutes to make the journey. Steve blazed up the hill with me hot on his heels. I finished second in a little under 30 minutes. Getting to the top (and out of the heat) was definitely a great feeling!
At the top, we toured the site and saw the many restored buildings and landmarks. We walked through the Western and Northern Palaces, as well as visiting the storehouses and private baths. It is an impressive and very large site. It's also very cool to see in person. One thing we did learn from our guide was that the site is no longer used as prominently by the military as it once was. At the end of the story, the zealots of Masada killed themselves and their families rather than surrender to the Romans. This had previously been regarded as an honor worthy in the IDF - but now has been minimized to a great degree.
After finishing our tour of the site, we returned to the entrance to the cable car for the descent back to the bus and then off to our remaining visits of the day. Masada was definitely all its cracked up to be and the hike was a surefire highlight of the trip.
After many weeks preparing for our fateful climb of Masada, the day of our accent was finally here. Early Wednesday morning, the team awoke after our only semi-restful night at the Bedouin tent. Arriving at the entrance to the Masada park, the group exited the vehicle, got fresh water, and then began the trek up the Snake Path - while two in the group - Kelly and Anne - opted to take the cable car. From the base to the guard tower at the top is a very steep (and winding) climb. It took us all between 25 and 40 minutes to make the journey. Steve blazed up the hill with me hot on his heels. I finished second in a little under 30 minutes. Getting to the top (and out of the heat) was definitely a great feeling!
At the top, we toured the site and saw the many restored buildings and landmarks. We walked through the Western and Northern Palaces, as well as visiting the storehouses and private baths. It is an impressive and very large site. It's also very cool to see in person. One thing we did learn from our guide was that the site is no longer used as prominently by the military as it once was. At the end of the story, the zealots of Masada killed themselves and their families rather than surrender to the Romans. This had previously been regarded as an honor worthy in the IDF - but now has been minimized to a great degree.
After finishing our tour of the site, we returned to the entrance to the cable car for the descent back to the bus and then off to our remaining visits of the day. Masada was definitely all its cracked up to be and the hike was a surefire highlight of the trip.
Out In The Desert
On Tuesday morning the team left Mitzpe Ramon for the drive north to Masada and the Dead Sea. Our first stop of the day was Avdat, the well preserved ruins of an ancient Nabatean city. Altogether, Avdat covers a wide area and includes a huge series of buildings - surrounded by an enormous rock wall. It is hard to believe that anyone would choose to live out in this hot and desolate area - especially in an era before A/C. To combat these difficulties, the ingenious Nabateans created unique water tech and other innovations.
Our second stop of the day was at Ein Avdat - a nearby nature reserve and park - for a short (but strenuous) hike. Carved into the desert floor, the canyons of Ein Avdat are really very beautiful. After walking in from the drop off point we reached a fork in the path where we quickly ascended about 100 meters in less than 10 minutes. By the top we were all sweating pretty profusely. Nearby to Ein Avdat is the burial site of David Ben-Gurion, the George Washington of Israel and the great statesman who helped guide the country to independence in 1948. Interestingly, it's very quiet site, despite its significance.
Following this visit, we traveled to the Israeli Air Force Museum at Hatzerim Airbase. Over the next two hours we toured the site, looking at a whole variety of combat aircraft spanning the entire period of Israeli history from independence to the current day. This visit was of keen interest to a few of the plane junkies on our trip (i.e. Don Mayer and Sean Luke). Honestly, Don and Sean were like kids in a candy store. That being said, I think everyone thought it was a cool museum - though a bit heavy handed at times with patriotic vitriol.
After another hour on the road we arrived at our home for the night - a Bedouin camp in the desert - with Masada in the distant background. Our first activity upon arrival was a 20 minute camel ride. Believe it or not, camels are not as smelly or ill tempered as they are often portrayed. It was not the most comfortable ride, but no one had any real complaints. After the ride, we were welcomed in a traditional Bedouin ceremony. Our host provided us with fresh bread, tea and bitter coffee - as well as music.
In the evening we went to a laser light and music show at Masada. The show was short, but interesting. Upon returning to the Bedouin camp, we had time for some nargila around the fire before retiring to our tent. Many of us had camped numerous times in our lives. That being said, this was probably the least comfortable night of the trip. It was hot and loud. Plus, the camp was overrun by a particularly virulent plague upon the land - not locusts - actually much worse than locusts - Birthrighters. Sadly, not the first time we'd seen them this summer. Ugh.
Our second stop of the day was at Ein Avdat - a nearby nature reserve and park - for a short (but strenuous) hike. Carved into the desert floor, the canyons of Ein Avdat are really very beautiful. After walking in from the drop off point we reached a fork in the path where we quickly ascended about 100 meters in less than 10 minutes. By the top we were all sweating pretty profusely. Nearby to Ein Avdat is the burial site of David Ben-Gurion, the George Washington of Israel and the great statesman who helped guide the country to independence in 1948. Interestingly, it's very quiet site, despite its significance.
"Our museum guide explaining the history behind some old aircraft"
Photo by Christopher Rajashekar
Following this visit, we traveled to the Israeli Air Force Museum at Hatzerim Airbase. Over the next two hours we toured the site, looking at a whole variety of combat aircraft spanning the entire period of Israeli history from independence to the current day. This visit was of keen interest to a few of the plane junkies on our trip (i.e. Don Mayer and Sean Luke). Honestly, Don and Sean were like kids in a candy store. That being said, I think everyone thought it was a cool museum - though a bit heavy handed at times with patriotic vitriol.
"Don's camel - up close and personal"
Photo by Kristin Thompson
After another hour on the road we arrived at our home for the night - a Bedouin camp in the desert - with Masada in the distant background. Our first activity upon arrival was a 20 minute camel ride. Believe it or not, camels are not as smelly or ill tempered as they are often portrayed. It was not the most comfortable ride, but no one had any real complaints. After the ride, we were welcomed in a traditional Bedouin ceremony. Our host provided us with fresh bread, tea and bitter coffee - as well as music.
"Our Bedouin host - fire roasting some coffee beans"
Photo by Kristin Thompson
In the evening we went to a laser light and music show at Masada. The show was short, but interesting. Upon returning to the Bedouin camp, we had time for some nargila around the fire before retiring to our tent. Many of us had camped numerous times in our lives. That being said, this was probably the least comfortable night of the trip. It was hot and loud. Plus, the camp was overrun by a particularly virulent plague upon the land - not locusts - actually much worse than locusts - Birthrighters. Sadly, not the first time we'd seen them this summer. Ugh.
Makhtesh Ramon
This past Sunday - after leaving Eilat and then touring the Bahad 1 military base - the team arrived in the town of Mitzpe Ramon - the most remote settlement in Israel - on the edge of the Makhtesh Ramon or Ramon Crater. You can go 25 miles in every direction before finding another settlement. The Ramon Crater in a natural crater formed - not from a meteor - but rather from erosion over thousands of years. In many respects the area reminded me of the Southwestern United States - and in particular the Grand Canyon. Very, very beautiful!
"Our jeep tour guide discusses the history of the crater"
Photo by Kristin Thompson
Monday was a lazy morning. After a few early mornings over the previous week, we slept in bit. Our first activity of the day was rappelling along the side of the Ramon Crater. For those that had never rappelled it was fairly cool - while for the old hands (myself included) it was a little anticlimactic. No matter, it was still a lot of fun. After that a few of us took a brief hike back to the hotel. Along the way we saw some Nubian ibex, which was pretty cool!
"The lead jeep passes around the next bend"
Photo by Brad Husser
Photo by Brad Husser
Later in the afternoon, we had a two hour tour of the crater. Driving in two beat-to-hell - but ridiculously awesome - Land Rovers, the group was taken all around the crater - seeing various geological and historical sites. At one point we stopped to see Khan Saharonim - which are the remains of a Nabatean way station used on the Incense Route from Petra to Gaza over 2,000 years ago. in another instance, we walked a dry river that only flows for 1-2 months per year. Our guide showed us that water can be found right under the surface.
"The 2,000 year old remains of a Nabatean way station"
Photo by Kelley Harris
Photo by Kelley Harris
In the evening, a few people went to star gaze up an overlook of the crater. Altogether, the Makhtesh Ramon is definitely one of the coolest natural geological sites I've ever visited.
Hebrew University, pt2
Our next visit on Tuesday was to the Shafdan Rishon Wastewater Treatment Plant. The world's largest wastewater treatment plant, the Shafdan plant treats almost 500 million cubic feet of water annually - serving a population in the Dan Region (which includes Tel Aviv) of over 2 million people. Operated by Mekorot, this plant's reused water is transferred in large quantities to the agricultural regions in the Negev.
"Exploring the model of the Shafdan Watewater Plant"
Photo by Kristin Thompson
Photo by Kristin Thompson
As we came to find out during the tour - Israel reuses almost 75% of their water. The next closest country is Spain at 12%. The USA only reuses a little under 1% of our water. What makes these figures the most appalling is that most wastewater is 99.9% water, and only 0.1% waste. We obviously have a lot to learn from Israel in terms of water management.
"Inside an exhibit on the Shafdan facility"
Photo by Kristin Thompson
Photo by Kristin Thompson
On Wednesday, the team had a final class with Dr. Gilad Axelrad, another professor in residence at the School of Agriculture. Over about two hours, Dr. Axelrad discussed the various innovative structures for creating partnerships between government and private industry in order to address public infrastructure projects. Following this class, the team was accompanied by Dr. Axelrad to Palmachim Desalination Plant - the second largest desalination plant in Israel - and one of the largest desalination plants in the world. Our on-site host at Palmachim was Avram Tenne the head regulator for water plants in Israel.
"The team dons hardhats at the Palmachim Desalination Plant"
Photo by Kristin Thompson
Photo by Kristin Thompson
Hebrew University, pt1
After departing Haifa last Sunday, the team headed south to the city of Rehovot for a four day course in strategic water management at the Robert H. Smith School of Agriculture at Hebrew University. Combining classroom instruction from faculty, with site visits to various area water projects in central Israel, the short program was designed as an intense boot camp in all aspects of the water business landscape - both in Israel and globally.
"Dr. Yoram Porat lectures on the structural models of global development"
Photo by Kristin Thompson
Photo by Kristin Thompson
Our first visit of the day was with Dr. Yoram Porat, a distinguished faculty member in the field of international strategic planning and project management. Over the course of two multi-hour sessions, Dr. Porat provided a dynamic overview of the models and frameworks that provide the foundation for most global development initiatives - and particularly those in the realm of water management. At times, Dr. Porat lingered on conceptual ideas more than I would have liked, but in total his instruction was useful in providing meaningful dialogue within the team and raising issues we otherwise wouldn't have considered.
"On the roof Ra'anana's offices overlooking their facility"
Photo by Kristin Thompson
Photo by Kristin Thompson
On Monday morning we awoke early for a day of company visits. The first visit of the day was to the Ra'anana Wastewater Treatment Plant. Our host, Avital Dror-Ehra - the on-site manager, provided the team with a comprehensive presentation on water issues in Israel, as well as a functional overview of the wastewater treatment system. Afterward, we received an hour long tour of the facility in order to see the system in operation. The Ra'anna plant is not overly large, though the small size was helpful putting the full process into context.
"The team looks at the bio-refiners at Ra'anana plant"
Photo by Kristin Thompson
Photo by Kristin Thompson
That afternoon the team visited the Yarqon River Authority for a presentation by general manager (and University of Maryland graduate) Dr. David Pargament. The Yarqon is the major river and watershed in the Tel Aviv metropolitan area. Over the past few decades, as population and industry have increased, both water quality and water volumes have declined precipitously. The Yarqon River Authority is a semi-private, independent body, that was set up to combat the challenges to the Yarqon. It is amazing the success they've had in such a short amount of time - especially due to the multi-layered government bureaucracies.
"Dr. Pargament presents on the history of the Yarqon River"
Photo by Kristin Thompson
Photo by Kristin Thompson
On Tuesday the team visited the Ayalon Institute - which though actually non-water related - was still of interest for its cultural (and entrepreneurial) history. Located on Kibbutzim Hill in Rehovot, the Ayalon Institute was the primary (clandestine) ammunition factory for the Haganah (Jewish militia) in the time before and during the 1948 Independence War.
"The exit to the underground bullet factory of the Ayalon Institute"
Photo by Kristin Thompson
Photo by Kristin Thompson
Between 1946-1948, over 2+ million bullets were manufactured here. These were nine-millimeter bullets, for the Sten sub-machine gun, which was the primary personal weapon during the war. In many respects, this factory was a precursor to the defense industry and contractors that would arrive after the war. What was most interesting about this factory was that it was hidden almost 30 feet below the floor of the laundry. Very cool!
More Venture Capitalists
Last Tuesday - July 6th - the Smith team drove down to Herzliya - a suburb of Tel Aviv - for a series of meetings and company visits. Our first stop of the morning was at Better Place, which I've already detailed in two previous posts (here and here). After finishing our meeting at Better Place, we traveled to Benchmark Capital. Later in the afternoon, we had our final visit of the day at the offices of Pitango Capital.
Upon arrival at Benchmark Capital, our first visit was with Shai-Lee Spigelman, the Marketing Manager for Microsoft's Israel R&D Center. Shai-Lee talked with us about the Microsoft experience in Israel. In other words, the when, why, and how they entered the market. She focused primarily on the most relevant aspects related to research and in particular research for a larger multinational corporation. It was my takeaway that Microsoft (as do a lot of other companies) rely on their Israeli team for some of their most difficult problems and tasks. They also see Israel as a focal point for innovation, as exemplified through their ThinkNext conference. All that aside, there are at times difficulties both cultural and logistic in coordinating between headquarters and Israel.
"Microsoft's Shai-Lee discusses R&D in Israel"
Photo by Kristin Thompson
Photo by Kristin Thompson
Following our talk with Shai-Lee, we heard a series of impromptu comments by Ellie Wurtman, a general partner at Benchmark. Ellie briefly talked to us about Benchmark's current investment portfolio, as well as the perceived risks he sees going forward for both his firm and also the broader venture capital market, given current conditions. Ellie then introduced us to the second presenter of the day, Avichay Nissenbaum, the country manager for AOL Israel and the CEO of Yedda Inc.
"Avichay Nissenbaum giving his start-up to buy-out story"
Photo by Kristin Thompson
Photo by Kristin Thompson
The Yedda story is a prime example of a start-up success - and more specifically a start-up that succeeded through the investment and backing of venture capital. The name Yedda comes from the Hebrew word for "knowledge". Founded in late 2006, Yedda is a website built to share knowledge with others by asking and answering questions. What I believe is most interesting about the Yedda story is that they were not the first mover in this space. In fact at the time of launch, Yahoo Answers, Wondir, and Google Answers were already offering similar services. Yedda differentiated themselves based on a number of unique offerings as well as through selling their service as a Q&A platform for other independent sites. Traffic grew rapidly over the first year and by November 2007 they had been acquired by AOL - which has subsequently integrated Yedda into their existing website(s).
Our final meeting of the day was at Pitango Capital. Founded in 1996, Pitango was Israel's first major venture capital firm. Over the past 14 years they have invested over $1.3 billion in 120+ portfolio companies. Pitango has been involved in many of the most successful Israeli ventures over this time period. Our host was Chemi Peres, co-founder of the firm and son of Shimon Peres, former Prime Minister and current President of Israel. Chemi is one of the most well connected and experienced venture capitalists in Israel.
"The team listens closely as Chemi Peres talks business"
Photo by Kristin Thompson
Photo by Kristin Thompson
For about an hour and a half, Chemi provided us a comprehensive overview of the current Israeli economic condition. He definitely had some insights (very pragmatic/realistic) that surprisingly (i.e. Israeli people are notoriously blunt) we hadn't heard yet during our time in Israel. Following this, Chemi then drilled down on the story behind one of Pitango's original venture investments - VocalTech Communications. In many ways, VocalTech exemplifies both a "great" venture capital investment as well as "flawed" investment. It was great in that it delivered a high return on capital. Concomitantly, the venture did not originally go as far as it could have in capturing the value of the space. Other players (e.g. Skype) came late, yet gained more - mostly because they took greater risks. VCs - though they seem risk seeking - are actually as risk averse (if not more so) then most investors. Lesson learned.
Goodbye Haifa
Friday was relaxed during the day. Mostly it consisted of recovery from the previous evenings shenanigans. That night however we went by taxi to the artist's colony, Ein Hod for drinks and dinner. Our first stop of the evening was at Danny Shlyfestone's Art Bar for some home made beer. Danny - who is quite a character - makes his home brews in giant vats and then bottles them in recycled soda bottles. Really good stuff.
Our next stop was to the Argentinian steak house, Doña Rosa. This place is - to this point - the dining highlight of the trip. Steaks (we all shared a mixed grill) came perfectly prepared on mini charcoal grills at the table. If that wasn't enough, the wine was fantastic and desert was amazing. This is one meal I will remember for a long time.
"Hands down, one of the best meals ever"
Photo by Kristin Thompson
Photo by Kristin Thompson
On Saturday, everyone had a relaxing and chill final day in Haifa. I spent the majority of the day at the beach - taking in the sun, drinking iced coffees and smoothies, and generally doing nothing of value. In the evening, we ate the remains of the lamb from our schecting (see here). Some we cooked as steaks, the rest as an Irish stew. Altogether, it was delicious. Afterwords, we watched the World Cup runner-up match between Germany and Uruguay.
"Sunset on Karmel Beach in Haifa"
Photo by Stephen Kushner
Photo by Stephen Kushner
Sunday morning we left Haifa for the last time. In many ways, it was sad to say goodbye. That being said, the remainder of the trip sounds great! Southern Israel, here we come.
Better Place Ctd
As I'd mentioned previously (see here), last Tuesday the Smith team had the opportunity to visit Better Place, Israel's innovative electric car company. We departed Haifa around 9am for the drive to their facility in Tel Aviv. Located not far from the freeway (and ocean), Better Place was already humming from the moment we arrived - as tour groups passed through and saw, heard, and drove the Better Place solution.
"Brad investigating Better Place's futuristic showroom"
Photo by Kristin Thompson
Photo by Kristin Thompson
As we'd arrived early, we helped ourselves to coffee and tea, while we waited for the tour to start. A little after 11am, the tour began. First we had a brief overview of the Better Place facility from our guide. Next, we were directed into an amphitheater to hear the spiel from a virtual "Shai Agassi". To say that this was a flawless presentation - delivered in a futuristic and otherworldly location - would be an understatement. At the end, the bottom of the stage rotated and the model car was displayed for us to see. Really impressive!
"Virtual Shai Agassi talks to us about the Better Place vision"
Photo by Kristin Thompson
Photo by Kristin Thompson
If that wasn't enough, third we were then directed outside to a test track so that each of us could experience the feel of driving a truly 100% electric car - as well as see examples of the charging stations. Among our group, Asher Epstein was able to test drive the single Tesla Roadster on site, while the rest of us were driving Renault's. Though jealous of Asher, I was still lucky enough to be the first in my group to get behind the wheel!
"Better Place's electric cars getting recharged"
Photo by Kristin Thompson
Photo by Kristin Thompson
To be honest, it wasn't what totally what I expected - though I don't mean this in a bad way. When I turned the car on for the first time, there wasn't the "normal" experience one expects when a car motor fires up. Instead it was completely silent. Additionally, as I drove out onto the track and increased speed - the car had "perfect" acceleration - as it had no gear box and hence no gears to shift between. All in all it was a very nice drive.
"The team talks with Mike Granoff overlooking the test track"
Photo by Kristin Thompson
Photo by Kristin Thompson
"A full demonstration of the Better Place battery exchange system"
Photo by Kristin Thompson
Photo by Kristin Thompson
Start-Up Nation
This past Sunday we had the opportunity to meet with Saul Singer, co-author of the book "Start-up Nation: The Story of Israel's Economic Miracle." Saul gave a thirty minute talk to the Smith team, as well as interns from PresenTense, about both his book and also thoughts on what factors have driven the phenomenal success of the Israeli economy over the past twenty years. Here's a clip posted below of Saul talking about his book.
Better Place
Earlier today, the Smith team had the opportunity to visit one of the most interesting companies currently operating in Israel today, Better Place. Launched in 2007 by Shai Agassi, (who we had seen speak earlier this summer at the Technion) the one time future CEO of SAP AG, Better Place has already raised over $700 million dollars in venture backing. The goal of Better Place is to get the world off of oil - focusing on creating an innovative model for the car industry and a new generation of electric cars - whereby the battery is removed from the cost of the car. An idea which has the potential to be a real game changer.
Better Place has already entered into agreements with Nissan-Renault and China's Cherry Automobile to produce full lines of vehicles starting in 2011. Israel and Denmark are the initial target markets - with a planned roll-out in Australia shortly thereafter. In the next day or two, I'll provide some additional debrief and background on our visit (and a full recap of our test drives on their car track), as well as our other company visits. In the meantime here's a video that gives a great overview of the firm and its mission.
Better Place has already entered into agreements with Nissan-Renault and China's Cherry Automobile to produce full lines of vehicles starting in 2011. Israel and Denmark are the initial target markets - with a planned roll-out in Australia shortly thereafter. In the next day or two, I'll provide some additional debrief and background on our visit (and a full recap of our test drives on their car track), as well as our other company visits. In the meantime here's a video that gives a great overview of the firm and its mission.
Second Recap
Another three weeks have passed since our arrival in Israel. The time continues to go by extremely quickly and a lot has transpired in this very short period. As such, I think it's time for another brief summary - for readers both new and old.
Week 4: I wrote about our first class presentations to Israeli venture capitalists at the Technion here. Additionally, the fourth week found the Smith team traveling to Jerusalem during the middle of the week for the Hi-Tech Investment Conference, which I blogged about here and here. Additionally, Israel's Prime Minister made a surprise visit to the conference, which I posted about here. The weekend found the team traveling back to Jerusalem once again - this time for tours of the city's cultural and historical sites.
Week 5: For week five, the Smith team traveled for company visits in Jerusalem (here) and Be'er Sheva (here). Later in the week we went to a speech by Better Place's Shai Agassi at the Technion. This same week I also wrote about our esteemed photographer Kristen Thompson and also posted the latest trip video by Stephen Kushner. Finally, I blogged about the various meetings we've had with entrepreneurs since arriving in Israel. On the weekend, the team traveled to the Galilee and Golan (here, here, and here) - touring Tsfat and rafting the Jordan River. We had a BBQ near Gamla and a water hike at Nahal Yehudia.
Week 6: In the sixth week, the team continued our travels in the Galilee and Golan. We visited Nazareth and the Druze villages, before returning to Haifa. Back in class at the Technion we presented on our "Go to Market" plan. On the weekend, we had free time to travel or relax. Some of us traveled to Bethlehem and the West Bank, while others decided to relax. For me, I used the free weekend to travel and see my wife in Europe. Read about all of our free weekend travels - both inside and outside of Israel - here.
Week 4: I wrote about our first class presentations to Israeli venture capitalists at the Technion here. Additionally, the fourth week found the Smith team traveling to Jerusalem during the middle of the week for the Hi-Tech Investment Conference, which I blogged about here and here. Additionally, Israel's Prime Minister made a surprise visit to the conference, which I posted about here. The weekend found the team traveling back to Jerusalem once again - this time for tours of the city's cultural and historical sites.
Week 5: For week five, the Smith team traveled for company visits in Jerusalem (here) and Be'er Sheva (here). Later in the week we went to a speech by Better Place's Shai Agassi at the Technion. This same week I also wrote about our esteemed photographer Kristen Thompson and also posted the latest trip video by Stephen Kushner. Finally, I blogged about the various meetings we've had with entrepreneurs since arriving in Israel. On the weekend, the team traveled to the Galilee and Golan (here, here, and here) - touring Tsfat and rafting the Jordan River. We had a BBQ near Gamla and a water hike at Nahal Yehudia.
Week 6: In the sixth week, the team continued our travels in the Galilee and Golan. We visited Nazareth and the Druze villages, before returning to Haifa. Back in class at the Technion we presented on our "Go to Market" plan. On the weekend, we had free time to travel or relax. Some of us traveled to Bethlehem and the West Bank, while others decided to relax. For me, I used the free weekend to travel and see my wife in Europe. Read about all of our free weekend travels - both inside and outside of Israel - here.
Our Tag Cloud
After - now four weeks in Israel - the Smith team has seen and done a lot! If you can believe it, with my most recent post, I passed the 12,000 word mark for the blog. That's a lot to wrap my mind around (it's equivalent to over 35+ pages) especially given that at this point we're only a little under half-way done with the program. I guess 30,000 words isn't out of the question. Anyway, to put this in perspective, I came across a cool web app - Wordle - that I think helps capture the essence of what we've been up in an interesting way. Enjoy!
Image by Daniel Branscome
As you can see, there are some key themes that keep appearing (not accidentally I might add) over and over. This program - though it has provided access to a wide variety of activities and events - has maintained a core focus on technology and entrepreneurship.
Company Visits, pt1
Once again, I'm a few days later than I'd like writing about one of our many events. As is probably already evident, we've had a really packed schedule this summer in Israel. It seems like at any moment we've been on the road - always either heading to or from our next engagement. From technology conferences and historical sightseeing, to company visits and business meetings, the Smith team has been busy, busy, busy!
Anyway, on to the issue at hand. Last Sunday, June 13, we had the opportunity to engage with three different Israeli companies. In our first meeting we met one-on-one with a founding partner of an Israeli venture capital firm at our hotel in Jerusalem. In the other two we did so through on-site meetings and visits at each of the other two company's headquarters, both located in the city of Be'er Sheva.
Photo by Kristin Thompson
Our first meeting of the day was with Israel CleanTech Ventures (ICV). Established in 2006, ICV is the first Israel-focused cleantech venture capital fund - dedicated to providing value added growth capital to entrepreneurs specializing in energy, water, and environmental technologies. ICV raised $75 million for its first fund in 2007, drawn from a diverse (predominantly European and American) client base, which included Robeco, Piper Jaffray, as well as other institutional investors and family offices.
Our guide to Israel CleanTech Ventures was Glen Schwaber, a founding partner and originally a native of Boston, who emigrated from the United States to Israel in 1994. Glen has a wealth of experience in the Israeli investment community, having begun his career at Jerusalem Global, a private equity firm for Israeli hi-tech start-ups before transitioning to Jerusalem Venture Partners, one of the most successful venture capital firms in Israel, and then later founding ICV with two other initial partners.Unlike a few of our previous VC meetings - where our hosts spent a significant portion of the meeting talking generally about the market in Israel - Glen dove right into a detailed discussion of a few current portfolio company investments - as well as the Israeli cleantech sector in general. Over the course of about an hour, Glen walked our group through an analysis of ICV's strategy, including a thorough breakdown of their investment criteria, market approach, and screening process.
There were two portfolio companies I found particularly interesting. The first was CellEra, which is a a fuel-cell company with a revolutionary new type of fuel cell, the Platinum-Free Membrane Fuel Cell (PFM-FC). CellEra's solution eliminates major cost components in current fuel-cells, such as very expensive platinum. The second investment was in a firm, Scodix, which has developed a revolutionary Digital UV Embossing press. The machine and associated process are inherently environmentally friendly - the process requires no plates or silk, minimum electricity power, and results in virtually no printing waste.
All together, our meeting with Glen was really interesting, and no doubt about it, ICV's current portfolio investments (and investment strategy generally) are really cutting edge!
Thousand Words
Over the past month, I've tried my best to report on all aspects of our Smith team's Israel journey. Without a doubt, my efforts would have been significantly weaker had I not had access to the amazing photography of Kristin Thompson. Time and time again, Kristin's photos have brought to life our trip in ways my words never could.
"Our illustrious photographer - working her craft"
Photo by Anne Bisso
Photo by Anne Bisso
A Video Record Ctd
Since arriving in Israel, one of our team members, Stephen Kushner, has been hard at work producing a video series, introducing the program, interviewing team members, and capturing the sights and sounds of our trip to Israel. Part 2 of the video series (posted below) includes: commentary, day-in-a-life, pitching to venture capitalists, company visits and interviews, hi-tech conference highlights, cultural experiences, and camaraderie. Enjoy!
Hi-Tech Israel
Well it's been a few days since my last post and the Smith team has been as busy as ever! After a relaxing weekend, we departed Haifa before sunrise on Tuesday for the drive down to Jerusalem to participate in the 2010 High Tech Industry Association Conference.
The conference, which ran for two days, was held at the Jerusalem International Convention Center and brought together industry professionals, technology experts, and venture capitalists. Starting at 9AM, the event kicked off with Israel's Mister of Finance, Dr. Yuval Steinitz, as well as other honored dignitaries remotely starting the Tel Aviv Stock Exchange.
"The opening bell of the Tel Aviv Stock Exchange"
Photo by Stephen Kushner
Photo by Stephen Kushner
Topics covered during the conference ranged from the future of mobile computing to strategies for market entry into high-tech in China and India. Additionally, there were a number of headline speakers during the two day event including, the godfather of Israeli high-tech venture capital, Yossi Vardi, and Israel's Prime Minister, Benjamin Netanyahu.
"Prime Minister Netanyahu talks about Israel's technology future"
Photo by Stephen Kushner
Photo by Stephen Kushner
During the two day event, the Smith team had an amazing opportunity to hear from key thought leaders in Israel's high-tech and investment community. Given our ongoing tech commercialization projects at the Technion, some of the contacts we made and presentations we heard had an immediate and practical resonance. Other speakers we saw were interesting more from a general professional development standpoint.
"The Smith team at the hi-tech conference"
Photo by Stephen Kushner
Photo by Stephen Kushner
Given the compressed schedule during the two days in Jerusalem, we didn't have too much time to explore outside the conference. That being said, we did get a brief tour of the Old City (courtesy of the conference organizers) on Tuesday night - where we were to have a preview of the Festival of Lights (which was unfortunately canceled due to technical difficulties). We met our guide just outside the Jaffa Gate and then walked past the Church of the Holy Sepulchre, ending at a rooftop overlooking the Wailing Wall. Really impressive!
"Steve captures the Western Wall at night"
Photo by Stephen Kushner
Photo by Stephen Kushner
On Wednesday night, after the end of the conference, the team met on Ben Yehuda Street - one of the more popular shopping streets in Jerusalem. We spent about an hour shopping and window gazing. Afterwords, we walked up to Sami's restaurant for a final dinner before hitting the road back to Haifa.
"The team enjoys an amazing schwarma dinner in Jerusalem"
Photo by Stephen Kushner
Photo by Stephen Kushner
All in all, it was a very successful two days in Jerusalem! We'll be heading back for a more historical and culturally centered visit tomorrow.
