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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
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