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PEARL COHEN ZEDEK LATZER
Sustainable Growth
S t r a t e g y

1
Its not only technology
Components of successful strategies
1
KODAK
2
2
3
A quick glance
Eastman Kodak at a Glance
Employees: 78,400
CEO: Daniel A. Carp
Subsidiaries: BASO Precision Optics, Ltd.; Cinesite, Inc.; E. K.
Holdings B.V.; PictureVision, Inc.; Qualex, Inc.,
Major Competitors: Canon U.S.A., Inc.; Fuji Photo Film Company;
Nikon Inc.; Polaroid Corporation; Panavision, Inc.; CPI Corporation
Notable Products: Digital Science digital cameras; EasyShare
digital cameras; Advantix cameras; Max one-time use cameras; Elite
film; Gold film; Kodachrome film; Ektachrome film; Photo CD;
ImageSource copier
http://www.referenceforbusiness.com/businesses/A-F/Eastman-Kodak-Company.html
4
Financials
3

Vibram Five Fingers
5
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Struggling RIM's gap in new BlackBerry products (29.4.2011)
RIM warning, all eyes on new product outlook (15.6.2011)
RIM Announces Layoff Plan As Products Delayed (16.6.2011)
Gloomy forecast, job cuts, product delays at RIM (17.6.2011)
All eyes on new RIM products Malaya (22.6.2011)
BlackBerry fighting for survival (30.7.2011)
RIM: New Products, Old Problems (19.9.2011)
R.I.M. in the news
7
R.I.M.
13
2008
2012
44.5%
12%
Market Share
14
8
R.I.M. in the news (cont.)
New line of smart-phones will now be delayed until the second half of
2012
RIM co-CEO Mike Lazaridis said the company decided to use a more
compact, powerful processor, which would not be available from its
manufacturer until mid-2012
71-percent drop in net income due to the disastrous performance of its
PlayBook tablet as well as charges related to a major service outage
this fall
53% of Blackberry users said they would prefer an ipad if they were to
buy a tablet pc. Only 8.5 percent of BlackBerry users said they would
prefer the BlackBerry PlayBook table
The companys leadership acknowledged RIMs difficulties and
growing anger among investors, and said they were cutting their
salaries to a symbolic $1 a year.
They also asked for more patience from investors as they weather a
difficult year, full of plummeting sales, service outages,
PR nightmares and product failures.
15
dynamically aligning organizations
resources and capabilities with the
environment, aiming at sustainable
competitive advantage.
...
,
...
16
9
NEEDS CAPABILITIES
17
NEEDS CAPABILITIES
1 2 3 4 4
18
10
Value Innovation
19
Trade-off vs. Compromise



Trade-off: Legitimate choices customers make between
services or products.

Example: Trade-off in choosing Hotels

Ritz Carlton Best Western
luxury economy
high prices medium prices
excellent service good service

20
11
Trade-off vs. Compromise



Compromise: occurs when an industry imposes its own
operating practices or constraints on customers.

Example: The hotel industry does not permit to
check in before 3 p.m.
21
Compromises
Compromises occur when an industry
imposes its own operating practices on
customers, leaving them no choice.
Its the industrys way or no way.
Customers often accept compromises as
the way the business works.
22
12
Value Innovation
Do not take your industry conditions as a
given
Industry conditions can be shaped
Look for what customers value in common
Ask yourself: what if I start anew?
Think in terms of the total solution customers
are seeking

23
Value Innovation an example
Accor a French chain of budget hotels
What do customers really want?
A good night sleep for a low price
-Which of the factors that our industry takes for granted should be
eliminated?
-Which factors should be reduced well below the industry
standard?
Which factors should be raised well above the industry standard?
Which factors should be created that the industry has never
offered?
24
13
Value Innovation an example






25
New Product
Development
M&A Corporate Intra-
preneurship
Corporate Venture
Capital
Licensing Joint
Ventures
Inside the company Outside the company
Value Creating Strategies
26
14
LDER MUNDIAL DE LOS VINOS
Y LICORES DE LUJO
LICORES CHAMPAGNE VINOS
27
Creada por Richard Hennessy en 1765, hoy Hennessy es la
primera marca del mercado de licores de gama alta. Los cognacs
Hennessy destacan por su alta calidad y consistencia, porque
siete generaciones de Maestros mezcladores se encargan de
envejecerlos, madurarlos y mezclarlos. En todo el mundo, la
marca es un smbolo de estatus y autoestima.

Hennessy ha desarrollado el mercado de prestigio con la
creacin de una gama excepcional de coacs muy apreciados,
surgidos de la mezcla de la mayor reserva de cognacs raros del
mundo, reserva que la casa ha ido acumulando a lo largo de los
aos. Es la nica de las grandes casas de cognac que garantiza
la maduracin de sus cognacs a travs de la cata anual de todos
y cada uno de sus aguardientes en stock.

Hennessy es una experiencia poderosa y rica. Es fuerza y
nobleza.
28
15

Yellow
Tail ?
29
Whos Behind the Roo
"People cant be bothered by all the
hype and nonsense of wine. They
just want to drink it." ~John Casella.

It all started in 1820, when the first
Casellas planted some vines in the
Italian countryside.

Two things sprouted shortly
thereafter: a cluster of grapes, and a
family passion that would last 188
years and counting.

30
16
From humble beginnings, this family has
come a long way. Today the company is
run by Filippos three sons while
Filippos grandchildren have become the
sixth generation to join the family
business. In 2000, John Casella joined
forces with another family-run company,
W.J. Deutsch & Sons, to bring the
goodness of [yellow tail] to the United
States.
Year after year, the Casella family
continues to create quality wine thats
fun, flavorful, and bursting with a
personality all of its own.

31
Yellow Tail?
Funny you should
ask. Our name
comes from the
yellow-footed rock
wallaby, a smaller
cousin of the
kangaroo that has a
golden tail.

32
17
Yellow Tail?
The fastest
growing wine
category in the
United States.

Puede imaginar a YELLOW TAIL formando
parte del grupo MOT HENNESSY ?
33
Clients want
either the or
the
there
is no in between.

from John Di Julius, Secret Service
34
18
Apple, Sellaband and
Kickstarter are changing the
world of music

"Who needs a record
company?"
35
If you are in
Content, you
need a new
Distribution
Paradigm
36
19
37
Subscription Services
Downloads
T-shirts
Concert Films live concerts
Singles
TICKET =
CONCERT
BUSINESS
The Madonna fan that bought a $200 concert ticket (and is in our
database AND WE HAVE A DIRECT RELATION WITH) we will also be
able to sell him a download at 99 cents a song and a $14 T-shirt.
Concert Management Company
38
20
Exposure on TV shows
Career
Management
Turn songs
into hits
Concerts
Distribution
THE ARTIST
AS A
PARTNER
Artist Management Company
39
40
21

41
Kickstarter is a new way to fund creative
projects.
A good idea, communicated well, can spread
fast and wide.
A large group of people can be a tremendous
source of money and encouragement.
Kickstarter is powered by a unique all-or-
nothing funding method where projects must
be fully-funded or no money changes hands.
42
22
InnoCentive is the open innovation and crowdsourcing pioneer that
enables organizations to solve their key problems by connecting them
to diverse sources of innovation including employees, customers,
partners, and the worlds largest problem solving marketplace.

Our proven Challenge Driven Innovation methodology, community of
millions of problem Solvers, and cloud-based technology platform
combine to fundamentally transform the economics of innovation and
R&D through rapid solution delivery and the development of
sustainable open innovation programs.

Leading commercial, government, and nonprofit organizations such
as Booz Allen Hamilton, Eli Lilly & Company, Life Technologies,
NASA, nature.com, Popular Science, Procter & Gamble, Roche,
Rockefeller Foundation, and The Economist partner with InnoCentive
to solve problems and innovate faster and more cost effectively than
ever before.
InnoCentive is the open innovation and crowdsourcing pioneer
that enables organizations to solve their key problems by
connecting them to diverse sources of innovation including
employees, customers, partners, and the worlds largest problem
solving marketplace.

Our proven Challenge Driven Innovation methodology, community
of millions of problem Solvers, and cloud-based technology
platform combine to fundamentally transform the economics of
innovation and R&D through rapid solution delivery and the
development of sustainable open innovation programs.

Leading commercial, government, and nonprofit organizations
partner with InnoCentive to solve problems and innovate faster
and more cost effectively than ever before.
23
45
InnoCentive Problem #3109
R4-(4-HYDROXYPHENYL)
BUTANOIC ACID
POSTED: June 26, 2001
DEADLINE: Nov 30, 2001
$25,000 USD

Solution Criteria
Synthesize following chemical:
2 steps or fewer
>80% overall yield
>95% purity
<$100/Kg
2.0g white to off-white solid
221 individuals expressed
interest in solving the problem
10 individuals from 7
countries submitted chemicals
for analysis
A retired scientist with wet
lab in his backyard wins
24



: 050-8554755
: yagev@sg-ltd.com
' / / "
1

DISTRIBUTION
GLOBAL V. LOCAL



Joel Stein
JoelS@pczlaw.com
09 972 8006


Norgeofufkin
Exclusivity
Territory
Minimum Quotas
Co-Branding
Take it if you can
get it not likely
you will; If not you
lose your branding
No exclusivity
minimum quotas
strongly suggested to
cover NB anticipated
investment
Local exclusivity
likely needed, tied to
annual minimum
quotas
Demand it
Gain brand
awareness
' / / "
2
Norgeofufkin
Pricing Revenue
Cisco scale
revenue 25% - 35% of list
50-60% of list
??
Norgeofufkin
Additional Licenses
Installation
Support
Upgrades and New
Releases
Customization by
NB
Expensive Integration
for OEM demands;
translation and local
customization likely
demanded
Support guaranteed at
Ciscos level of
excellence never worry
again about end users;
Guaranteed demand for
new releases
Support dependent
on expertise of the
local Representative
and his efforts to
get (report)
contracts
Sell as an off-the
shelf product;
distributor
translates and
localizes
' / / "
3
Norgeofufkin
Warranty Indemnification
NB on the Hook for
all
Hellish fix it here and
now
90 /180 days, limit of
liability, replace or
refund
Best Knowledge
Norgeofufkin
Info Flow-Back IP Protection/
Competition
Cisco may eat your
lunch
Limited field contact
(but access to beta
sites)
Personal Contact
(no knowledge of
users)
No worries
' / / "
4
Norgeofufkin
NB Resources Investor Relations
Looks great in a
business plan
Lawyers, quality
control and product
changes,
Training, supervison
Looks great on a
profit statemtent
2/27/2012
1
2
Forms of Financing
2/27/2012
2
3
Forms of Financing
FINANCING
Equity

- Funding losses
- No repayment
- Dilutive
- Adding a partner to the table
Private Lending Funds

- Expensive
- Less dilution than equity
- Quick process
- Low sens to market trends

Bonds (")

- No securities are required
- Potentially large amounts
- Longer & Expensive process
- Many debt holders
Bank Financing

- Less expensive
- Usually against assets (A/R)
- Bureaucracy
- Trend oriented
Traditional Lending
Yes No
Y
e
s

N
o

Assets?
C
a
s
h

F
l
o
w
?

Mortgage Credit
Card
Pawn
Shop
No Debt!
FINANCING
2/27/2012
3
Yes No
Y
e
s

N
o

Mortgage Credit
Card
Pawn
Shop
No Debt!
Receivables? (Assets)
V
C

B
a
c
k
i
n
g
?

(
C
a
s
h

F
l
o
w
)

Both Venture
Term Debt
Receivables-
Based Financing
(CFD, SFD, etc.)
SVBs Lending Model
FINANCING
6
When to take debt
Growth financing (working capital)
Insurance for a bad quarter
Acquisition Opportunity
Extending runway to increase valuation
FINANCING
2/27/2012
4
7
Ground Rules
FINANCING
Thoughtful
Leverage
Considering debt service
abilities vs. amount
Smart Structure
Repayment schedule that
aligned with cash flow
Pricing
Ensuring that long term cost
is lower than equity
Setting
Expectations
All parties should be on the
same page
Flexibility
Choosing the right partner
8
Silicon Valley Bank
SVB OVERVIEW
2/27/2012
5
9
Established and Focused
Founded in 1983
In Israel since 2008
13,000+ clients
1,400+ employees
$20.0 billion in total assets*
Investments in 450+ funds and more than 600 VC firms are clients
50% of all venture backed companies in the US are SVB clients
Nasdaq: SIVB



* At 31/12/2011
SVB OVERVIEW
10
We are dedicated to building global networks that benefit client growth strategies
Silicon Valley Bank Global Banking Network
SVB OVERVIEW
2/27/2012
6
11
Global Clients
SVB CLIENTS
12
Our Clients
SVB CLIENTS
2/27/2012
7
13
Debt offerings at every stage of growth
Venture Debt












Growth Capital Loans
Working Capital Financing
Invoice discounting
Invoice factoring
Purchase order
Recurring revenue stream







Term Debt
Working Capital Financing
Invoice discounting
Invoice factoring
Purchase order
Recurring revenue stream
Acquisition Financing
Buyout Financing
Cash Flow Lending





Technology VC/PE Cleantech Life Science
Annual Revenue
$0-5MM
Annual Revenue
$5-75MM
Annual Revenue
$75MM+
SVB OVERVIEW
14
What does this mean for you?
SVB OVERVIEW
Banking Services
Global scale
Custom made solutions
Networking
On going access to a global network
Shared Vision
Similar goals and objectives
Understanding of the technology industry risk

2/27/2012
8
15
Gadi Moshe
Sr. Relationship Manager
14+ years experience in funding
companies with Plenus, ETV and
SVB in Israel and in Europe


T: +972 9 9722104
E: gmoshe@svb.com



Efrat Turgeman
Relationship Manager
4+ years experience banking
technology and life science
companies with SVB in Israel

T: +972 9 9722122
E: eturgeman@svb.com

Your Silicon Valley Bank Team
David Cohen
General Manager
13+ years experience funding
companies with both Gemini Israel
Funds and SVB in Israel and the
US

T: +972 9 9722100
E: dcohen@svb.com



Alon Oz
Relationship Manager
10+ years experience funding
companies with PWC, Bank Leumi
and SVB in Israel

T: +972 9 9722111
E: aoz@svb.com

SVB TEAM
16
Disclosure
SVB Israel Advisors Ltd. is a subsidiary of SVB Financial Group.
Neither SVB Israel Advisors Ltd. nor SVB Financial Group is licensed
to conduct banking business or provide other financial services in
Israel nor is it supervised by the Israeli Supervisor of Banks, and
neither engages in unlicensed banking activities. Banking services are
provided solely by Silicon Valley Bank, a member of the FDIC and the
Federal Reserve System.
SVB Financial Group is also a member of the Federal Reserve System.

DISCLOSURE
2/27/2012
9
Contact:
9 Hamenofim Street
POB 12104
Herzliya Pituach 46733
Phone +972 9 972 2100
Fax +972 9 956 9051

www.svb.com/Israel
THANK YOU
' / / "
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M
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G
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PEARL COHEN ZEDEK LATZER
Sustainable Growth
S t r a t e g y

Managing Rapid Growth Event
PEARL COHEN ZEDEK LATZER
Sustainable Growth
S t r a t e g y
Managing Rapid Growth Event
PEARL COHEN ZEDEK LATZER
Sustainable Growth
S t r a t e g y
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