2. Overall Picture
• We need more Israeli-owned and based $1B companies,
actual or potential.
• How? IPOs, and M&As, including between Israeli
companies like:
• Orbot Systems + Optrotech = Orbotech, a world leader
• Elbit acquired Azimuth (~$50M), a market leader
• NICE acquired Actimize (~$280M), a market leader
• And, of course, TEVA: Market Cap >$50B!!!
• NOTE: How did Cisco, HP, CA, ORACLE, etc. grow?
BY ACQUISITION
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3. WHY IPO?
Impact on Economy
• In the U.S., 92% of job growth comes after the IPO.
• NASDAQ? 76% of smaller U.S. high-tech companies say
barrier to IPO is too high, due mainly to “SOX”.
• OK, fellow participants: tell us please why Toronto!
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4. VC Point of View
• For maximum economic leverage, we need more IPOs.
(Can we reincarnate Boutique Banks like H&Q and
Robertson Stephens?)
• Quick exits through M&As are enticing, but often
premature.
• We need to incentivize entrepreneurs and founders to stay
the course to IPO or high-value sale of the company.
• WHEN WE SELL OUT TO FOREIGN COMPANIES, THEY GET
THE LION’S SHARE OF THE BOOTY
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