Entrepreneurship &

Disruption
Uri Levine uri@feex.com

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

Agenda
Startup
Passion

Waze
Journey

Startup
Tips

Disruption

Entrepreneurship
Love or Hate leads to Dream and Passion
Willing to Sacrifice
Longer Roller Coaster Journey
No doubt whats next

It is like

Falling
in
Love
Venture
Girl
Out of tons of ideas

Out of many girls

You fall in love with one

You fall in love with one

It takes time to fall in

love

It takes time to fall in

love

Then you share your

idea to get feedback

Then you show up with

your girl to get
feedback

And if they dont like it

you disengage

And if they dont like her

The 1st year keys for success

Fund Raising
DNA
Mission
Focus

The Long Journey

Journey realization

Big Ideas
Ask yourself who will be out of business when
I succeed?

If you dont know it is not big enough

Celebration the

st
1

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

The Startup Journey

Users
Problem
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?

Excitement
of creation

Jan 2009
Feb 2009
Mar 2009
Apr 2009
May 2009
Jun 2009
Jul 2009
Aug 2009
Sep 2009
Oct 2009
Nov 2009
Dec 2009
Jan 2010
Feb 2010
Mar 2010
Apr 2010
May 2010
Jun 2010
Jul 2010
Aug 2010
Sep 2010
Oct 2010
Nov 2010
Dec 2010
Jan 2011
Feb 2011
Mar 2011
Apr 2011
May 2011
Jun 2011
Jul 2011
Aug 2011
Sep 2011
Oct 2011
Nov 2011
Dec 2011
Jan 2012
Feb 2012
Mar 2012
Apr 2012
May 2012
Jun 2012
Jul 2012
Aug 2012
Sep 2012
Oct 2012
Nov 2012
Dec 2012
Jan 2013
Feb 2013
Mar 2013
Apr 2013
May 2013
Jun 2013

Making a Long Story Short

60.000.000

50.000.000

40.000.000

30.000.000

Total
Disruption

20.000.000

10.000.000

Magic
happens

Moving the
Needle

Wazers

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 dont 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 notare
paying it

Dont go home without these

Building a startup tips

You may want to write these down

Building a startup
Quest for 3 elements

Users
Problem
Solving that problem for these users

Find something that works

Replicate it

Emotional Engagement
Strong emotions

Love
Hate
Sucker
Frustration
Anger
Rage
Bad and good
Enemy
Outsmart
Empowered

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

Fund Raising Tips How Fast?

Strongest point at the beginning
They are users too
Story Telling

Big Market
Strongest point at the end

Disruption
Product

Price

Market
Equilibrium

Knowledge

Model

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

My Startups

The Model
User Emotions

How the user feels (about the problem)

Market Size
Disruption
The Trick
Impact

In users or $$$

How the market will change

The enabler of the disruption
What would happen to the market

Waze
User Emotions

Common Enemy, Hate traffic Jams

Market Size
Disruption
The Trick
Impact

1B cars

FREE and actionable traffic

Crowd Source
Navigation disappeared map makers shrank

Moovit
User Emotions

helpless

Market Size
Disruption
The Trick
Impact

1T trips per year

Global, zero time to launch

Crowd Source
Control Public Transportation data

FeeX
User Emotions

Helpless, overpaid

Market Size
Disruption
The Trick
Impact

$600B of fees (US)

Free and tranparency

Crowd Source
New market equilibrium

Roomer
User Emotions

Throwing money out the window

Market Size
Disruption
The Trick
Impact

$9B loss in the USA

Everyone wins (no disruption)

Market Place
Increase utilization

Zeek
User Emotions

Throwing money out the window

Market Size
Disruption
The Trick
Impact

$100B loss (Global)

No disruption everyone wins

Market Place
Branded money

Engie
User Emotions

Frustration at the mechanic

Market Size
Disruption
The Trick
Impact

$500B mechanic market (Global)

Transparency and price comparison

Connect to car computer
$150B gap new equilibrium

FairFly
User Emotions

Over paid (Sucker)

Market Size
Disruption
The Trick
Impact

$700B airfare

Price transparency
Compare after buying
$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 youre solving?
Who are your users?
If you dont LOVE what youre doingthen do something that you do love
Fall in love with the problem youre 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 youre 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

The yellow tag lines II

If you dont know your usage figures, youre 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 youre successful?
Prepare for rejection do not be afraid to fail
Dont worry that someone will copy you worry if they dont
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 dont measure it it does not exist
You wont be good enough, if you dont know what good enough is metrics is key

The yellow tag lines III

Dont assume ask and if it doesnt work, then TRY
Funding is like fuel for the car I would rather go without refueling
Who would be out of business if youre 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 dont want to go home with a deal that you dont like
Once they invest they get you by the balls, AND you get them
Fund Raising is an extreme sport
People dont stop dreaming when they get old, they get old as they stop dreaming