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Jun 16, 2016 · 18m · top-founders

He Invested in WeWork and Now Runs $150MM Israel Focused Fund, EP 291: Michael Eisenberg

Nathan Latka · 9m spoken Michael Eisenberg · 7m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

In this episode of The Top, host Nathan Latka interviews veteran venture capitalist Michael Eisenberg, co-founder of the $150 million Israel-focused fund Aleph. Eisenberg discusses the evolution of Israel's startup ecosystem, his investments in companies like Wix, WeWork, and Nexar, and his equal-partnership venture philosophy.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 53.9% of the talking time here. How this is scored →

Nathan as informed peer 2.8 Guest teaching 2.0 Guest disagreement 1.0 Nathan pushing back 1.4
05100:0010:000:43–5:40 · Nathan as informed peer 3/10 Weekly Cash Giveaway and Listener Contest Announcement Nathan introduces the show and inquires about the Israeli venture ecosystem and Michael's background. Michael gently corrects Nathan's timeline from 10 years to 20 years and dismisses Nathan's premise regarding his entry into VC.5:40–9:07 · Nathan as informed peer 4/10 Aleph's Equal Partnership Model and Investment Philosophy Nathan asks detailed operational questions about fund mechanics and equal partnership structures. Michael explains how Aleph differs from traditional hierarchical VC models and refuses to pick a favorite portfolio company.9:07–13:32 · Nathan as informed peer 4/10 Nexar Deep Dive: AI Dashcams and Road Intelligence Nathan drills into the unit economics, data play, and funding of portfolio company Nexar. Michael provides technical clarity on AI capabilities and corrects Nathan on the company's timeline since launch.13:32–16:01 · Nathan as informed peer 0/10 Connecting with Michael Eisenberg and Aleph Online Michael gives a brief answer about where listeners can find him, followed by an extended solo sponsor read by Nathan for FreshBooks and HostGator.16:02–17:27 · Nathan as informed peer 3/10 Show Notes Reference and Lead-in to the Famous Five Nathan leads Michael through the Famous Five rapid-fire format. The interaction is efficient, lighthearted, and collaborative as Michael answers questions about his habits and career reflections.0:43–5:40 · Guest teaching 3/10 Weekly Cash Giveaway and Listener Contest Announcement Nathan introduces the show and inquires about the Israeli venture ecosystem and Michael's background. Michael gently corrects Nathan's timeline from 10 years to 20 years and dismisses Nathan's premise regarding his entry into VC.5:40–9:07 · Guest teaching 3/10 Aleph's Equal Partnership Model and Investment Philosophy Nathan asks detailed operational questions about fund mechanics and equal partnership structures. Michael explains how Aleph differs from traditional hierarchical VC models and refuses to pick a favorite portfolio company.9:07–13:32 · Guest teaching 3/10 Nexar Deep Dive: AI Dashcams and Road Intelligence Nathan drills into the unit economics, data play, and funding of portfolio company Nexar. Michael provides technical clarity on AI capabilities and corrects Nathan on the company's timeline since launch.13:32–16:01 · Guest teaching 0/10 Connecting with Michael Eisenberg and Aleph Online Michael gives a brief answer about where listeners can find him, followed by an extended solo sponsor read by Nathan for FreshBooks and HostGator.16:02–17:27 · Guest teaching 1/10 Show Notes Reference and Lead-in to the Famous Five Nathan leads Michael through the Famous Five rapid-fire format. The interaction is efficient, lighthearted, and collaborative as Michael answers questions about his habits and career reflections.0:43–5:40 · Guest disagreement 2/10 Weekly Cash Giveaway and Listener Contest Announcement Nathan introduces the show and inquires about the Israeli venture ecosystem and Michael's background. Michael gently corrects Nathan's timeline from 10 years to 20 years and dismisses Nathan's premise regarding his entry into VC.5:40–9:07 · Guest disagreement 1/10 Aleph's Equal Partnership Model and Investment Philosophy Nathan asks detailed operational questions about fund mechanics and equal partnership structures. Michael explains how Aleph differs from traditional hierarchical VC models and refuses to pick a favorite portfolio company.9:07–13:32 · Guest disagreement 1/10 Nexar Deep Dive: AI Dashcams and Road Intelligence Nathan drills into the unit economics, data play, and funding of portfolio company Nexar. Michael provides technical clarity on AI capabilities and corrects Nathan on the company's timeline since launch.13:32–16:01 · Guest disagreement 0/10 Connecting with Michael Eisenberg and Aleph Online Michael gives a brief answer about where listeners can find him, followed by an extended solo sponsor read by Nathan for FreshBooks and HostGator.16:02–17:27 · Guest disagreement 1/10 Show Notes Reference and Lead-in to the Famous Five Nathan leads Michael through the Famous Five rapid-fire format. The interaction is efficient, lighthearted, and collaborative as Michael answers questions about his habits and career reflections.0:43–5:40 · Nathan pushing back 2/10 Weekly Cash Giveaway and Listener Contest Announcement Nathan introduces the show and inquires about the Israeli venture ecosystem and Michael's background. Michael gently corrects Nathan's timeline from 10 years to 20 years and dismisses Nathan's premise regarding his entry into VC.5:40–9:07 · Nathan pushing back 2/10 Aleph's Equal Partnership Model and Investment Philosophy Nathan asks detailed operational questions about fund mechanics and equal partnership structures. Michael explains how Aleph differs from traditional hierarchical VC models and refuses to pick a favorite portfolio company.9:07–13:32 · Nathan pushing back 2/10 Nexar Deep Dive: AI Dashcams and Road Intelligence Nathan drills into the unit economics, data play, and funding of portfolio company Nexar. Michael provides technical clarity on AI capabilities and corrects Nathan on the company's timeline since launch.13:32–16:01 · Nathan pushing back 0/10 Connecting with Michael Eisenberg and Aleph Online Michael gives a brief answer about where listeners can find him, followed by an extended solo sponsor read by Nathan for FreshBooks and HostGator.16:02–17:27 · Nathan pushing back 1/10 Show Notes Reference and Lead-in to the Famous Five Nathan leads Michael through the Famous Five rapid-fire format. The interaction is efficient, lighthearted, and collaborative as Michael answers questions about his habits and career reflections.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 67.9% · guest 32.1%0:00 · Nathan 67.9% · guest 32.1%3:00 · Nathan 35.1% · guest 64.9%3:00 · Nathan 35.1% · guest 64.9%6:00 · Nathan 28.7% · guest 71.3%6:00 · Nathan 28.7% · guest 71.3%9:00 · Nathan 25.9% · guest 74.1%9:00 · Nathan 25.9% · guest 74.1%12:00 · Nathan 63.2% · guest 36.8%12:00 · Nathan 63.2% · guest 36.8%15:00 · Nathan 90.7% · guest 9.3%15:00 · Nathan 90.7% · guest 9.3%18:00 · Nathan 100% · guest 0%18:00 · Nathan 100% · guest 0%
Sharpest disagreement ▶ 5:03 Michael refuses to pick a single favorite investment

When Nathan presses him to pick a single favorite portfolio company, Michael rejects the premise, stating you love all your children equally.

 Hardest push from Nathan ▶ 4:17 Nathan presses for PictureVision exit valuation

When Michael declines to disclose the exit price for PictureVision, Nathan pushes back by forcing a boundary estimate above or below 100 million.

 Biggest teaching moment ▶ 3:04 Michael corrects Nathan on Israeli VC market history

Michael corrects Nathan's historical timeframe, pointing out that the $250M total market was 20 years ago rather than 10 years ago.

 Nathan holds their own ▶ 7:16 Nathan synthesizes VC partnership models

Nathan demonstrates industry knowledge by breaking down how typical VC carried interest concentration differs from Aleph's equal partnership distribution.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Weekly Cash Giveaway and Listener Contest Announcement 3322 Nathan introduces the show and inquires about the Israeli venture ecosystem and Michael's background. Michael gently corrects Nathan's timeline from 10 years to 20 years and dismisses Nathan's premise regarding his entry into VC.
Aleph's Equal Partnership Model and Investment Philosophy 4312 Nathan asks detailed operational questions about fund mechanics and equal partnership structures. Michael explains how Aleph differs from traditional hierarchical VC models and refuses to pick a favorite portfolio company.
Nexar Deep Dive: AI Dashcams and Road Intelligence 4312 Nathan drills into the unit economics, data play, and funding of portfolio company Nexar. Michael provides technical clarity on AI capabilities and corrects Nathan on the company's timeline since launch.
Connecting with Michael Eisenberg and Aleph Online 0000 Michael gives a brief answer about where listeners can find him, followed by an extended solo sponsor read by Nathan for FreshBooks and HostGator.
Show Notes Reference and Lead-in to the Famous Five 3111 Nathan leads Michael through the Famous Five rapid-fire format. The interaction is efficient, lighthearted, and collaborative as Michael answers questions about his habits and career reflections.

Statements from this episode (8)

Disclosure
Eisenberg: Aleph raised $150M for Israeli software and data startups
“We raised a hundred and fifty million dollars, and we've got a fair amount of investing around themes we care a lot about, which is disrupting old industries using big data, machine learning, machine vision and software generally.”
Michael Eisenberg Jun 16, 2016 ▶ 2:14
Disclosure
Benchmark focusing on Silicon Valley led Michael Eisenberg to launch Aleph
“Benchmark really wanted to focus on Silicon Valley in the United States, but primarily Silicon Valley. And I really wanted to stay in Israel and focus on Israel. So I launched olive to do that industry out of Israel. That was 2013.”
Michael Eisenberg Jun 16, 2016 ▶ 5:28
Assertion Supported
Eisenberg: Aleph is the first equal partnership VC in Israel
“We set up basically the first equal partnership in Israel, modeled after Benchmark, which is one of the greatest venture firms of all time”
Michael Eisenberg Jun 16, 2016 ▶ 6:15
Disclosure
Aleph brings on all new partners as equal partners on day one
“Every partner we add going forward, it comes in as an equal partner on day one.”
Michael Eisenberg Jun 16, 2016 ▶ 6:54
Disclosure
Aleph exclusively does Series A, with WeWork Series C as sole exception
“Well, we do series A. The only time we've strayed from that is we invested in a series C round in WeWork, where I had been a series A investor in my benchmark cap previously. Other than that, we've invested, you know, Center of the Fairway Series A Investments…”
Michael Eisenberg Jun 16, 2016 ▶ 8:14
Insight
Eisenberg: VCs should invest steadily instead of chasing financial cycles
“Financial cycles are cyclical, but innovation is pretty steady, so you want to invest at a steady pace year after year, and you know, not kind of chase the financial markets in this business.”
Michael Eisenberg Jun 16, 2016 ▶ 8:31
Assertion Contradicted
Eisenberg: Nexar covered more road mileage in 9 months than Google Street View
“We've already covered in, you know, like nine months more mileage than Google Street View has in all its existence.”
Michael Eisenberg Jun 16, 2016 ▶ 11:06
Assertion Not checkable as stated
Eisenberg: Nexar captures about 80,000 license plates daily
“We're collecting, I think, about 80,000 license plates a day.”
Michael Eisenberg Jun 16, 2016 ▶ 13:18
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