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Strategies for Accessing the US Market

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Strategies & tactics for accessing the US market, and how it's different to fundraise in the US vs. Israel

Veröffentlicht in: Technologie

Strategies for Accessing the US Market

  1. 1. Strategies for Accessing the US Market December 13, 2015Google Campus, Tel Aviv Gil Ben-Artzy Partner, UpWest Labs
  2. 2. Work Life Edu
  3. 3. CheckPoint team Product demo No customers 4 Fortune 500 customers SV-based Advisors Raised $3M Many Fortune 500 customers 50+ employees Raised +$37M Israel-based product No market segment focus Clear strategy and market focus Raised $2M, inc. Twitter founders Large customer base in CA, NYC 60+ employees Raised +$35M UWL Investment + 6 months + 2.5 years
  4. 4. Topics Challenges of Israeli Startups Creating Momentum Remotely Establishing Local Presence Fundraising in the US Q&A
  5. 5. Challenges of Israeli Startups • Understanding market needs, customer validation • Gaining momentum - Early adopters, distribution and partners • Accessing value-add investors • Cultural Differences - Relationships
  6. 6. When Do They Do Well? 1. They generated significant momentum 2. They have presence in US
  7. 7. Topics Challenges of Israeli Startups Creating Momentum Remotely Establishing Local Presence Fundraising in the US Q&A
  8. 8. “I Know I Need to Come, But…” “…I need to first do a pilot in Israel, so I have something to sell and not ‘burn’ myself” “… coming every few months is enough” “… I will hire a US Sales person to do the work” “…I have the best tech, so they will buy from me”
  9. 9. Set-up Visit Follow-Up Planning Ahead What To Do Ensuring Continuation Creating Momentum
  10. 10. The Set-Up It’s Always Good Timing (advice/feedback, trial, sell) Identify Customers, Partners, Sources of Feedback (relevant, motivated) Plan ~6 Wks Ahead, Visit for at Least 4 Wks (Anchor, conference/meetups, 50-75% planned) Ask for Help! (friends, etc)
  11. 11. The Visit Know Your Story (why they should care, what do you need) Build Relationships, Emphasize Context (listen & learn, project continuity vs. quick hit) Ask for & Schedule Follow-Up Meetings Allow for Semi-Planned Networking (Meetups, “Stand in Luck’s Way”) Meet *Some* Investors (friends) Ask for Even More Help!
  12. 12. The Follow-Up Track & Summarize Send Personalized Messages (recap, give back) Ensure Momentum (action items, updates) Plan Your Next Trip (In person > Skype)
  13. 13. Summary Make the US Part of Your Routine Focus on Creating Momentum Plan Ahead, Ask for Help
  14. 14. Topics Challenges of Israeli Startups Creating Momentum Remotely Establishing Local Presence Fundraising in the US Q&A
  15. 15. “Between the execution risk (that is within your control) and the risk of not being in Silicon Valley (which becomes out of your control), I choose the former. I want to choose the risk I take.” -- Noam Bardin, Waze CEO Why Set Up US Operations?
  16. 16. 9 Best Practices 1. CEO/Founder in US, Co-founder in Israel 2. Product/Engineering Alignment 3. Constant flying How When What 4. STSSTIAP  Early Product 5. Don’t Wait for Funding 6. Don’t Wait to complete Pilot in Israel 7.Get out of the building 8.Hire US employees 9.Prioritize PR (when ready)
  17. 17. Do Your Research
  18. 18. Topics Challenges of Israeli Startups Creating Momentum Remotely Establishing Local Presence Fundraising in the US Q&A
  19. 19. VC … and one day someone you don’t know drops by… Would you invest in someone… … you have never met before … whom you have no context about … and whom lives thousands of KM away*? *Amazing traction? Unique tech? Strong reference? You meet with hundreds of startups from your network… Imagine You Are an Israeli Investor… 81 49 F-16 ZellTalpiot TechnionGoogle 8200
  20. 20. If You Are Raising In Silicon Valley…. No “2-week funding roadshows” Get local proof: customers, advisory board, etc Learn from Israeli entrepreneurs (R&D in Israel, etc) Ask for help, leverage friendly intros Move before the round (50%+ can work too) Early Stage Investing is a Local Business
  21. 21. The Most Important Thing to Know When Raising Capital
  22. 22. Let’s Take a Step Back…
  23. 23. Pension Funds, University Endowments, Wealthy Families, Corporations, etc Bonds, Stocks, etc VC Capital Allocation to Venture Capital = 3-10% Who Invests in VCs?
  24. 24. Top 20 VC Funds Other VC Funds <1x 1-2x 2-3x >3x VC ReturnsVC Funds 98% 95% 2% 5% Do VCs Meet Investor Expectations? 50% 33% 10% 7% VC ReturnsVC Funds
  25. 25. Fund Fund Economics Returns Exits $1B $3B $15B 3X 20% Equity * Few Investments per Partner
  26. 26. How Do The Best VCs Reach 3x? Option A Option B Exit 1 Exit 2 Exit 3 Exit 4 Exit 5 Exit 1 Exit 2 Exit 3 Imagine you made 30 investments…. Returns = $3B Returns = $3B
  27. 27. Implications * VC could agree to smaller exits if you are not going to be big as they had hoped, IRR & fundraising considerations, founding team really insist, etc Startup “I need to show potential for $50M in Revenues in Year 5 (or >100M users)” VC Partner “Should I bet part of my career on this startup?”
  28. 28. Goal: Investing In The Winners
  29. 29. VC Economics Impacts All Investors Large Funds Micro-Funds Angel Investors “I need large exits” “Small exits are unlikely… Need micro-funds to invest in my startups” “Medium-size exits are unlikely… Need large funds to invest in my startups”
  30. 30. In Short: Aim High No, Really: Aim High!
  31. 31. Top 5 Mistakes Israeli Entrepreneurs Make 5 - Not knowing your story or market 4 - Badmouthing/dismissing the competition 3 - “Mr/Miss-know-it-all” 1 (Tie) - Overly transactional/Valuation-focused 1 (Tie) - Not being positive and upbeat
  32. 32. Topics Challenges of Israeli Startups Creating Momentum Remotely Establishing Local Presence Fundraising in the US Q&A
  33. 33. Thank Yougil@upwestlabs.com

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