By (Lirone Glikman, Startup Grind Ambassador Tel Aviv )
In some cases, location is everything!
By operating the Startup Grind chapter in Tel Aviv, the startup nation, we automatically have access to so many talented entrepreneurs that we can learn from and join forces with!
One of them is Moshe Hogeg, an “out of the box” entrepreneur, visionary, hard worker and a very lucky guy. He is the founder and CEO of Mobli ($89M capital), managing partner and founder of Singulariteam VC ($100M fund), and the founder of YO, the app that broke the whatsapp Appstore downloads record in just four days!
He is one of the only people who can decide and approve an investment of $10 M in just 48 hours. He believes in people, product and market.
Most of the entrepreneurs who attended the event had one main goal in mind: to pitch Moshe and get a meeting with him.
Guess how big the smile was on the faces of those who made it to the next meeting...
Modesty and Hard work
Harnessed with a sharp mind and a great amount of modesty, Moshe taught us so many crucial tips for entrepreneurs that we couldn’t keep to ourselves!
Tip 1: YO- Don’t try to please your parents!
Growing up in a middle-class family with a father who had a long stable army career, Moshe’s parents and even some of his friends couldn’t understand why he chose the unstable road of an entrepreneur. Even his girlfriend left him when he left his clients and took his chance with Mobli. His parents begged for him to go and study but he didn’t, until today. Moshe was just too busy making money… He was always devoted to his entrepreneurship passions and worked very hard to get where he is today.
Tip 2: YO -The world is huge!
Since the Mobli app is similar to Instagram, Moshe took a strategic decision to launch Mobli after Instagram was established in the market—very well established in the market, I should say, with a million users in the States…
Moshe knew there were more markets under the sun and launched Mobli with an aim for other countries. Soon enough, Mobli was ruling Russia, China and Latin America!
Overall, many market spaces are huge and even if you are not the number-one brand, you can still enjoy a great amount of success!
Tip 3: YO- Plan a good business model in advance!
The YO app was developed in only 8 hours (!!), so few resources were invested in it but with a lot of luck, it succeeded! Fourteen YO’s are being sent around the world every single second--that’s insane! Since the time and energy invested in this app was so insignificant, it wouldn't have been that bad if it didn't succeed.
On the other hand, many entrepreneurs spend years working so hard to create their product, only to discover at the end that they don’t have a practical business model and the market doesn’t respond to their product at all…so much time and energy goes to waste.
Make sure to create a well-planned business model BEFORE you start creating your product.
Tip 4: YO: a good team is key
As an investor, Moshe puts a lot of weight on the team’s ability to deliver. It’s easy to detect the team members’ dynamic right away and see if there is a flow or if some people try to take the focus from the others. Moshe is looking for how professional the team is, and how knowledgeable they are in their market and product. Moshe himself fundraised money from the Mexican business tycoon Carlos Slim, and said that there is a great saying on Carlos’s living room wall: ” There is no limit to what a man can do or where he can go if he doesn't mind who gets the credit.”
Tip 5: YO- Don’t be that arrogant person
Modesty is such a great trait for an entrepreneur; it can make the difference between getting or not getting investment.
Being a know-it-all startup founder, and not admitting that you don’t know everything, is a trait that will make an entrepreneur’s life harder. What’s best is being modest, knowing what you know and are good at but also acknowledging that you can’t know everything, and always being ready to learn and improve!
Tip 6: YO- Do your research!
Moshe finds it hard to invest in those who didn’t do their research before meeting with him. Many irrelevant questions and embarrassment could be spared if the entrepreneurs would learn more about what Singulariteam VC is looking for and be able to predict their questions. Some entrepreneurs don’t know their market and product perfectly. If an entrepreneur comes unprepared to an investors’ meeting, what are the chances that he is ready to run his own startup?
Tip 7: YO – Three main tips for success
Moshe Hogeg has three main tips for the entrepreneur who wants to succeed:
1) Be optimistic – Hardships will come, but always keep your faith and optimism that success will follow!
2) Work hard – All throughout the interview, Moshe was emphasizing that it took him a lot of hard work to succeed, and he still has to work hard even after finding success.
3) Be professional – Try to do your best and be as professional as you can!
Share your thoughts: Which of the tips did you like the most and why?