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Finding the next Waze: The OurCrowd Due Diligence Process

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Breaking down the Waze Investment: Google just paid over $1 billion to acquire the Israeli social driving app.

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Finding the next Waze: An insider view of startup investing and due diligence How to conduct professional due-diligence Creating a winning investment checklist Breaking down the Waze investment: From startup to $ billion exit Tuesday, July 30, 13
Zack Miller, OurCrowd Head of Investor Community David Stark, OurCrowd Investment Associate Meet OurCrowd’s Team OurCrowd: 7 months since launch, OurCrowd has invested $17M in 26 startups Tuesday, July 30, 13
Waze/Google Deal • >$1 billion • team gets to stay in Israel • Israel and the consumer web Tuesday, July 30, 13
The investment case for Israel Tuesday, July 30, 13
The investment case for Israel Tuesday, July 30, 13
Special Guest: Gadi Mazor OurCrowd General Partner/CTO Tuesday, July 30, 13
2008 BlueRun leads $12M round, Magma and Vertex join Same investors Qualcomm Ventures: $25M round, $95M valuation 2010 2011 $30M round inc Kleiner Perkins, $200+M valuation 2013 Google buys Waze app for $1.1 billion Waze:Anatomy of a super investment “Our bet was basically that they could disrupt old-fashioned cartography, and that they were at just the right time to begin trying it.” -- BlueRun’s John Malloy 2.2M users 7M users Tuesday, July 30, 13
“We’ll also work closely with the vibrant Waze community, who are the DNA of this app, to ensure they have what’s needed to grow and prosper. The Waze community and its dedicated team have created a great source of timely road corrections and updates. We welcome them to Google and look forward to working with them in our ongoing effort to make a comprehensive, accurate and useful map of the world. ” Posted by Brian McClendon,Vice President, Google Tuesday, July 30, 13
Where to find the next Waze (or, how do I invest in the next $billion exit)?? Tuesday, July 30, 13
Building deal flow pipeline Sources of dealflow • web, email, referrals • tech events ❖ Resources: TechAviv, Garage Geeks, incubator demo days • proactive sourcing • Jeff Pulver’s Twitter investment (just a Tweet away) ❖ Resources: OurCrowd, AngelList, CrunchBase, blogs/articles Tuesday, July 30, 13
Initial screening process • Elevator Pitch • (big) * (idea, market, team) ❖ disruptive idea ❖ market > $500M ❖ team = serial • Coffee Chat with Founder(s) ❖ Blink theory: experience breeds good intuition • Pitch Deck Tuesday, July 30, 13
In-depth diligence • Follow-up meetings with management • Research: biz plan, competition, industry trends/forecasts, intellectual property, financial projections, HR • Customer/strategic partner interviews (see handout) • Industry experts/mentors ❖ Resource: DIY Expert Networks (see Quora, Laughing atWall Street) • Scorecarding (see handout) Tuesday, July 30, 13
Legal negotiation/diligence •Term sheets • Valuation • Common vs. Preferred • Important rights and protections ❖ Resource: Passion Capital Plain English Term Sheet, Founders Fund Transparent Term Sheet • legal diligence, final review... Tuesday, July 30, 13
The morning after... from investor to mentor • Can I add value? • customers/partners/ hires/investors • perfect balance • annoying <--> helping • aligned expectations Tuesday, July 30, 13
How will OurCrowd identify the next Waze? Tuesday, July 30, 13
...the 6 point investment checklist Tuesday, July 30, 13
So, how does Waze score? 1. Great team 2. Large market 3. Easy to understand 4. Traction 5. Sponsorship 6. A good deal ✓ ✓ ✓ ✓ ✓ Tuesday, July 30, 13
#1: Great team Tuesday, July 30, 13
AE-Squared founders have sold 3 companies between the two of them Case Study:AE- Squared’s great team Tuesday, July 30, 13
#2: Large market Tuesday, July 30, 13
Fireblade multibillion dollar market of website security anti-bots, anti-scraping Case Study: Fireblade’s billion dollar market Tuesday, July 30, 13
#3: Easy to understand Tuesday, July 30, 13
Abe’s Market Amazon for green products Case Study:Abe’s Market is easy tounderstand Tuesday, July 30, 13
#4:Traction Tuesday, July 30, 13
Kela Existing customers include Fortune 100 + top hedge funds large pipeline 250% revenue growthYoY Case Study: Kela’straction Tuesday, July 30, 13
#5: Sponsorship Tuesday, July 30, 13
Argo/ReWalk top Israeli venture capital investors (Pontifax, Israel HealthCareVentures, SCP Vitalife) Case Study:Argo’s sponsorship Tuesday, July 30, 13
#6: Good deal Tuesday, July 30, 13
Parko investment made at good valuation Case Study: Parko’s early stage valuation Tuesday, July 30, 13
Summary • Waze exemplifies a new type of Israeli startup • Conduit,Wix, Mobileye, GetTaxi • Finding quality angel investments requires a formal process • OurCrowd is helping make investing in startups easier and accessible ➡Now, for accredited investors and hopefully in the near future, open to all investors Tuesday, July 30, 13
Any questions? Zack Miller, Head of Investor Community email: zack@ourcrowd.com phone: +1.914.401.6422 Tuesday, July 30, 13
Accredited investor? Register now OurCrowd.com Sign up blog.OurCrowd.com OurCrowd Newsletter Tuesday, July 30, 13

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Finding the next Waze: The OurCrowd Due Diligence Process

  • 1. Finding the next Waze: An insider view of startup investing and due diligence How to conduct professional due-diligence Creating a winning investment checklist Breaking down the Waze investment: From startup to $ billion exit Tuesday, July 30, 13
  • 2. Zack Miller, OurCrowd Head of Investor Community David Stark, OurCrowd Investment Associate Meet OurCrowd’s Team OurCrowd: 7 months since launch, OurCrowd has invested $17M in 26 startups Tuesday, July 30, 13
  • 3. Waze/Google Deal • >$1 billion • team gets to stay in Israel • Israel and the consumer web Tuesday, July 30, 13
  • 4. The investment case for Israel Tuesday, July 30, 13
  • 5. The investment case for Israel Tuesday, July 30, 13
  • 6. Special Guest: Gadi Mazor OurCrowd General Partner/CTO Tuesday, July 30, 13
  • 7. 2008 BlueRun leads $12M round, Magma and Vertex join Same investors Qualcomm Ventures: $25M round, $95M valuation 2010 2011 $30M round inc Kleiner Perkins, $200+M valuation 2013 Google buys Waze app for $1.1 billion Waze:Anatomy of a super investment “Our bet was basically that they could disrupt old-fashioned cartography, and that they were at just the right time to begin trying it.” -- BlueRun’s John Malloy 2.2M users 7M users Tuesday, July 30, 13
  • 8. “We’ll also work closely with the vibrant Waze community, who are the DNA of this app, to ensure they have what’s needed to grow and prosper. The Waze community and its dedicated team have created a great source of timely road corrections and updates. We welcome them to Google and look forward to working with them in our ongoing effort to make a comprehensive, accurate and useful map of the world. ” Posted by Brian McClendon,Vice President, Google Tuesday, July 30, 13
  • 9. Where to find the next Waze (or, how do I invest in the next $billion exit)?? Tuesday, July 30, 13
  • 10. Building deal flow pipeline Sources of dealflow • web, email, referrals • tech events ❖ Resources: TechAviv, Garage Geeks, incubator demo days • proactive sourcing • Jeff Pulver’s Twitter investment (just a Tweet away) ❖ Resources: OurCrowd, AngelList, CrunchBase, blogs/articles Tuesday, July 30, 13
  • 11. Initial screening process • Elevator Pitch • (big) * (idea, market, team) ❖ disruptive idea ❖ market > $500M ❖ team = serial • Coffee Chat with Founder(s) ❖ Blink theory: experience breeds good intuition • Pitch Deck Tuesday, July 30, 13
  • 12. In-depth diligence • Follow-up meetings with management • Research: biz plan, competition, industry trends/forecasts, intellectual property, financial projections, HR • Customer/strategic partner interviews (see handout) • Industry experts/mentors ❖ Resource: DIY Expert Networks (see Quora, Laughing atWall Street) • Scorecarding (see handout) Tuesday, July 30, 13
  • 13. Legal negotiation/diligence •Term sheets • Valuation • Common vs. Preferred • Important rights and protections ❖ Resource: Passion Capital Plain English Term Sheet, Founders Fund Transparent Term Sheet • legal diligence, final review... Tuesday, July 30, 13
  • 14. The morning after... from investor to mentor • Can I add value? • customers/partners/ hires/investors • perfect balance • annoying <--> helping • aligned expectations Tuesday, July 30, 13
  • 15. How will OurCrowd identify the next Waze? Tuesday, July 30, 13
  • 16. ...the 6 point investment checklist Tuesday, July 30, 13
  • 17. So, how does Waze score? 1. Great team 2. Large market 3. Easy to understand 4. Traction 5. Sponsorship 6. A good deal ✓ ✓ ✓ ✓ ✓ Tuesday, July 30, 13
  • 18. #1: Great team Tuesday, July 30, 13
  • 19. AE-Squared founders have sold 3 companies between the two of them Case Study:AE- Squared’s great team Tuesday, July 30, 13
  • 21. Fireblade multibillion dollar market of website security anti-bots, anti-scraping Case Study: Fireblade’s billion dollar market Tuesday, July 30, 13
  • 22. #3: Easy to understand Tuesday, July 30, 13
  • 23. Abe’s Market Amazon for green products Case Study:Abe’s Market is easy tounderstand Tuesday, July 30, 13
  • 25. Kela Existing customers include Fortune 100 + top hedge funds large pipeline 250% revenue growthYoY Case Study: Kela’straction Tuesday, July 30, 13
  • 27. Argo/ReWalk top Israeli venture capital investors (Pontifax, Israel HealthCareVentures, SCP Vitalife) Case Study:Argo’s sponsorship Tuesday, July 30, 13
  • 28. #6: Good deal Tuesday, July 30, 13
  • 29. Parko investment made at good valuation Case Study: Parko’s early stage valuation Tuesday, July 30, 13
  • 30. Summary • Waze exemplifies a new type of Israeli startup • Conduit,Wix, Mobileye, GetTaxi • Finding quality angel investments requires a formal process • OurCrowd is helping make investing in startups easier and accessible ➡Now, for accredited investors and hopefully in the near future, open to all investors Tuesday, July 30, 13
  • 31. Any questions? Zack Miller, Head of Investor Community email: zack@ourcrowd.com phone: +1.914.401.6422 Tuesday, July 30, 13
  • 32. Accredited investor? Register now OurCrowd.com Sign up blog.OurCrowd.com OurCrowd Newsletter Tuesday, July 30, 13