Two True Venture Capitalist Legends in Tel Aviv and Hertzliya! #350



good morning Wednesday morning I have some pretty epic meetings lined up for the day first he meeting gets Applebaum this morning it was a mega investor that I've heard about from around 3,000 people over the years and have never met we actually randomly met at a political event a couple weeks ago and finally having coffee this morning super pumped to meet him he's an incredible dude like you'll hear her story hopefully if I can get him on camera then heading to powtoon for the day a couple meetings there and meeting Lisa Bennett for lunch from Kaltura and I'll tell you about its cousin after that meeting literally the smartest investor I know in the world Alan fell from vintage ventures who's an investor that invests into these seasoned LP and some of the biggest VC's globally not sure I'm allowed to say on camera not sure what's public information but I'm going to try very hard very hard to get him on camera because he promised me last time and time before that that he'll do an interview but I've never managed to actually get him to sit in front of the camera so that's gonna be a challenge of mine today but all in all a fantastic dad let's do this made it to Tel Aviv seven-thirty am parking 8 o'clock is my meeting with its Applebaum who not even how to describe the guy he's invested in some incredible I think he's interested in epistemic I know you I know he brought Peter Thiel and some of the earth you know their biggest investors to the table I think he put some capital in as well but it's just a big name in the venture world super pumped to meet him but first um powtoon pretty sure I'm the first person here it is 7:30 a.m. so that would make sense lookup beautiful this offices well not the first person here two people here it's in 7:00 a.m. that's dedication anyway gonna put my stuff down and head to meet it's at a dam here on Harbaugh Street in Tel Aviv and I'm gonna leave the camera here and take just the Osmo if I get an interview with him hooked it on the Osmo [Applause] [Applause] so over the years I've been fortunate in my career to meet some extraordinary people that is my biggest gift I thank God for it every day but then there's that person that throughout hundreds maybe even thousands of meetings over the years people have said to me you don't know him and their jaw hits the floor how do you not know him not only is a hotshot but you guys have 80,000 things in common there is endless synergy between the two of you how do you not know it's Apple BAM and my answer is always I don't know but we need to fix it fast forward many many years and I'm sitting in an event what a month ago behind Bibi Netanyahu the ambassador US ambassador to Israel David Friedman's onstage and I looked to my right and I see a familiar face in the crowd yes Applebaum and I wink at him he winks back at me the rest is history this is Apple man man it took us like 10 years this is 10 years overdue as far as I'm concerned we could have built linked and sitting here over breakfast it's only we have had a cigar with us that's true my contact says contact and figure out what the overlap is that is true 80 percent and LinkedIn move over 26 billion so truth be told honestly usually when I meet people I like the frame man you know in an introduction explain high level who they are this person's a CEO to explain it to Alabama less than like 2030 minute description is basically impossible but I'll just say one thing over the years when I meet entrepreneurs when I meet remarkable companies like for example a company that I've been very engaged with lately who I just love epistemic company that raised little did I know who is their lead investor it's Apple man but that's just I mean literally the tip of the iceberg this guy has hands in thousands and thousands of deals and companies and subsets stories and and whatnot in wine I don't even where to start who is get that back let's go see if you could elevator pitch me son of a rabbi grandson of a rabbi not a bad place to start good Brooklyn 20 she University got very very lucky in life a cutter Sparkle has been beyond amazing to me and started investing in Israel 1999 invested through the through the Intifada was with light speed really the first guy from one of the first people to come to to Israel to start investing 14 deals with Lightspeed then the co founder of opus capital but more than anything I love Israeli entrepreneurs I love Israeli high tech and I love everything Israel I'm one of the largest collections of Israeli wine in the world I'm on the board of the men are up the cocktail one of the co-founding forward members of shell lamb you can go on for hours just you do everything has to do let's just stop for one second let's just I want to put a pause on the light because light speed is widely regarded as one of the one of the top dentures you know capital funds in the world I don't know I don't know the ranking but but it's up there for sure and you were the first partner in Israel focused on Israeli technology that's correct I've been coming back and forth every month since 2000 and I started that with lights all right so there's that venture side then there's the hotel tunnels had that happened oh and that sulie who's the chief spiritual officer andrew ivanovich who's the chief rabbi of the holy sites and you have to come on a tour of menial understand 3,000 years of history 2,800 years in history in an hour your life changes that's it here's one of the biggest clubs of kosher wine you have a massive cigar collection how big is your cigar college oh the partner we have over 5,000 kilos what all right we give a five times okay like the amount of things you have in common all right so listen right now your your main focus in terms of you know day to day is your you know fun nice mom is Rafa Rafa I have a website it's called WWE Emma mi z ma a.com 280m two ways at the end yeah com.com and good help Israeli companies go to Asia love it I need to play capital I would you're not one of those guys being like oh I'm gonna help you would be remain on the bank and what about 60 million to work in the last couple of years 20 companies but here's the thing I'm a little I'm a little bit you know like five years ago everyone in their mother was a social media expert get everyone's like I'm gonna be your man on the ground you know listen gets Apple down cuz I'm gonna lose that you lose at your house for dinner we have we had the president of 10 cents I'm a member of the YPO we hosted a YPO group we have lobster we have the board of the Asia Society I'm on the board of the Asia Society Saturday night they're coming to my home for dinner so when you say you know you're bringing company Stasia you're not bringing companies you know some the markets you're bringing you're bringing them to the top of the incredible so mismo calm is your main thing today that's correct and your son my son was made a partner two weeks ago second generation yeah yeah a neighbor that last night we added this great restaurant I'll Sufi Oh Oh Moroccan place right at the beginning make seven extraordinary Oh somebody please get unlimited food the whole team you're a foodie too you like food and not enough no I don't know enough I'm going with Maya all right I love wine I'm not now I'm gonna save on wine expert but I'm a big foodie well listen man bottom line is like this like I said ten years over long overdue a long overdue probably more than ten years I love the story I love that you love Israel I love that you started off with a tear out your dad's a rabbi most people don't know this my dad's a rabbi – you know I say her – Lee hornstock act one of our Mitzvah lessons are there so the current principals to lean hard on his father I grew up without breasts his father was the cousin in my dad Shirley and I join his Bar Mitzvah father-in-law Krauss yeah my dad was a rabbi which is everybody juice geography right on camera lie that we don't have enough film left – not a joke but listen it's phenomenal to meet you really phenomenal all I could say is as follows anything and when I say anything that is a challenge for you that you think I can be of any value of any kind I mean we talked about some things those things are go hanging fruit he'll float easy press easy to forget that stuff on a more fundamental level if there's ever anything we do to help this is just a kickoff me we're gonna have many more meetings in the future not wait another 10 years but Melissa I mean it take me up on my offer we'll have a meeting I'll meet your son soon but let me know how I can help with anything I mean it thank you on that right from all right very what do you think next in six I go back to Sunday night Monday morning all right so luckily I have to like you know I do and ask you one question can you freaking take care of the kosher food situation Silicon Valley no we've tried I owned a kosher restaurant in Berkeley with Noah Alpert and Rafael's Oh cuz I went to what's it called Bar and Grill what was any other place in Berkeley don't look the only kosher place and I went through the night they closed okay he go I mean with all due respect it's not really not really food so we are saying about that it's crazy I mean there was the there's a kind catering yeah yeah I know that he has someone who now runs a forum yeah in any case you gotta do something about that but listen man it's super awesome to meet you you're gonna let me know how I can help looking forward to our next meeting and we're gonna do some good stuff the other I thank you so much thank you thanks to Lisa Bennett from Kaltura an old friend Kelly Bennet's cousin she introduced me to originally now we're good buddies I was saying me and Lisa share a passion for good burgers so hitting up Memphis my all-time favorite burger here in Israel digs down at that place and I love that I'm walking around with a DJI Osmo pocket and not my massive camera freakin love it [Applause] [Applause] okay so now as we finish our seat it's not right to call it a meal because a meal like yours Ana normal restaurant managed culinary experience there you go Conan it was like having a piece of unbelievable proportions how many burgers how many burgers did i have Lisa three it's true true story I had a 300 gram for my main and then to 160 gram burgers for dessert she story weights I told you you should have gotten the bigger one to begin with I know it was so good everyone oh I can have another one totally good by the way I can we talk about business here focus Lisa focus who are you what's your name Lisa Bennett I'm VP Marketing at Kaltura can we back out or a little bit cuz I mean you guys are an absolute phenomenal you're a phenomenon you're sitting here in Rome I've got and you're dominating the video landscape give me some numbers well we have over 800 paying customers from every aspect of any industry that you can imagine we have a huge open source community of over 150,000 members that deal with our code our open source video code we have offices worldwide and I believe seven locations at the moment know almost 500 employees yeah where everything Vidya something has to super nine question who is your biggest competitor today so the interesting thing is that we don't have one single competitor because Kaltura played in so many industries due to our platform approach right we have competitors in each one of the areas that we play in you can be I mean I would say you know in general anyone who is playing in the video space from a technology perspective it's either a partner is there anyone at your scale not that covers the range of solutions that we offer let me ask you this I mean I mean on the cloud CD side of the business that we compete with huge companies like wowie and Ericsson and whatnot mostly Berlin was wallowing in Shanghai I gave a talk and I said something like wow way they're like what way I think they're very particular but anyway you pronounce it well they go on sorry to trouble you so it's a range of competitors there's no one who completes exactly with what got it let me do let me ask you a question now I want you to dumb down but really dumb down what is Delta what is what is fundamentally what is Cubs are so Kaltura basically brings videos who ever need right all right so let me give you an example of some of our products and that's at the end of the day what you what you actually see we have a lot of different products but let's talk about one for example is a out-of-the-box YouTube for an organization if you're a school or if you're an enterprise and you want to have video across the board within your organization without people going to YouTube in sync at videos then you would deploy our mediaspace video internal YouTube I love it an internal YouTube moment it could be an external you'd sit by the way as well we have lessened lots of customers who use it that way to love it and the other big product that we use is almost like a out of the box white labeled Netflix so think about Vodafone TV which is powered by Kaltura they offer in over eight countries Vodafone TV similar to here in Israel Cellcom TV or Hulu or Netflix and that's what Kaltura provides the backbone is it fair to say Kaltura is the infrastructure of a significant percentage of the web video yeah okay fine now you know over 15 million streams a year okay just let me play with the right hand 175 videos played for second Wow yeah those are some crazy numbers but when I asked you what its cuts were the yeah the right answer was B R Hillel vlogs sponsor that's right so the truth is the good news is yeah that's what we are first right of course the good news is I'm a big fan of Kaltura and we and we you know when I launched my plot like let's work together the bad news is I haven't leveraged it properly we have to figure out how to do that I know the real truth is like beyond the vlog like we really beyond hamburgers we should sit one day and really talk collaboration because like who doesn't video me you hello no then ask you one more question I'm sitting here holding this microscopic device by the way very awkwardly like I it's weird for me to hold it's one thing to hold it could be camera Moses like two singers it's weird but my question to you is trends in technology and video like this is a trend I forget for one side of the hardware like the fact that video is totally democratized and anybody can become of it how does to review that that trend like what how are you how is it impacting your business well for us it's a huge opportunity obviously because once you can create video easily without any issues and his 5g comes into play and things like that it's just the most natural thing I mean think of your kids right how do they how do they communicate how do they converse it's all video so for us the combination of mobile camera and everyone's hand and the internet I mean it's it just means that it's out there for us to go again you know when I you know when I realize how that I'm really old when I went ick top became like the biggest thing I haven't even down what I don't know what that is well I know tick-tock when it was musically by the way I don't even get all right well any of those things are and yet everybody does stop talking about and I'm like yeah I don't I don't even know what these things are so yeah like when our grandparents east asses what email yeah exactly what's that long ago by the way I know it's crazy at any case Lisa yeah we should do this more often between our love of video our love of tech our love of it was the punch line getting our feet wet in the political game a little bit politics comes in our side Bennet's cousin you introduced me best intro ever and then there's the extreme love of good burgers we should do this more often that's the bottom line but I feel about bringing you all the way out here we come so I'm happy to come to you whenever there's the burgers in your area if not you're coming here but anyway really you should do more often this is a lot of fun you know let you go if you have a birthday party to attend to I do but yeah let's do more thank you so much for coming all the way out here even if I wasn't worth it the burgers are the burgers worth it I'd say it's a fair you know good as been case by the way Memphis is un-frickin'-believable I don't pay me by the let me show you only said freaking cuz we're on a break all right he said let's do it again soon always a pleasure Thanks heading to meet Alan Feld right now you've been ditched ventures one of the top pcs not a PC I mean LP is in DC's so like fund-to-funds in the world actually he's an LPN lightspeed excel Andreessen he's sort of a smart dude and a mega mensch and I'm running late hopefully they'll make it on time I hate coming late to meetings it's just an amazing dude [Applause] so I think over the last 10 years of my career majority of things that I aimed and dreamed of accomplishing have accomplished but there's this one thing I've wanted to do for so long like four years and I was unable to do it because it was out of my control today I went out of my comfort zone I was super aggressive because I wanted to get Alan fell on camera let me tell you why before we get him on camera because Alan Feld is a force to be reckoned with and you've never seen him before the reason you've never seen him before is because he's not the type of guy to be front and center he's under the radar behind the scenes but I promise you this all of the VCS that I've met with over the last three 150 episodes of this vlog all the B C's and all the hot startups the growth startups the things the companies are having an impact and building sustainable large successful companies the unicorns the ones that are getting there Alan Feld has his hand in all of them and not in the negative way in a positive way he's helping the companies he's helping the VCS he's an LP in the world's top venture firms he is a legend and the worst or the best part of Adam is he doesn't even know it best part not the worst part Alan Feld so first of all I'm sorry I can't help it man how do we know each other how many times I try to get you on camera I basically twisted your arm today okay give me in 45 seconds now Alan fell Tori not professional personal where you from what's your story wouldn't you want a report in Canada hey thank you very much Oh Mike it's big big news in except we all have more points to the but um born in Toronto grandfather was a fur trapper in northern Canada I know that father and mother lived in Toronto I moved to Israel with my wife and and oldest daughter 25 years ago this past 1984 I was 326 years I guess okay and it's been amazing amazing experience like I mean are we living the dream or what we're living the dream like really people talk about who days are gonna lower your quality of life that might have been true once today what look you know what I mean is really by choice and it's been an amazing experience well the best some of the finest people I've ever met in my life have been in this country on to pretend by the way many of them alright let's let's let's I mean your story on a personal level for the father of kids I believe I'm following I'm seeing it's amazing the joy in your face looking at being on that Facebook post all right so let's let's jump into the less exciting stuff where do we start vintage ventures so I started the firm 17 years ago I always learned the way you make money as you do the office of what everybody else does nastic had just crashed people were down on Israel people were down and onst on tech and we thought you know this was exactly the right time to start looking at this the space and being aggressive in building it out at the same time we knew that we'd never met a VC that wasn't optimistic about their portfolio so we said look let's go meet the companies ourselves we both my partner Abe who joined me from day one and there had been an institutional investor ranked analyst at Goldman myself who had been an investment banker and a venture capitalist said you know why don't we just go meet the companies and try understand what's in those portfolios and start buying up where we'll be long when people are sure and swimming that was and that was the basis of how we started vintage you started as a secondary fund in in 2003 and you know the rest is divorces though so I can talk about vintage for hours I know you this is we're gonna have to work on this but Alan Feld is very humble and that's okay it's part of your charm but but you know what if the I'm a marketing guy at the end of the day sometimes it's okay I'm gonna give you a little tight on your hand here because it's okay because you've done some quick let's not say you they know you don't wanna take credit vintage has done some spectacular outrageous just illogical things in the venture community from Herzliya now I don't know what you're allowed to talk about way not I talk about that can you just give me an indication give me some names of who of what firms you're an LP in we're fortunate to be investors hold on listen carefully to this we're fortunate to be and we're honored to be an investor in a lot of different groups I mean we've been fortunate to be investors in some of the better funds in Israel and several abetting fronts in the US and in Europe you know it's hard to choose between your children but we love all our children equally but you know we're honored to be investors in injuries and Horowitz and lights Beadon battery and spark and scale and Charles River I don't know whoever you are that's watching right now that list that he just named his list of top-tier investors in the world now let's just start the first one in dreesen Horowitz Marc Andreessen invented the modern web browser at Netscape billionaire several times over by far the premier venture capital investment slack and that's in Twitter invested and face but on the board of Facebook I mean we're talking a legend now forget for one second all of that the fact that andreessen horowitz announces that they're raising a fund every limited partner in the world runs to be part of that right and so that fund without knowing the details is for sure over subscribed by like tens if not hundreds of percentages the fact if Alan fell in vintage Investment Partners in Hertz alia is able to get in as an LPN and in treats nards is outrageous it's outrageous well we're very honored we've built a really wonderful relationship on buzzy with other guys with their their phenomenal investors and their wonderful people you know Scott Cooper who manages the firm on a day to day basis by the way just came out with a phenomenal book about secrets of Silicon Valley and I think secrets of all right and you know ben horowitz mark and we the whole team is a really they're amazing group of people and and are doing spectacularly well but as I say we're honored to be in several other great for red point we're in battery spark scale Charles River Excel London how to be easier you know we have a you know also we're honored to be in local globe in London you know an outstanding seed fund or 29 in Berlin another grape seed fund you said something before I run in several has really come for funds that have done exceptionally well for us and and you know because we're very high as of course on Israel and what is your law first and so I don't mean to interrupt you because I've a rather wants to do the work well there he goes again alright we could talk about this for hours I won't have any trouble because you said something before I ask you a simple question how do you explain it how do you with all your good looks how do you explain how do you explain your answer with your in trouble setting and in certain was one word wait look this is a relationships industry I mean you've got to think long term I mean look we don't know if tomorrow the markets are gonna go down or not we understand that if you look at venture capital over a 20-year horizon 15 to 20 or isin it consistently provides outstanding returns now you can time market all you can do is go with invest with great people and by the way how do we determine what's a great venture fund and not it's all about entrepreneurs right entrepreneurs are music to my ears raw entrepreneurs are attracted to the best venture fund and you know what as an LP you've got to also get with the best venture managers because if you're not were the best mentor managers you there's no point me in veteran let me just let me just emphasize you said to you it's like okay obvious but do you watching it to me even that's not obviously you just you had a premise you had a basic kind of assumption what you just said which is what and who's working for who is the entrepreneur working for the investor or the investor work of the entrepreneur so we've actually positioned ourselves as the blue collar limited partner which is we think that the limited partner world has to find ehh just like general partners are working incredibly hard for their companies helping their entrepreneurs with contacts with team building etc you know we we think that we have an obligation to help the general partners and with when we invest so we have a team that focuses on value-added services which helps you know we've now done mapping for some like 380 Global 10,000 companies we introduced our portfolio funds companies to potential customers we don't take anything from either side it's frankly just to be good to people and be good and good we'll have to try one of these crazy people I'm even know you I could say I was naive people yeah and I think you're one of the perfect smore that's what I was doing I was one of the best example here one of the best probably the best example I learned from the best value I want to be you when I grow up what I've learned in my career goes back to the question you ask the beginning of a relationships if you're good to people not everyone's gonna remain carefully you know he's ever gonna remember but if you're good and you work hard for them you try to help them in try to add value in it in an honest genuine way people most people remember it okay I'm one of these night people that believes that people are inherently good and that's what business is about that what relationships is so minimal allow me to summarize mine and yours mutual mathematical equation for our entire business philosophy you ready wasn't carefully sick I'm about to tell you everything you believe in in a mathematical equation not really math but an equation here it is this is how I live my life when you focus your time and resources on value-add and not on monetization so in my case no finders fees in your case everything that you do if I'm helping you an entrepreneur win and I'm and you're not paying me you have no expectations because you're not paying me I don't leave anything and what happens here when there are no expectations listen carefully there are no expectations all I can do is exceed expectations right when I exceed expectations over and over and over here what happens is I create delight delight can be monetized yeah absolutely and you know the way we the reason we do it very simply is is we want to make our money greener than the next and and hopefully when we won allocations is why there are larger in funds or we want to get into certain funds they know that we're gonna work for money is the commodity being a mensch is not so we've positioned ourselves blue-collar LP but we will be tempted to do also is you know beside the these connections we've got ulcers of other services which are gonna roll out now they're all free services that our fund managers can select and and the idea again is to try to be helpful and and be true partners two more things I need to say number one we didn't talk about the economics and you know the whole VC actual mechanism because again you can put your spindle I'm and embarrass you and I say this but Alan tells us by far like not even by a small margin the smartest guy in the venture community in Israel maybe in the world and everyone knows that about you forget what I think everyone says that about you don't think I'm not okay you're a lovely guy alright number one number two number two we'd have to give a shout out because you have a lot of rock stars on your team but when it comes to value add services orally or yo orally or the deliciousness is phenomenal she's a powerhouse she's amazing she's amazing she's a one of the best people who went could ever have hired a idiot beside everything else she's just a spectacular person supposed to picture these conferences a selfie the amount of comment oh my god really sold me she's amazing that's why that's why it's good you guys mechanics anyone that sounds like one of the things that was really important for us advantage and you know some personal stories about me and stuff and I and one of the things that I desperately care about is having an environment where people want to come to work in the morning and and that they like their partners they like the people who are working with you know and and I think you know that is an important fundamental part of our culture we we decided not you want to the culture that people would spend time together when we're working together there's no question there's a one plus one equals three and I think and and and by the way that's what we also judge funds we're really looking for not of individual stars we're looking for guys who know to work as a team I have a lot of respect for each other and are prepared to help each other because there's good days like we have now do you know what I've been through for crisis these four down markets yeah you know this one said one guy said you see all that gunk at the bottom of the river when the waters low you know and what you want to do is you want to see guys who not a word together men and women and who respect each other enough that also they can support one another when things are not and of lack of time not because I don't talk to you for four more hours I'll just say one more thing what I love among many other things about you is that when I got here you were head down working your butt off you can leave the army because you're working your butt off it worked I'm sorry but really I'm you know that thing is the biggest compliment possible your work despite the success of this of this firm wherever this I call yourselves this point you're an empire you're not though you're working your butt off for your partner's we're doing our business and it's worked it's worth it look it's it's huge responsibility when you take but there's other goodies money you can pension money you know fortunately we haven't mentioned investors from the US Canada Israel Europe etc we have insurance companies we have it down once we have it you know it's a huge responsibility to save other people's money every time I raise a new fund I don't sleep because you know what is you know you can't lose people's money how do I am attending a little bit one thing you know I like you a lot is one thing that I've told you for years to help me help you let me do something to help in they delegate to me things to take things up you've never taken me up in my office so now that it's on camera tell me what whatever challenge not on camera whatever challenge you have think about it look you need them to mop the floors when you're doing another one of the things that's been amazing that is you've introduced be incredible people you're an incredible Mitch thank you nobody else like what you taught me you've never incredible Mitch you're good you're really a good person you know and and one things that's been amazing we've known each other for a long time is your person who you know does first and and and thank you and you know one other things that that's not that's not a regular commodity this know what else is in a regular commodity a venture capitalist that one person on planet earth could say a bad thing about everybody everyone says the same thing about I don't know what you've done you like listen thank you anything that I can do to help in any way shape is the worst no nothing nothing you doesn't have to be something anything anything the marketing team having sent me their tweets I appreciate the pleasure take me up on it though okay you got it all right we're gonna meet again soon shouldn't we do this maybe five years just do it like once a year thank you you know you're busy came to once a month but once a year at least we'll do it and take everything you said about me with a big ring yeah yeah I don't thank you so much I'm running what a freaking legend that guy is see you tomorrow you [Applause]




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