Entrepreneurship &

Disruption

Uri Levine uri@feex.com

Waze / FeeX / Moovit / Roomer / Zeek / Engie / FairFly / FairSale

Focus: it is not what we are doing it is what we are not doing

Agenda

Waze

Journey

Startup

Tips

Startup

Passion Disruption

Entrepreneurship • Love or Hate leads to Dream and Passion

• Willing to Sacrifice

• Longer Roller Coaster Journey

• No doubt what’s next

• It is like…

What is the problem you’re solving?

Venture

• Out of tons of ideas

• You fall in love with one

• It takes time to fall in love

• Then you share your idea – to get feedback

• And if they don’t like it – you disengage…

• With your friends

• Out of many girls

• You fall in love with one

• It takes time to fall in love

• Then you show up with your girl – to get feedback

• And if they don’t like her – you disengage…

Girl

If you don’t LOVE what you’re doing…then do something that you do love

Falling in Love

The 1st year – keys for success

• Fund Raising

• DNA

• Mission

• Focus

The main thing, is to keep the main thing the main thing

The Long Journey

If you’re happy with your product – you launch way tooooooo late

Journey realization

Failures are the best teachers

Big Ideas… • Ask yourself – who will be out of business when

I succeed?

• If you don’t know – it is not big enough

Celebration – the 1st everything • Good:

• Launch, Employee, User, PR, Revenue, Million, Office, Prize, Deal, Fund raising

• Better:

• Overloading, Patent infringement, Law suit, Fraud

• Best:

• Thank you letter from users

Ask for help – you will find many that can and will help you

The Startup Journey

Entrepreneur: Passion for a change > Fear of failure and loss

Problem

Users

Solution

Startup

Find a Solution For many Users With a Problem

The Waze Journey

Wazer One

The Story: Livemaps

The Story: Livemaps

The Story: Livemaps

The Story: Livemaps

The Story: Livemaps

The Story: Livemaps

Does it really work?

http://www.youtube.com/watch?v=VRlwwtAuMio

Making a Long Story Short

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Wazers Excitement

of creation

Moving the

Needle

Magic

happens

Total

Disruption

Waze was acquired on 6/13

• And I left the day after to start a new startup - FeeX

FeeX – Robin Hood of Fees

• Biggest secret in the world - $600B of fees in the US

• People don’t know they are paying them

• 1/3 of retirement will be paid in fees

• Lack of transparency

FeeX Impact

• 25% of our users – change their holdings

• Saving a $50,000 in average per user

• Albert Einstein: “compound Interest is the 8th

force of the Universe – those who understand it

are earning it, and those who are not…are

paying it”

Don’t go home without these Building a startup tips

You may want to write these down

Make your mistakes fast, and if you hesitate you’re way tooooooo slow

Building a startup • Quest for 3 elements

• Users

• Problem

• Solving that problem for these users

• Find something that works

• Replicate it

Fall in love with the problem – not the solution

Emotional Engagement • Strong emotions

• Love

• Hate

• Sucker

• Frustration

• Anger

• Rage

• Bad and good

• Enemy

• Outsmart

• Empowered If you think you can, you’re right

Tips • Who are your USERS and their PROBLEM

• Make your MISTAKES FAST

• DNA + MISSION journey

• Fall in LOVE with the PROBLEM, not the solution

• FOCUS – it is what we are not doing

Fall in love with the Problem, not the solution

Fund Raising Tips – How Fast?

• Strongest point at the beginning

• They are users too

• Story Telling

• Big Market

• Strongest point at the end

The main thing, is to keep the main thing, the main thing

Disruption

Waze, Uber, Self Driving Car, iPhone

Product Price

Knowledge Model

Market Equilibrium

Disruptors… • Entrepreneurs or new players

• Nothing to lose

• Driven by Passion or Hate (Palo Alto Networks)

• Existing players can NOT disrupt

Who am I? I tend to upset a lot of industries…

Calling for disruption • Asymmetric Information

• Middlemen/Broker

• Unclear Value/Price

Uri Levine • Serial Entrepreneur and disruptor

• Only consumers

• a lot of Good to a lot of People

• Money and time loss

• Empowerment

• Real problems

• Big Impact

• 2-3 new startups a year Fall in Love with the Problem – not the solution

Fall in Love in the PROBLEM you’re solving – not the solution

My Startups

The Model User Emotions How the user feels (about the problem)

Market Size In users or $$$

Disruption How the market will change

The Trick The enabler of the disruption

Impact What would happen to the market

Waze User Emotions Common Enemy, Hate traffic Jams

Market Size 1B cars

Disruption FREE and actionable traffic

The Trick Crowd Source

Impact Navigation disappeared map makers shrank

Moovit User Emotions helpless

Market Size 1T trips per year

Disruption Global, zero time to launch

The Trick Crowd Source

Impact Control Public Transportation data

FeeX User Emotions Helpless, overpaid

Market Size $600B of fees (US)

Disruption Free and tranparency

The Trick Crowd Source

Impact New market equilibrium

Roomer User Emotions Throwing money out the window

Market Size $9B loss in the USA

Disruption Everyone wins (no disruption)

The Trick Market Place

Impact Increase utilization

Zeek User Emotions Throwing money out the window

Market Size $100B loss (Global)

Disruption No disruption – everyone wins

The Trick Market Place

Impact Branded money

Engie User Emotions Frustration at the mechanic

Market Size $500B mechanic market (Global)

Disruption Transparency and price comparison

The Trick Connect to car computer

Impact $150B gap – new equilibrium

FairFly User Emotions Over paid (Sucker)

Market Size $700B airfare

Disruption Price transparency

The Trick Compare after buying

Impact $100B gap – new equilibrium

Find a BIG Problem to solve

Thank You uri@feex.com

The yellow tag lines I Focus: it is not what we are doing it is what we are not doing

What is the problem you’re solving?

Who are your users?

If you don’t LOVE what you’re doing…then do something that you do love

Fall in love with the problem you’re solving – not the solution

The main thing, is to keep the main thing the main thing

No one was born CEO – build a team to support you

The CEO is all alone

The biggest enemy of good enough is….perfect

My more successful companies built their management teams at the beginning

If you’re happy with with your product – you launch way tooooooo late

Success = (A lot of value) X (a lot of people) X (a lot of times)

Find a big F…… problem to solve

When you started you had a mission – prove that you can

Show significant value before you can ask something in return

Ask for help – you will find many that can and will help you

The yellow tag lines II If you don’t know your usage figures, you’re doing something wrong

Focus: it is not what we are doing it is what we are not doing

A Startup is a continuous quest for product X users – until you find it…

Today is the first day of the rest of your life

Never forget your long run goal and what you stand for

Does it even worth it – what will happen if you’re successful?

Prepare for rejection – do not be afraid to fail

Don’t worry that someone will copy you – worry if they don’t

We have two ears and one mouth – so we can listen twice as much as we talk

Strategy is very important is can be up to 20% of the success – rest is execution

A dog will not jump if you hang the sausage from the ceiling

Why do dogs lick their balls?

Ideas are easy – making them happen is the hardest part

If you don’t measure it – it does not exist

You won’t be good enough, if you don’t know what good enough is – metrics is key

To start you need: to know better your customers your product and passion for it

The yellow tag lines III Don’t assume – ask… and if it doesn’t work, then TRY

Funding is like fuel for the car – I would rather go without refueling

Who would be out of business if you’re successful

The difference between CEO and CFO

Ben Horowitz: as a CEO, I slept like a baby, woke up every 2 hours and cried

Schedule Your Priorities and not priority your schedule

The winning triangle: Users + Problem + Solution

A lot of nickels and dimes is still nickels and dimes

If there is no main dish – there is no meal

Vinod Khosla: 70-80% of the VCs add negative value (so nothing is better)

Smart Money – WTF? Have separate money and separate smart

You don’t want to go home with a deal that you don’t like

Once they invest – they get you by the balls, AND you get them…

Fund Raising is an extreme sport

People don’t stop dreaming when they get old, they get old as they stop dreaming

You either lead, follow or get out of my way