Doing Business in Israel Entrepreneurship and Innovation: The Israeli model

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1 Doing Business in Israel Entrepreneurship and Innovation: The Israeli model 2011 Tel Aviv University - Faculty of Management, The Leon Recanati Graduate School of Business Administration 1

2 Doing Business in Israel Entrepreneurship and Innovation: The Israeli model Academic director Udi Aharoni Tel: Course coordinator Sharon Shaked Tel: Operational coordinator Idit Admon Tel: Teaching Assistant Lavan Roi Tel: Program structure: The 10-day program will consist of approximately 40 contact hours of classes and workshops, company visits, military base visit, a tour in Tel Aviv and a trip to Jerusalem. Credits: 3 credit units Language of instruction: English Background The dramatic shift to an innovative and entrepreneurial high-tech orientation that the Israeli economy has undergone in recent decades has not only been acknowledged globally. It has also contributed to the prosperity of associated areas such as agriculture, pharmaceuticals and the ecology. Many factors can be said to have led to Israel's high-tech success, some of which have to do with the hostility of the external environment, the lack of natural resources, and the so-called collective Israeli personality ingenious, tough and adaptive. Be that as it may, entrepreneurship and innovation have come to be regarded as integral parts of the Israeli economic mindset, and the many successful IPOs and M&As of Israeli start-up companies have turned our small country into a world leader in certain high-tech areas. Indeed, many of today's global players started their operations in the local Israeli economy. As with leaders, a predisposition is needed, but there is certainly room for born entrepreneurs to be nurtured. It is with this in mind that we propose the present program of studies, which, amongst other things, is designed to provide participants with exposure to the models, theories and practical approaches to entrepreneurship and innovation that Israeli professionals and academics have developed over the years. Program description The program will frame the central aspects of doing business in Israel within the context of the country's booming high-tech and bio-tech economy and the emerging of global Israeli companies Tel Aviv University - Faculty of Management, The Leon Recanati Graduate School of Business Administration 2

3 It will offer a unique synthesis between state of the art academic studies and practical, hands-on experience with the Israeli high-tech industry and its leaders. Academically, the connecting thread of the DBI program will be a set of Recanati Business School case studies on strategy issues of Israeli companies. The cases reflect the Israeli economy, concentrating on companies different in size, from different industries, and at different lifecycle stages. The study of each of these cases will be led by a guest lecturer from among the company's executives and will include a field trip to the company. Background lectures will focus on the Israeli macroeconomic environment, the banking and finance system, cultural aspects of doing business in Israel, and the integration of the Arab and ultra-orthodox population into the Israeli economy the participants will have the opportunity to network with Recanati MBA and imba students. The students will be accommodate in a beautiful hotel located at the center of Tel Aviv and will enjoy meals, high class transportation, and tours in Israel. Program objectives The emphasis in the program will be on understanding the dynamics of the Israeli entrepreneurial environment and on analyzing Israeli innovative companies at different lifecycle stages. Students will be expected to develop a top management perspective of a high-tech company and focus on formulating a competitive business-level strategy for it. Course material Dan Senor and Saul Singer Start-up Nation: The Story of Israel's Economic Miracle, Twelve (2009) Seven case studies (all cases will be provided to participants) The seven cases Applied Cognitive Engineering (ACE), a small Israeli company specializing in computerbased cognitive simulation training based on a special training method developed for Israeli combat pilots, was established in the summer of 2003 (Recanati Business School Case) In 2007, Shai Agassi raised $200 million to launch Better Place. By deploying a network of charge spots, switch stations and systems that optimised the use of electric vehicles, the company had the potential to become a major player in the transport industry. To succeed, however, it had to overcome major implementation challenges, among them the need to achieve a minimum level of standardisation for the interface between vehicles and the recharging grid, and the continuous need to finance its market expansion.(insead case) Given Imaging is a world leader in developing and marketing patient-friendly solutions for visualizing and detecting disorders of the gastrointestinal tract (Recanati Business School Case) Makhteshim-Agan is Israel s and the world s leading producer of generic agrochemicals (Recanati Business School Case) 2011 Tel Aviv University - Faculty of Management, The Leon Recanati Graduate School of Business Administration 3

4 Rafael Advanced Defense Systems designs, develops, manufactures and supplies a wide range of high-tech defense systems for air, land, sea and space applications. Rafael developed a special "incubator" for internal innovation (Harvard Business School Case) Tefron is one of Israel's leading exporters of premium fashion apparel. It is also a world leader and pioneer in the manufacture of seamless apparel (Recanati Business School Case) Teva is an Israeli pharmaceuticals company that is the world s biggest producer of generic drugs. The company s generic leadership has been bolstered by an aggressive M&A strategy (Harvard Business School Case) Program topics The cases will allow insights into Israeli companies and corporate strategic culture. Issues that will be discussed in class are: The Israeli cultural and macroeconomic environment The Israeli financial markets From technology transfer and commercialization to IPO Venture capital and start-up financing Innovation and entrepreneurial mindset in biotech, high-tech and cleantech startups Government support and investment Positioning for large companies in a small economy Visits Companies visits Military base Touring Israel Metropolitan Tel Aviv Jerusalem ancient and modern the essence of Israel. Course assignments All students are required to read the course textbook (Start-up Nation) prior to the first class meeting and the relevant case for each class. At the start of the program students will be assigned to teams (two or three members in each team). Each team will submit (by mail) two short case analyses according to the course schedule and each student will submit personal case analyses, by January 29 th, to the course teaching assistant. Course grade Two group case analyses 60% Personal case analysis 40% 2011 Tel Aviv University - Faculty of Management, The Leon Recanati Graduate School of Business Administration 4

5 Case study preparation Group case analyses should be submitted by mail to the course teaching assistant - roilavan@gmail.com before the beginning of the class in which they are to be discussed. A group case analysis should not exceed four pages. A personal case analysis should not exceed six pages. The DBI team wishes you a pleasant stay in Israel and an enjoyable program Sunday Course Schedule Hour Topic Lecturer Assignment 2011 Tel Aviv University - Faculty of Management, The Leon Recanati Graduate School of Business Administration 5

6 10:30-11:00 Opening session Pro. Moshe Zviran 11:00-12:00 Start up Nation 12:00-13:00 Lunch Joanna Landau, Founder & Executive Director- KINETI'S 13:00-13:45 13:45-14:30 Networking Dr. Yuval Kalish ACE 14:30-14:45 Break 14:45-15:30 15:30-16:15 Networking Dr. Yuval Kalish 19:30-21:00 Welcome dinner Monday Hour Topic Lecturer Assignment 09:00-09:45 09:45-10:30 The VC industry Ronen Nir 10:30-10:45 Break 10:45-11:30 Social Entrepreneurship Dr. Gil Winch 11:30-12:15 The VC industry in Israel Eden Shochat 12:15-13:00 Lunch 13:00-13:45 13:45-14:30 National policy on innovation Dr. Suki Glietman Better Place 14:30-14:45 Break 14:45-15:30 15:30-16:15 New Media Entrepreneurship Liad Agmon 16:15-16:30 Break 16:45-17:30 New Media Entrepreneurship Liad Agmon 17:30-18:30 ACE Danny Dankner, CEO 20:00 Dinner Tuesday Hour Topic Lecturer Assignment 2011 Tel Aviv University - Faculty of Management, The Leon Recanati Graduate School of Business Administration 6

7 08:30-12:30 Military Base visit 13:30-16:00 Better Place visit Reading: Rafael Advanced Defense Systems, Given Imaging, 16:00-17:00 Early dinner 17:00-20:00 Visiting a winery- Joined evening with TAU students Wednesday Hour Topic Lecturer Assignment 09:00-09:45 Case analysis: RDC 09:45-10:30 Technology entrepreneurship Dr. Nir Brueller 10:30-10:45 Break 10:45-11:30 Case analysis: Given Imaging 11:30-12:15 Growing a technology company Dr. Nir Brueller 12:15-13:00 Lunch 13:00-13:45 13:45-14:30 The Israeli macroeconomic environment Prof. Asher Tishler 14:30-14:45 Break 14:45-15:30 The Israeli macroeconomic environment 15:30-16:15 The Israeli defense sector Prof. Asher Tishler 18:00-20:00 Tour in Tel-Aviv & dinner Thursday Company visits 2011 Tel Aviv University - Faculty of Management, The Leon Recanati Graduate School of Business Administration 7

8 Hour Topic Lecturer Assignment 09:30-11:00 Given Imaging 11:30-13:00 Tefron 13:00-14:00 Lunch 15:00-16:30 Galil Software Dr. Nir Bruller Reading: Teva, Makhteshim- Agan 16:30-20:00 Tour in Nazareth & Dinner Friday- Saturday Free weekend in Tel-Aviv Sunday Hour Topic Lecturer Assignment 09:00-09:45 The healthcare industry from the VC Dr. Benny Zeevi 09:45-10:30 10:30-10:45 perspective Break 10:45-11:30 Cleantech in Israel: From scarcity to 11:30-12:15 entrepreneurship Dr. David Katz 12:15-13:00 Lunch 13:00-13:45 Case analysis: Teva 13:45-14:30 Corporate strategy out of Israel Dr. Nir Brueller 14:30-14:45 Break 14:45-16:15 Case analysis: Makhteshim-Agan Emerging giants Dr. Nir Brueller 18:00-20:00 Dinner at Ein Carem, Overnight in Jerusalem Monday Visiting Jerusalem Tuesday Back home Appendix A- Faculty short bios Academic director 2011 Tel Aviv University - Faculty of Management, The Leon Recanati Graduate School of Business Administration 8

9 Udi Aharoni Udi Aharoni is the CEO of LAHAV Executive Education at the Recanati School of Business and a lecturer of the School's MBA and executive MBA strategy courses. He also manages the activities of the Eli Hurvitz Institute of Strategic Management at the School. Course coordinators Sharon Shaked Sharon Shaked is the head of International Exchange Programs at the Recanati School of Business. She holds an MA in Resource Management from Tel Aviv University. Idit Admon Idit Admon is the operational coordinator of all international activities at the Recanati School of Business. She holds an undergraduate degree in political science from the Hebrew University of Jerusalem. Faculty (in alphabetical order) Liad Agmon Liad Agmon is a serial entrepreneur with rich experience as a startup founder and as a Fortune 500 executive. He founded information security vendor Onigma (acquired by McAfee) and social search company Delver (acquired by Sears Holdings). Following Delver's acquisition, Liad served as a VP of New Services and GM of Social Commerce at Sears Holdings and was a board member of its $2B+ business units of Home Electronics and Outlets. Liad serves as an entrepreneur-in-residence at Bessemer Venture Capital, heads a new AdTech startup and is teaching at the Entrepreneurship MBA program in Tel-Aviv University. He holds a BA Cum Laude from Tel-Aviv university in Computer Sciences and Film Studies. Dr. Nir Brueller Nir Brueller joined the Recanati School, after serving as Affiliated Senior Research Fellow and Adjunct Professor of Strategy at INSEAD, Fontainebleau and Singapore. He holds a Ph.D. in Management (Strategy) from Tel Aviv University, an MBA with Distinction from INSEAD, and an M.Sc. and B.Sc. (Cum Laude) in Electrical Engineering from the Technion Israel Institute of Technology. Dr Brueller s research interests revolve around corporate strategy, with a special focus on high-tech industries, mergers and acquisitions, and technology entrepreneurship and strategy. His Ph.D. dissertation on value creation and capture in technology-grafting acquisitions won the Yoram Rosenfeld Best Doctoral Dissertation Prize (2006). In addition to his academic research and teaching, Dr. Brueller has worked with top management teams of international high-tech firms on corporate development, M&A strategy and implementation. Danny Dankner 2011 Tel Aviv University - Faculty of Management, The Leon Recanati Graduate School of Business Administration 9

10 Danny is a long time entrepreneur, with vast experience in various managerial roles. In 1995 he was on the founding team of Kinetica Internetting Solutions (start up sold to Israel's largest ISP). He directed the Project Management activities at MobileSpear (a developer of a mobile services platform), leading projects in Singapore, Spain and Israel. Danny had a key role in the merger of G-sites and Box Interactive, leading to the creation of Scepia Internet Solutions - Israel s largest solution provider. Danny Dankner has lead ACE since its inception in He is responsible for overlooking the company's activities from strategic planning and R&D to operations and customer service. Danny is a founding member of two entrepreneur forums: young entrepreneurs forum and recently the Tel Aviv University Entrepreneurship SIG. Danny holds an MBA in Marketing & IT and LL.B, both from Tel Aviv University and an Israeli Bar Diploma. Dr. Yuval Kalish Yuval Kalish has a Ph.D. in Social/Mathematical Psychology from the University of Melbourne. As a consultant, he has worked with large international firms such as AXA, Boeing, BHP-Billiton, and is currently working with Israel s Prime Minister's Office, Department of Education and Police Force. In addition, he is a member of the management committee and staff of the Evens Program for Conflict Management at Tel Aviv University. His research has been published in leading journals such as Social Networks and the Asian Journal of Social Psychology. Dr. David Katz David Katz is a specialist in natural resource policy and economics, with a focus on water management. Currently Executive Director of the Akirov Institute for Business and Environment at Tel Aviv University, he also teaches courses in environmental economics and corporate environmental strategy at the Recanati School and the Porter School of Environmental Studies. He has worked as a consultant on projects dealing with environmental and resource management for a range of international organizations, including the US Agency for International Development (USAID), the United Nations Convention on Trade and Development (UNCTAD), the Association of Southeast Asian Nations (ASEAN), as well as for numerous environmental organizations. Dr. Katz has, in addition, lectured on the strategic value of water resources in the Middle East at the Israeli Defense Force's National Military College and has been interviewed and quoted by several national and international news organizations, including CNN, BBC, and Reuters. Eden Shochat Eden Shochat is an early stage investor at Genesis Partners, currently on the board of Any.DO, JoyTunes & face.com< Shochat has over 15 years of experience as the founder and Chief Technology Officer of a variety of startups, and is an angel investor, serial entrepreneur and technology specialist. Prior to joining Genesis, Shochat co-founded and was an early investor in face.com< the #1 platform for massive, web-scale face recognition in social networks, with over 25 billion indexed images. Previously, as the Chief Technology Officer of Aternity, a leader in user-experience monitoring, Shochat led the strategic product direction, relationships with 2011 Tel Aviv University - Faculty of Management, The Leon Recanati Graduate School of Business Administration 10

11 key customers and partners, and intellectual property creation and protection. Before founding Aternity, Shochat co-founded Delavenne Enterprises, was Director of Engineering at Savantis Systems and served as the Chief Technology Officer for Shells Interactive. Eden is the co-organizer of the yearly geekcon conference, mentors high school students as part of the Startup seed program and was recently selected as one of the 40 promising Israelis under 40 by TheMarker magazine. Prof. Asher Tishler Asher Tishler is the Dean of the Recanati School of Business and Director of the Eli Hurvitz Institute of Strategic Management. He has been consultant to Israel s Ministry of Defense, the Israel Defense Forces (IDF), the Israel Electric Corporation, and Israel s Ministry of National Infrastructures, as well as several firms in Israel and abroad. Prof. Tishler received his Ph.D. in Economics from the University of Pennsylvania. He has published over 100 academic papers on applied microeconomics, econometrics, energy economics, and defense-related issues. Dr. Benny Zeevi Benny Zeevi is a Managing General Partner at DFJ Tamir Fishman Ventures and leads the company's initiatives in the life sciences sector. He is a physician specializing in interventional cardiology and pediatric cardiology. Prior to joining DFJ Tamir Fishman Ventures, Dr. Zeevi was Vice President Business Development & Medical Director of Card Guard AG (CARDG, SWX), a position he held from Tel Aviv University - Faculty of Management, The Leon Recanati Graduate School of Business Administration 11

12 Appendix B- Why the Recanati School at Tel Aviv University? With its world-class teaching and research, its international reputation, connections and achievements, Recanati is not only the largest and most prestigious business school in Israel, but also ranks amongst the top institutions globally ( ). A full member of the global research community, closely attuned to the constantly changing local and global environment, it encourages and initiates international research, programs of study, and other activities. It also makes excellent use of its strong ties with the local and international business community in the social involvement activities in which it engages. The School has recently developed a state of the art MBA program dedicated to the study of management in technological markets and focusing on start-up companies and innovation. Since its establishment in 1966, the School has developed a wide range of programs and options that have consistently attracted large numbers of students. Currently it has an enrollment of over 3,400 students, taught by 48 tenure-track and 140 adjunct faculty members, as well as many guest lecturers. Among the School s veteran alumni are leaders of Israel s business community and public sector, and its younger alumni are their first recruiting choice. In addition to the Kellogg-Recanati International Executive MBA Program, inaugurated in 1996, the School also conducts a wide variety of international activities and strives strategically to further develop and broaden its international scope. To prepare its students to deal with the complexities of an increasingly competitive global business environment, the School has expanded their exposure to and interaction with the international business community through cooperative agreements and student exchange programs with more than 50 business schools around the globe Tel Aviv University - Faculty of Management, The Leon Recanati Graduate School of Business Administration 12

13 Doing Business in Israel-Final Assignment Teaching Assistant Lavan Roi Tel: Course assignments Each student will submit personal case analyses, by January 29 th, to the course teaching assistant. Course grade Two group case analyses 60% Personal case analysis 40% Case study preparation The personal case analyses should be submitted by mail to the course teaching assistant - roilavan@gmail.com The personal case analysis should not exceed six pages. Final Assignment questions 1. What are the strengths and weaknesses of Israel? 2. What is the competitive advantage of Israel and is it sustainable for the next ten years? 3. What are the pros and cons to develop Israeli giants companies (Teva, Makhteshim-Agan) vs. developing small start ups companies (Ace) from two perspectives: entrepreneurs' perspective, Israeli macroeconomic perspective? 2011 Tel Aviv University - Faculty of Management, The Leon Recanati Graduate School of Business Administration 13