Gal Israely Building It Right From The Start

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Startup Now! Building it Right From the Start

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Gal Israely Building It Right From The Start

  1. 1. VC Perspective Building it Right from the Start Gal Israely Managing Partner Cedar Fund 1
  2. 2. Cedar Fund • Founded in 97 with $325M under management • $100M 2008 fund that we invest from • 4 Partners • Portfolio: 25 companies 2
  3. 3. Investment Stages • Initial revenues • 1st round • Seed • Pre-seed® 3
  4. 4. What do we look for? • Team • Market • Product • Clear business and financial plan • After seed - Company track record 4
  5. 5. What is Pre-Seed® ? • Pre-Seed® is a process that a team with “no idea” goes through to: – Come up with a Killer App – Validate – Come up with a financial plan 5
  6. 6. Cedar’s Pre-Seeds® 6
  7. 7. Start right – team • Start with people – a team of 2-4 – CEO – CTO – Bus. Dev./Sales/other technical • Top People who can come up with an idea and execute • Experienced Entrepreneurs • Know each other • Add luck and mix 7
  8. 8. The search for the killer app. • Look under your lamps • Speak with the people that matter – Customers • Be thorough • Think out of the box, be creative • Don’t give up 8
  9. 9. Think business • We identified a problem! • Pain - nice vs must • Is it large enough? $$$ • How do I make money? • Not how do I change the world 9
  10. 10. Three customers • Your market • Financing market • Exit market 10
  11. 11. Timing is everything • Too late • Too early • Perfect timing 11
  12. 12. The ultimate Seed • Top integrated team – CEO – CTO – Bus. Dev./Sales • Market – Potentially large and growing • Product - Validated – Needed, Unique bus and technology, Competitive – Clear go to market • Attractive financial plan – What is the needed investment? – How can we make money? 12
  13. 13. Lessons learned • The process works • Understanding the customer market • No way to guess • Too early 13
  14. 14. The Recipe • Start with exceptional people • Add: – Market – Customers – Money – Brainstorming – Luck – Cedar • MIX 14
  15. 15. Thank You Gal Israely Managing Partner Cedar Fund 15

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