Yossi Vinitski, October 2013 “Knowledge as an economic driving force: the case of Israel”...

Yossi Vinitski, October 2013

“Knowledge as an economic driving force:the case of Israel”

‘Yozma’ & The Israeli VC

Landscape

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=ObaegC2sWwnQkM&tbnid=SmYYLzOf2xu7zM:&ved=0CAUQjRw&url=http://online.wsj.com/article/SB10001424052748704779704574553884271802474.html&ei=p3kyUfusD4XLswaS7ICgBQ&psig=AFQjCNGBZyWdvH1PcZ-bhuZnWIT4IDrygw&ust=1362348543392316

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=aPELKM3Q2Qd2DM&tbnid=fJ3V4GbhxFIKzM:&ved=0CAUQjRw&url=http://www.betakit.com/venture-capital-investment-is-booming-in-quebec-in-2013/&ei=U9dFUsHoC8eWtAavj4HYDw&bvm=bv.53217764,d.bGE&psig=AFQjCNHtB70xAfPNjjU-NUSJdOWIIDZJzQ&ust=1380395169453388

http://www.acup.cat/en

Yossi VinitskiBarcelona

August 2013

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=Qv0RJ3VSz8ToTM&tbnid=s77n2fVxMXyRaM:&ved=0CAUQjRw&url=http://en.wikipedia.org/wiki/FC_Barcelona&ei=I-hFUr3mK4jetAa-lIFI&bvm=bv.53217764,d.bGE&psig=AFQjCNHQIEpe-5KM2VBUzgN1UmYgQl90qQ&ust=1380399519119460

Yossi VinitskiVC Career

1995-2000

Senior Investment Manager

2000-2013

Partner

Bs.C Mechanical EngineerMBA

2013 H1Summary

2013 H1Summary

$4.9B Israeli hi-tech exits

10 Deals of more than $100M

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=y2amF7YEhSFfVM&tbnid=Pk_8j7H7XygtEM:&ved=0CAUQjRw&url=http://www.ansanelli.com/blog/startup-132-why-an-exit-strategy-is-a-bad-idea/&ei=CX4yUcigD4mctAbl8oG4Aw&psig=AFQjCNHICRXG4zlBiyc9htCgA3W4rM-lQw&ust=1362349542166662

2013 H1Summary

$1B

$0.9B

$0.475B

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=b0RAH-z4SMuKaM&tbnid=RkGrjGzHutc63M:&ved=0CAUQjRw&url=http://www.tnooz.com/2012/03/30/news/can-consumer-travel-startups-make-it-without-being-bought/&ei=fnwyUfGiEYvEswbpqYGoBA&psig=AFQjCNHICRXG4zlBiyc9htCgA3W4rM-lQw&ust=1362349542166662

http://www.google.co.il/url?sa=i&source=images&cd=&cad=rja&docid=5uz5iV36RxMEjM&tbnid=OyA34rDR44JekM:&ved=0CAgQjRwwAA&url=http://www.iandroidil.net/8736&ei=GPBFUoK9Merx4QSVnYGADg&psig=AFQjCNGhlTyHWfBIZLUaIdOmU6pjLKz3LA&ust=1380401560873880

http://www.google.co.il/url?sa=i&source=images&cd=&cad=rja&docid=qhIZh7walyaZqM&tbnid=fCzYfS0k75Jn5M:&ved=0CAgQjRwwAA&url=http://joehol93.wordpress.com/2012/01/17/google-logo-personalized-version/&ei=b_BFUt2xF-S24ASEpYGwCA&psig=AFQjCNFNUomR_zluvCXu4C514tTmo1ZpQg&ust=1380401647446266

http://www.google.co.il/url?sa=i&source=images&cd=&cad=rja&docid=oFeifbGq6v9YfM&tbnid=hzpqZMs3jCerTM:&ved=0CAgQjRwwAA&url=http://www.fidelitybankonline.com/home/site/trusteer&ei=qfBFUpbnL4Sg4gTd7oDQBQ&psig=AFQjCNESL_80eV21VJbhyAa3N6e4Z1CKDg&ust=1380401705825029

http://www.google.co.il/url?sa=i&source=images&cd=&cad=rja&docid=BJhbOL-o1q83pM&tbnid=fCDsJTF8K32LBM:&ved=0CAgQjRwwAA&url=https://www.toopher.com/partners/&ei=4_BFUvX1A46O4gS3t4GIAw&psig=AFQjCNE9Pf5NW2oomUOxEDy9YLDHUE177Q&ust=1380401763104242

http://www.google.co.il/url?sa=i&source=images&cd=&cad=rja&docid=Fvpi8jMe_Oe68M&tbnid=g673_C2rJLl8QM:&ved=0CAgQjRwwAA&url=http://itrade.gov.il/us-chicago/2013/01/28/a-big-day-for-israeli-hi-tech-intucell-acquired-by-cisco-for-475m/&ei=5PFFUoOoH6Xy4QTs_4HICw&psig=AFQjCNF2v4QSSRh7cggY1wYR-UTTonXb-w&ust=1380402020566882

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=yRsYQUt6QerayM&tbnid=p9hdln0Fbb7r9M:&ved=0CAUQjRw&url=http://www.theinquirer.net/inquirer/news/1035225/cisco-logo&ei=F_JFUsDVMcrDswaa9oCABw&bvm=bv.53217764,d.bGE&psig=AFQjCNFR5_FXaHbBAwdUchl8CZZrDnK3Kw&ust=1380402062770367





http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=yRsYQUt6QerayM&tbnid=p9hdln0Fbb7r9M:&ved=0CAUQjRw&url=http://www.theinquirer.net/inquirer/news/1035225/cisco-logo&ei=NPJFUtX5M4bCtQas3YCIBQ&bvm=bv.53217764,d.bGE&psig=AFQjCNFR5_FXaHbBAwdUchl8CZZrDnK3Kw&ust=1380402062770367

2013 H1Summary

312 Israeli hi-tech companies raised $967M

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=OXS0vrf6pV-ebM&tbnid=fIm21drDZqR3OM:&ved=0CAUQjRw&url=http://newsfromclubhouse.blogspot.com/2011/07/fund-raising-night.html&ei=0H4yUab0EojEswbozoDoAQ&psig=AFQjCNHAfelKEnv54SP3qmaLDyjaYQeHLw&ust=1362350158298532

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=_QwDDPR8hMmPtM&tbnid=PKhlhXPD7tLFPM:&ved=0CAUQjRw&url=http://rooseveltblog.ipage.com/wordpress/fundraising/&ei=9H4yUeCCK4nHtAbO7oCgDg&psig=AFQjCNHAfelKEnv54SP3qmaLDyjaYQeHLw&ust=1362350158298532

2013 H1Summary

$763M (79%) VC investments in 184 companies

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=OXS0vrf6pV-ebM&tbnid=fIm21drDZqR3OM:&ved=0CAUQjRw&url=http://newsfromclubhouse.blogspot.com/2011/07/fund-raising-night.html&ei=0H4yUab0EojEswbozoDoAQ&psig=AFQjCNHAfelKEnv54SP3qmaLDyjaYQeHLw&ust=1362350158298532

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=xroj0ZZ2_tqMxM&tbnid=Unevm_F73D7RqM:&ved=0CAUQjRw&url=http://c-leveled.com/entrepreneur/the-expenses-of-a-startup/&ei=OXcyUf_GKI_KsgbU3oCYCA&psig=AFQjCNElSVTBIhmUN_sHmdcA9iSy7YItSA&ust=1362348002237428

2013 H1Summary

$265M Israeli VC investments (27% )60% deal participation

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=3iii9RPs_JeSpM&tbnid=Enw0Uk4IDZxkuM:&ved=0CAUQjRw&url=http://bluespeed.net/industry-focus/healthcare-life-sciences/&ei=jcozUcfJO8Tjswa334HgCw&psig=AFQjCNHr-Vojv3snRkdYRrK-L2oWpidIGQ&ust=1362435052691839

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=L7AhOywDGPI7eM&tbnid=eFpfcTD1SINeXM:&ved=0CAUQjRw&url=http://www.thenextsiliconvalley.com/3930/israel-vc-survey-reports-82-rise-high-tech-capital-raising&ei=zcozUZDiO8TGtQaljIDICQ&psig=AFQjCNHeFSJJGTohEANYxChg724_dLz_ww&ust=1362435139192014

Yozma

Yozma is the Hebrew word for

initiation

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=hXxIL2V7Vz7-FM&tbnid=TrbSis9ngnbQLM:&ved=0CAUQjRw&url=http://www.cnb.cz/en/banknotes_coins/banknotes/termination_of_validity/ukonceni_5000_vzor93_en.html&ei=5wRGUvf1HoTZtAbR8IBI&bvm=bv.53217764,d.bGE&psig=AFQjCNHZfZzrctLA0LPaz0igARZQRy3U7Q&ust=1380406836570366

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=gHXU5GqlJwgYPM&tbnid=cN87B3Z8Tp9yOM:&ved=0CAUQjRw&url=http://newsbusters.org/blogs/noel-sheppard/2008/06/11/nyt-1993-study-greenland-ice-finds-rapid-change-past-climate&ei=EQVGUo3nDIOgtAb82oDgBw&bvm=bv.53217764,d.bGE&psig=AFQjCNGY9y6CP33WRyzmqvbbWh20NmpBJw&ust=1380406912613961

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=EaKIS5sYrPOvAM&tbnid=qNsMkvc-2y2JWM:&ved=0CAUQjRw&url=http://en.wikipedia.org/wiki/1993&ei=KgVGUuXqCcqCtAbXsYC4Cg&bvm=bv.53217764,d.bGE&psig=AFQjCNE5x6_gTAdg6UQxFLFSYzRpBJ9IBA&ust=1380406943383062

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=-oDZktAkPvbMwM&tbnid=eE3gM6VyFSgpJM:&ved=0CAUQjRw&url=http://www.mediamikes.com/2012/09/alamo-drafthouse-rolling-roadshows-hit-kansas-city/jurassic-park-1993-original/&ei=hAVGUsePLcTNtAb8_YGIAw&bvm=bv.53217764,d.bGE&psig=AFQjCNEy6hIyM3wJHqji7XuNswP4zpvWrA&ust=1380407024788226

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=4we4I9ebtSk4lM&tbnid=gjJwp7GCo3zhaM:&ved=0CAUQjRw&url=http://mentalfloss.com/article/49653/how-buy-new-computer-1993&ei=ygVGUrb7O8LctAaYzoD4Bg&bvm=bv.53217764,d.bGE&psig=AFQjCNEy6hIyM3wJHqji7XuNswP4zpvWrA&ust=1380407024788226

YozmaMission: To create a venture capital market in Israel.

Establish a $100M Government investment

company

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=bA2NmjSJC4vflM&tbnid=zUsq2Pi4d3tpUM:&ved=0CAUQjRw&url=http://haluskaaa.deviantart.com/art/Hi-Tech-Style-130444913&ei=94tGUsr5MoPZtAaR4IGQBQ&bvm=bv.53217764,d.bGE&psig=AFQjCNFKnAq6eig1271W3ILCEVn_PhxA8A&ust=1380441445663681

Yozma

Policy:

•Create professionally managed Funds

•Entice VC investments in Israeli early stage companies:

(i) create & invest in new VC funds together with experienced partners

(ii) make direct investments in startup companies together with professional investors

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=RfA83NPnx81sBM&tbnid=Urtr1sgnsTNBeM:&ved=0CAUQjRw&url=http://www.vosizneias.com/133103/2013/06/12/jerusalem-israels-largest-high-tech-deals/&ei=XI1GUpy5BsXqswapm4HIDA&bvm=bv.53217764,d.bGE&psig=AFQjCNF7GcVr4Jd487rKMVhE-R1xfu0APw&ust=1380441810364583

Yozma

Investment method in Funds:

•Investment of $8M in each $20M drop-down fund (minority position)

•5 years option to buy out Yozma’s share at predetermined conditions

•Yozma’s CEO / VP was a voting member on each Fund’s investment committee

•Same terms for all VC Funds

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=GcOqLAPPEVGgcM&tbnid=dKtlAvBD9Y0VZM:&ved=0CAUQjRw&url=http://honestreporting.com/bbc-profiles-israeli-hi-tech-success/&ei=XpBGUp2nKILLtQb7roDoCQ&bvm=bv.53217764,d.bGE&psig=AFQjCNGLsKK8yztXbpqOr-SBLGzDtBR6nA&ust=1380442495723778

Yozma

Results:

•Established 10 funds together with strategic partners

• 15 Direct investments•Out of the 10 funds 8

have exercised their option• 9 exit’s of Yozma’s direct

investment portfolio

•Yozma fund’s size 10 years later: from $210M to $4B

•The Yozma vehicle was privatize•The Israeli VC industry

has been established

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=PUz8Re4NwCPuJM&tbnid=-O348cWYCN3MWM:&ved=0CAUQjRw&url=http://blog.ourcrowd.com/index.php/category/israel-startup-ecosystem/page/3/&ei=xZ5GUvzlOorKsgb_hYGACA&bvm=bv.53217764,d.bGE&psig=AFQjCNFQ5cAMRii_pYAvEsfu1YAM5aEmmA&ust=1380446123138809

Israeli VC Arena

•Local VC Brands

•Foreign Funds

Most of the L.P.’sare foreign

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=KJZ2G5t0Mrn2QM&tbnid=bDinOuG2PgIVtM:&ved=0CAUQjRw&url=http://www.smallbusinessdelivered.com/small-business-start-up-grants-free-money.html&ei=WXcyUfe5D87Lswahy4HICw&psig=AFQjCNElSVTBIhmUN_sHmdcA9iSy7YItSA&ust=1362348002237428

http://www.google.co.il/url?sa=i&source=images&cd=&cad=rja&docid=aWtLL-nrySkDhM&tbnid=zn52VkX9ioh2XM:&ved=0CAgQjRwwAA&url=http://publishingperspectives.com/2012/10/israel-to-star-as-guest-of-honor-at-fil-guadalajara-2013/israeli-flag/&ei=YvhFUrTMIsSG4gSOtoGYCA&psig=AFQjCNEhqJIED6uxICrKHgE-Qh9_FCnzgA&ust=1380403682619131

http://www.google.co.il/url?sa=i&source=images&cd=&cad=rja&docid=koNoHKgnlkjF8M&tbnid=kzE6uYsKXjN9sM:&ved=0CAgQjRwwAA&url=http://www.donthatemiami.com/tag/us-flag/&ei=f_hFUpmvE8W04ATOhIEw&psig=AFQjCNF4Cb5aszhrfMA33xmtefVKzXHrXw&ust=1380403711363701

http://www.google.co.il/url?sa=i&source=images&cd=&cad=rja&docid=oaXp2esdCu6ojM&tbnid=ctjUlOD4DB5LqM:&ved=&url=http%3A%2F%2Fcontemporaryhistoryusj.wordpress.com%2F2011%2F12%2F20%2Fthe-european-union-flag%2F&ei=HhVIUqvTI4bAtQbM4YHACw&psig=AFQjCNHAPOHBgEFdD4Gtfm0NVTKxL2ZO_Q&ust=1380542110636267

Israeli VC Arena

•Local Brands

•Few big general funds(all stages, all tech)

•Specialized fund(Medical, Internet)

•Micro funds ($5-25M)(New, due to the fundraising difficulties)

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=2shVBxG0g1wcJM&tbnid=BzWKT5tXZa5ygM:&ved=0CAUQjRw&url=http://phillogical.com/moralhazard/&ei=tG02Ufu8J4XOswaQzoGgBQ&psig=AFQjCNE1aVGMzN8b52fIKN6CHNBG2w3mJw&ust=1362607923350851

http://www.google.co.il/url?sa=i&source=images&cd=&cad=rja&docid=aWtLL-nrySkDhM&tbnid=zn52VkX9ioh2XM:&ved=0CAgQjRwwAA&url=http://publishingperspectives.com/2012/10/israel-to-star-as-guest-of-honor-at-fil-guadalajara-2013/israeli-flag/&ei=YvhFUrTMIsSG4gSOtoGYCA&psig=AFQjCNEhqJIED6uxICrKHgE-Qh9_FCnzgA&ust=1380403682619131

Israeli VC Arena

•Israel dedicated Funds•General allocation from main fund (Strategic / Opportunistic)

•Corporate funds•Super angels, Micro funds

•Foreign Funds

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=2shVBxG0g1wcJM&tbnid=BzWKT5tXZa5ygM:&ved=0CAUQjRw&url=http://phillogical.com/moralhazard/&ei=tG02Ufu8J4XOswaQzoGgBQ&psig=AFQjCNE1aVGMzN8b52fIKN6CHNBG2w3mJw&ust=1362607923350851

http://www.google.co.il/url?sa=i&source=images&cd=&cad=rja&docid=koNoHKgnlkjF8M&tbnid=kzE6uYsKXjN9sM:&ved=0CAgQjRwwAA&url=http://www.donthatemiami.com/tag/us-flag/&ei=f_hFUpmvE8W04ATOhIEw&psig=AFQjCNF4Cb5aszhrfMA33xmtefVKzXHrXw&ust=1380403711363701

http://www.google.co.il/url?sa=i&source=images&cd=&cad=rja&docid=oaXp2esdCu6ojM&tbnid=ctjUlOD4DB5LqM:&ved=&url=http%3A%2F%2Fcontemporaryhistoryusj.wordpress.com%2F2011%2F12%2F20%2Fthe-european-union-flag%2F&ei=HhVIUqvTI4bAtQbM4YHACw&psig=AFQjCNHAPOHBgEFdD4Gtfm0NVTKxL2ZO_Q&ust=1380542110636267

Israeli VC Eco System

•Entrepreneurial Culture•OCS•Accelerators•Incubators•Army•Universities•Lawyers/Accounting firms•Multinationals

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=fAfs5ZZ9pFGjzM&tbnid=toU7ppmFzcDYZM:&ved=0CAUQjRw&url=http://blog.ourcrowd.com/index.php/2013/07/30/the-startup-nations-hall-of-fame-the-top-ma-in-israeli-history/&ei=4phGUq-jN4WWswaygoHwBg&bvm=bv.53217764,d.bGE&psig=AFQjCNFR7muChZL8SHdQ7cORWea4HqRDmg&ust=1380444754319741

Israeli VC Eco SystemMultinationals

http://www.jnj.com/index.jsp

http://www.avaya.com/ac/common/index.jhtml;jsessionid=VIXQA14XNFY4ZWCKSJICFFQ

http://www.marvell.com/index.jsp

http://www.pfizer.com/home/

fsf

[email protected]

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=xs3QHwPK4PT07M&tbnid=aupNHb8vsc4oFM:&ved=0CAUQjRw&url=http://positivepsychologynews.com/news/aren-cohen/200812121313&ei=6Ec2UYzTH8mxPPK2gOAD&psig=AFQjCNElmnXP2-OHd7gY9pfMq_l0Uw2M2g&ust=1362598234137461

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=vLSTmkZeWGswGM&tbnid=F6YEUyRmNYIDEM:&ved=0CAUQjRw&url=http://www.religionnews.com/2012/12/23/ask-the-experts-christmas-questions-edition/&ei=IEg2UcOXEo6pOu3-gMAI&psig=AFQjCNFMUGmulEUY_k5QTar_zqMLpTY6NA&ust=1362598299759539

http://www.google.co.il/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=c-6bueDgvNW1YM&tbnid=xGFQTkb0znkdoM:&ved=0CAUQjRw&url=http://www.123rf.com/photo_13895263_questions-3d-text-shaped-as-a-question-mark-part-of-a-series.html&ei=O0g2UYumDoO7PZDSgJgB&psig=AFQjCNFMUGmulEUY_k5QTar_zqMLpTY6NA&ust=1362598299759539

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Yossi Vinitski, October 2013 “Knowledge as an economic driving force: the case of Israel”...

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