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Left to right: Yossi Vardi, Lars Faaborg-Andersen, Avi Hasson
2014
EU - Israel Innovation Seminar
THE PLACE OF VENTURE CAPITAL IN THE INNOVATION ECOSYSTEM
EU - Israel Innovation Seminar The Place of Venture Capital in the Innovation Ecosystem
15 September 2014
2
Contents
SUMMARY ......................................................................................................................... 3
PROGRAMME .................................................................................................................... 9
PARTICIPANTS ................................................................................................................. 11
EU - Israel Innovation Seminar The Place of Venture Capital in the Innovation Ecosystem
15 September 2014
3
SUMMARY
Over 120 people attended the fourth annual EU Israel Innovation Seminar on 15 September
in Tel Aviv. This year's seminar took place in the framework of the International DLD
Innovation Festival and was organised by the EU Delegation together with the association of
Israel Advanced Technologies Industries and ISERD, the Israel Europe R&D Directorate.
Close to 50 participants from 13 EU Member States joined their Israeli colleagues and EU
trade and science counsellors for a day of brainstorming on the Role of VCs in the Innovation
Ecosystem. VCs, angels, microfunds, start ups, government and academia representatives
compared and debated the latest VC and funding trends in Israel and in the EU. The seminar
was opened by Yossi Vardi, chair of the DLD Innovation Festival, Avi Hasson, Israel's Chief
Scientist and Lars Faaborg-Andersen, Head of the EU Delegation.
The following is a summary of the main insights from the seminar. A recording of the entire
seminar is available on the EU Delegation's Youtube site
https://www.youtube.com/playlist?list=PLjqRjw2JtiLAMsvxzHR5z5yzXkFWBPH6J
EU Israel Cooperation
The seminar reflects the EU Israel ecosystem. The EU is Israel's main trade partner and there
is long standing research and high tech cooperation. There has been increasing European
investment in Israel by major European companies including nearly all the
telecommunications companies as well as many in the high tech and energy sectors. This is
a win-win situation for all of us.
International cooperation is essential because none of us have all the intelligence or all the
answers. We learn from each other's experience and adapt and adopt models. Initiatives
based on Israel's Yozma and other programmes of the Office of the Chief Scientist are being
implemented in EU countries. Israel's Office of the Chief Scientist (OCS) will itself be
transformed into a National Technology Innovation Authority which will include a flexibility
that can be found today in some EU government programmes. It is in our interest to work
together to achieve mutually beneficial goals. Horizon 2020 is one of the available tools for
cooperation.
The EU can learn from Israel's risk taking ethos which not only does not shun failure, but
sees it as a positive step on the road to success. Israel can learn from Europe's work ethic,
productivity and the professionalism that comes from a deeply rooted industrial tradition.
Ideally, we would find the right balance between "Israeli mess" and "European rigidity".
The possibility of creating an EU-Israel- U.S. triangle was raised.
EU - Israel Innovation Seminar The Place of Venture Capital in the Innovation Ecosystem
15 September 2014
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The Importance of Always Being One Step Ahead
Change and disruption are a constant. We need to adapt and evolve with changing
conditions and technologies. For VCs this means both in format and content. We see VCs
setting up their own incubators and accelerators. We also see them moving on to new
sectors.
VCs must work against the grain; not wait for the deal flow, but be proactive. It is crucial not
only to identify and create a new category, but even more to lead in that new category.
It is important to identify a country's competitive edge. For Israel at the end of the 1990s,
this was telecommunications technology. Today it is perhaps media where Israel could be a
buffer between core technologies and the content world or perhaps cyberspace. New
trends in distributive energy generation also mean that clean tech is making a comeback
which Israeli technologies could exploit. Greece's strengths lie in life sciences and advanced
technologies. Hungary is very strong in mathematics which gives them an advantage in
algorithm based companies.
The Arabic speaking media market has over 120 million users connected to the internet.
The Gulf market has the highest internet and smartphone penetration as well as substantial
purchasing power. The huge lack of content for this market has been identified by VCs and
other investors who focus on entrepreneurs among the Arab minority in Israel, Palestine and
other Arabic speaking countries. (See also under "Gaps" below)
Nokia is an example of failing to keep ahead of the game. The company believed that it
owned all innovation.
Countries in crisis offer the best time to invest – this is the time that their young people and
entrepreneurs will come out and shine.
Who and What has Changed? Democratisation
There has been a tectonic shift in investment activities. Today almost anyone can
participate in early stage investment. There are a number of reasons for this
democratisation. Some are technology related such as open sources and the cloud. Another
reason is that today the entrepreneur is able to directly address the consumer market
which is the largest market. There is no longer a need for the "guys in suits" – which was a
particular weakness for Israelis.
One of the major changes since 2008 is that today less money is needed to build a company.
For some companies, an investment of only $300,000 to $400,000 is sufficient for them to
become profitable. Nevertheless, it was pointed out that most companies still require a few
million.
EU - Israel Innovation Seminar The Place of Venture Capital in the Innovation Ecosystem
15 September 2014
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Angel investing has become a material part of the ecosystem. Not all angels are the same.
There is a huge difference between handing out money and sitting down with the founders
to help them develop their company. Today, in Israel and increasingly in Europe, a
substantial number of entrepreneurs are coming back after successful exits to invest in their
area of expertise. Since they are not accountable to other investors, they do not have to
carry out in depth due diligence, they can move more quickly and can rely quite heavily on
their intuition. The team is often the main factor for angel investors.
A crowdfunding equity platform launched in Israel is an example of a new investment
model. This hybrid of VCs and angel networks provides a new class of investors with the
opportunity to participate in a VC type investment and provides companies with access to a
number of investors who act and appear as one VC entity. 80% of the investors in a recent
month were first time investments in a private company. These are not the classic angels but
private wealthy accredited investors who have the money, but not the knowledge or the
networks. The platform provides the standard VC services - investment team, due diligence,
advisors, negotiations. It is generally able to launch the deal more quickly than a standard
VC. The launch is sent to a network of over 5,000 "angel investors" who can invest from
$10,000 i.e. a very low minimum entry price. A special entity is created which invests as one
entity.
The platform also has an umbrella agreement with strategics that enables them to invest at
a much lower ticket rate, a 6 digit figure, than normally. This also works to the advantage of
the entrepreneur who does not want one company to make the entire investment.
Strategics as Investors
Different views were expressed on the value of strategics as investors. It was agreed that
strategics have become more professional and have understood that if they are to be
successful they must employ quasi or actual venture capitalists rather than executives. If
strategics are accepted, they should not be given automatic first refusal nor should they be
given seats on the board. Like the VCs, they should assist the companies in which they
invest. On the positive side, it was noted that corporates invest at a very early stage, that
they are more strategic thinkers and have more patience. They also give a great deal of
validation to young start up companies. The latter must find the right balance to ensure that
their agenda is not hijacked. So collaboration makes sense when the large corporation and
the start up have something in common. In some cases, multiple strategics investment
would be the best.
(See also under "Gaps" below)
Where are the Gaps?
We tend to underestimate the importance of inventions, and inventing, which is an
absolutely necessary part of the innovation chain. Invention is a real profession and as such
requires practice, coaching and promoting skills. The innovation system is a continuum with
EU - Israel Innovation Seminar The Place of Venture Capital in the Innovation Ecosystem
15 September 2014
6
well specified steps. Inventions are too early for VC funding. Europe's lack of understanding
of the need to support invention and inventors slows down Europe.
A gap was noted in the EU for companies with an experienced team with a proven track
record, but who are pre-revenue, pre-production and pre-launch. This problem is
compounded if the product to be launched is in a field unfamiliar to most investors. Angels
prefer companies to which they know they can add value. For VCs, it is too early. A new
model is needed that would enable more sophisticated investments so that investment
would be in teams not just revenue or traction. If there is only interest in investing in
growth companies, there is a problem. This may explain why some companies consider
moving to the U.S. or elsewhere.
It was also noted that many EU and European national funding programmes place a
counterproductive emphasis on "sustainability". Entrepreneurs are required to prove that
they will be able to sustain the results of the implemented projects for at least 2-3 years. As
a result, start ups are reluctant to close down a failing company when closing down would
have freed them up to work on a new project during this time. This is another
manifestation of the European misunderstanding of failure. In Israel, however, the OCS
system of "soft loans" provides partial grants (30-50%) which do not have to be repaid if the
project fails. Grants given to successful projects become loans whose repayments go back
into the OCS fund. This is model that it would be useful for the EU and Member States to
adopt.
Israel has a less sophisticated and developed financial system than the U.S. There is a real
lack of capital in A and B rounds. The best solution is often to bring in multiple strategics.
The Israeli ecosystem is currently really hurting on B rounds. A vacuum exists.
Countries that are "catching up" need to build an ecosystem from scratch. The Israeli Yozma
programme has served as a model in some countries because of its emphasis both on
educating people to be VC managers and on the catalysing role of government funding. The
EU's Jeremie programme (based on 70/30 public private funding) has contributed to the
building of, among others, the Greek and Hungarian ecosystems. In some cases, the
ecosystem had to be built back to front. The investors preceded the entrepreneurs. The
former had to develop the deal flow and bring in expertise from their country's "diaspora"
and other outside connections.
The case of Palestine is abnormal. The private sector has taken on the role of government
and set up the infrastructure including incubators and support systems. Support has also
been provided by international donors.
The Arab minority in Israel has remained outside the "start up nation". There is a huge
talent base without access to venture funding or to Israel's strong ecosystem. Based on the
original Yozma model , a venture fund, supported by both public and private funding, has
been established to try to close this gap. A second purely private VC fund has since been set
up which will focus on the Arab minority in Israel as well as Arab entrepreneurs outside
Israel. Regarding localisation, the intention is not to simply copy ideas from outside the
EU - Israel Innovation Seminar The Place of Venture Capital in the Innovation Ecosystem
15 September 2014
7
region, but to interpret them in a manner appropriate to the local market mentality. A
unique expertise is required to carry this out successfully.
(See also under "One Step Ahead" above)
Exit vs Building a Company
There is an ongoing debate in Israel about whether there are too many early exits and if so
whether these come at the expense of building larger companies. The 80/20 rule applies in
Israel – 20% of the exits provide 80% of industries returns.
One of the reasons that Israeli companies are acquired earlier is that they are somewhat
“precocious”. They are often ahead of the crowd having developed very advanced products
for which, in the early stage, it is not clear that there is a market. This is not necessarily
negative. It has brought multinationals to Israel which contributes to the Israeli high tech
ecosystem. It is worth noting that 80% of investment in Israel is international.
We are seeing bigger and bigger exits. The ecosystem is maturing. Entrepreneurs are usually
on their second start up and there are strong investors around the table. This sends the
message that a big company is being built. It should also be remembered that in the bubble
years, most companies had meagre revenues. They did not have the choice of building a
company. It takes a minimum of 5 years, often 10-12 to do this. The ability to say no is very
important. The experience gained by repeat entrepreneurs backed by partners with similar
positive experience provides the stamina and courage to go through critical junctures and to
say no very early on. U.S. investors tend to be more impatient as they have a larger
portfolios and are used to seeing their investment grow quickly. Pressure mounts when it
looks like the market is changing. The decision is also the VC’s.
There is also a question of supply and demand. It is the technology companies that write the
big checks. In constant need of new markets, they themselves fear being swallowed up. The
relatively new phenomenon of secondary markets, however, provides the means to build up
companies without premature exits.
As the industry in Israel, matures we see an interesting phenomenon. On the one hand, the
“Israeli discount” is very much in place in early stage where we see a 70% discount of A
round financing when compared to the U.S. On the other hand, when it comes to exits, the
gap is much closer because of the maturity of the entrepreneurs, investors and advisors.
Right now there is a market failure for investing in Israeli early stage which means that there
is an amazing opportunity for investors.
EU - Israel Innovation Seminar The Place of Venture Capital in the Innovation Ecosystem
15 September 2014
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Funding Lessons from a Successful Israeli Start Up
Main slides from Feedvisor presentation
Decided to skip pre-seed stage
Bootstrapped for 1 year
Came to seed round with working product, first customers, first revenue
Raise all at once or iteratively?
From VCs or angels?
How to avoid fatal mistakes?
Raised seed capital iteratively
Raised from micro funds - Institutional (professional) capital - Ability to participate in later rounds - Strong board members that can greatly assist in initial phases of company
building
Simple and fair structure
VCs completely different set of requirements
Who should be your partner doer or banker?
Raise in Israel or abroad?
Understand your direction and assess your future capital needs
Choose your investor, don't let him choose you
Raise from position of strength
Prepare materials
Understand the market (went on roadshow in US and EU before raising funds in Israel in order to understand how investors see the company, and to help identify what we want to achieve)
Alexandra Meir – EU Delegation to the State of Israel
EU - Israel Innovation Seminar The Place of Venture Capital in the Innovation Ecosystem
15 September 2014
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PROGRAMME
PROGRAMME
Gathering & Coffee 8:30
Registration 9:00 – 9:30
Opening session 9:30-10:00
Chair: László Korányi Vice President for International Relations and Domestic Affairs, National
Innovation, Office Hungary
Ambassador Lars Faaborg-Andersen Head of the EU Delegation to the State of Israel
Greetings
Avi Hasson, Chief Scientist of the Israeli Ministry of Economy and Chairman of ISERD's Steering Committee
Greetings
Yossi Vardi, Chair DLD Greetings
SESSION 1 VCs in a Changing World – Panel Discussion
10:00 – 11:45 tbc
Moderator: Yoav Chelouche, co-chair IATI Panelists: Loukas Pilitsis -Venture Capital and Private Equity Group ( Piraeus Bank) Head, Greece Pekka Roine – Foundation for Finnish Inventions, Chairman of the Board, Finland Robert Cohen – Benson Oak, Managing Partner, Czech Republic Ilan Goudsmit - Van den Ende & Deitmers, Business Analyst, the Netherlands Imre Hild - iCatapult - Founder and CEO, Hungary
Adam Fisher – BVP, Partner, Israel Gadi Mazor – OurCrowd, General Partner, Israel Gadi Tirosh – JVP, General Partner, Israel Astorre Modena – Terra Ventures, Managing Partner, Israel Yahal Zilka – Magma, Co-Founder and Managing Partner, Israel
Coffee break 11:45 – 12:00
Facilitated discussion with the audience 12:00 – 12:30
SESSION 2 Different Perspectives - Testimonials from the Field - Panel Discussion
12:30– 13:30 tbc Introduction to the Session: Marcel Shaton, General Manager, ISERD
Moderator: Stefan Rizor, Senior Partner Osborne Clarke
EU - Israel Innovation Seminar The Place of Venture Capital in the Innovation Ecosystem
15 September 2014
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Panelists: László Korányi VP International Relations and Domestic Affairs, NIH, Hungary Dr. Ehab Farah, Partner, Al Bawader, Israel
Itzik Frid, CEO & Managing Partner, TAKWIN, Israel
Dr. Abdul Malik Al Jaber, Arabreneur, Chairman and Founder, Palestine Victor Rosenman, CEO Feedvisor, Israel Chris Yerbey, Founder and CEO, Scrap Connection, the Netherlands
Facilitated discussion with the audience 13:30 – 14:00 tbc
Networking Lunch 14:00 – 15:00
EU - Israel Innovation Seminar The Place of Venture Capital in the Innovation Ecosystem
15 September 2014
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PARTICIPANTS
Country First name Last Name Title Company Email
Austria Bernd Plank
Creative Director JMC
Austria Cathrin Waltl
Managing Director
Austria Guenther Schabhuettl Commercial Counsellor
Austrian Embassy [email protected]
Austria Josef Mantl
CEO JMC [email protected]
Austria Phillip Hödl
Consultant JMC [email protected]
Austria Shai Yufsan Business Development
Austrian Embassy [email protected]
Czech Republic
Branislav Gal Commercial Counsellor
Embassy of the Czech Republic
Czech Republic
Pavlina Schultz Commercial Section
Embassy of the Czech Republic
Estonia Silver Loit Deputy Head of Mission
Estonian Embassy [email protected]
EU Alexandra Meir Policy Officer Scientific Section
EU Delegation [email protected]
EU Eyal Inbar
Economic and Trade Affairs Manager
EU Delegation [email protected]
EU Luigi Pratolongo
Head of Trade and Economic Section
EU Delegation [email protected]
Finland Heidi Hook Intern Finnish Embassy [email protected]
Finland Jonathan Miodowski Commercial Attache
Finnish Embassy [email protected]
Finland Leena-Kaisa Mikkola Ambassador Finnish Embassy [email protected]
Finland Pekka Roine Chairman of the Board
Foundation for Finnish Inventions
France Laurent Melki LMK Consulting
Germany Anke Popper
Head of Economic and Commercial Section
German Embassy [email protected]
Germany Gabriele Hermani Science Counsellor
German Embassy [email protected] [email protected]
Germany Stefan Rizor Senior Partner
Osborne Clarke [email protected]
EU - Israel Innovation Seminar The Place of Venture Capital in the Innovation Ecosystem
15 September 2014
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Greece Alexandros Alexiadis
Head of the Office of Economic and Commercial Affairs -First Counselor
Greek Embassy [email protected]
Greece Gregory Kafasis
Manager, Shared Services & Business Control, Shared Services Center, Greece and Israel
Alfa Laval AEBE [email protected] [email protected]
Greece Loukas Pilitsis Head Venture Capital and Private Equity Group
Hungary Gabor Dehelan Budapest Launchpad [email protected]
Hungary Gabor Marki Hungarian Embassy [email protected]
Hungary Imre Hild Founder and CEO
iCatapult [email protected]
Hungary László Korányi
VP International Relations and Domestic Affairs
National Innovation Office
Hungary Tamas Muller StartupSexit [email protected]
Hungary Tamas Turcsan SmartUp [email protected]
Hungary Tristan Azbej Counsellor (science and technology)
Hungarian Embassy [email protected]
Ireland Clyde Hutchinson NASC Connect, IIBN, FWD
Ireland Julian Claire
First Secretary, Deputy Head of Mission
Embassy of Ireland [email protected]
Israel Adam Fisher Partner BVP [email protected] [email protected]
Israel Adee Matan Consultant [email protected] [email protected]
Israel Amir Guttman Partner Aviv Capital Venture [email protected]
Israel Amnon Samid CEO Bitmint [email protected]
Israel Astorre Modena Managing Partner
Terra Ventures
[email protected] [email protected]
Israel Avi Hasson Chief Scientist
Ministry of Economy [email protected]
Israel Avi Messica College of Management
EU - Israel Innovation Seminar The Place of Venture Capital in the Innovation Ecosystem
15 September 2014
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Israel Blayne Wiggins Afik & Co Attorneys & Notary
Israel Denes Ban Venture Partner
Ourcrowd [email protected]
Israel Didier Joseph
Bismuth Israel Europe M&A Activity Leader
Deloitte Israel [email protected]
Israel Ed Frank CEO Axisinnovation [email protected]
Israel Ehab Farah Partner Al Bawader [email protected]
Israel Jonathan Elkins Headline Media
Israel Elyakim Kassel
International Business Development and Investment
Israel Emanuel Timor Managing Partner
Vertex Venture Capital [email protected]
Israel Gadi Mazor Partner Ourcrowd [email protected]
Israel Gadi Moshe Managing Director
Israel Gadi Tirosh General Partner
JVP [email protected] [email protected]
Israel Gigi Levy-Weiss Angel Investor
[email protected] [email protected]
Israel Guy Gamzu Angel Investor
Israel Guy Israeli Consultant Ventures Advisor
Israel Itzik Frid CEO and Managing Partner
Takwin [email protected]
Israel Meirav Meluban Shalmor Communications
Israel Orr Hirschauge Wall Street Journal [email protected]
Israel Viktoria Kanar
Israel Linda Kedem General Manager Rainier
Communications
Israel Lori Solberg CEO
Beego [email protected]
Israel Marcel Shaton General Manager
ISERD [email protected]
Israel Michal Roche Marketing Communications Manager
Feedvisor [email protected]
Israel Oran Kochavi Marketing & Innovation Director
Terralab Ventures [email protected]
EU - Israel Innovation Seminar The Place of Venture Capital in the Innovation Ecosystem
15 September 2014
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Israel Ori Glezer Managing Director
IDC Elevator [email protected] [email protected]
Israel Patricia Lahy-Engel Director TheHive by Gvahim [email protected]
Israel Paz Hirschman Resource Development
Tzofen [email protected]
Israel Rami Gazit
Entrepreneur, Lean Startup evangelist and lecturer
Technion: Chief Mentor – BizTEC
Israel Ran Arad
Director of Bilateral Programs & SME Instrument NCP
ISERD [email protected]
Israel Roi Wiesner CEO Hutchinson Kinrot [email protected]
Israel Roman Lasker CEO Uppspace [email protected]
Israel Ruthie Wyshogrod Tsofen [email protected]
Israel Shai Melcer Executive Director
BioJerusalem [email protected]
Israel Sima Amir
Director International Business Development
Manufacturers Association
Israel Simon Weintraub Partner Yigal Arnon & Co
[email protected] [email protected]
Israel Smadar Nehab CEO Tsofen [email protected]
Israel Stephanie Hospital Angel Investor
Israel Susie Doring Preston
Project Manager
Konrad Adenauer Stiftung Israel
Israel Uri Marchaim
Head, Dept of Biotechnology, Dept of Regional Development
Migal [email protected]
Israel Vered Ariel-Nahari
Director of Marketing Communications
ISERD [email protected]
Israel Victor Rosenman CEO Feedvisor [email protected]
Israel Yahal Zilka Co-founder & Managing Partner
Magma
[email protected] [email protected] [email protected]
Israel Yair Margolin
Chief Revenue Officer and Cofounder
Feedvisor [email protected]
EU - Israel Innovation Seminar The Place of Venture Capital in the Innovation Ecosystem
15 September 2014
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Israel Yaniv Jacobi Managing Partner
Orzyn Capital [email protected]
Israel Yoav Chelouche Managing Partner & Co- Chairman
Aviv Capital Ventures & IATI
[email protected] [email protected]
Israel Yossi Vardi Internet Entrepreneur
Israel Zvika Weiss CFO Capital Nature [email protected]
Israel/Czech Republic
Robert Cohen Managing Partner
Benson Oak Capital [email protected]
Lithuania Arturas Jonkus RottenWiFi [email protected]; [email protected]
Lithuania Dovydas Varkulevičius
Director, Entrepreneurship Department
Enterprise Lithuania [email protected]
Lithuania Gintarė Micevičiūtė
communications project manager
Enterprise Lithuania [email protected]
Lithuania Urbonas
Henrikas Rapolas
Cloud Mic
Lithuania Mindaugas Zagorskis
Pipelinepharma [email protected]
Lithuania Reda Stare PlateCulture [email protected]
Lithuania Rimantė Ribačiauskaitė Project Manager
Enterprise Lithuania [email protected]
Lithuania Rytis Lauris-Laurinavičius
Soundest [email protected]
Lithuania Sarunas Legeckas
PlaceILive [email protected]
Lithuania Saulius Kolyta Commercial Attache
Lithuania's Embassy [email protected]
Lithuania Simona Andrijauskaitė
Cloud Mic [email protected]
Lithuania Tadas Deksnys Inside Warehouse [email protected]
Netherlands
Arjen Kool Head Economic Department
Embassy of the Netherlands
Netherlands
Channa Nieuwenweg Innovation and Public Diplomacy
Embassy of the Netherlands
Netherlands
Chris Yerbey Founder and CEO Scrap Connection
Netherlands
Daan Weddepohol Peerby
[email protected] [email protected]
Netherlands
Ilan Goudsmit Business Analyst
Van den Ende & Deitmers
Netherlands
Jesse Siegers Economic Department
Embassy of the Netherlands
Palestine Abdul Malik Al Jaber Chairman and Founder
Arabreuner [email protected]
EU - Israel Innovation Seminar The Place of Venture Capital in the Innovation Ecosystem
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Palestine Dima Abumaria Work Factory
Palestine Mohammed
Khateeb CEO Bridge Development Corp
Poland Bobak Przemysław Counsellor Polish Embassy [email protected]
Poland Dariusz Zuk CEO Network Entrepreneurial Poland
Poland Krzysztof BARTOSZ Counsellor Polish Embassy [email protected]
Poland Łukasz Skiba
Managing Director
Network Entrepreneurial Poland
Poland Marcin Kozłowski
Global Manager
Network Entrepreneurial Poland
Romania Claudia Tasedan Trainee Embassy of Romania [email protected]
Romania Emanuela-Alisa
NICA Associate Prof., Ph. D.
Univ.Europei de Sud Est LUMINA, Bucharest
Slovenia Darja Ferlež Deputy Head of Mission
Slovenian Embassy [email protected]
Spain Emma Cabrero de Cabo
International programmes
Spanish Embassy [email protected]
Spain Gaby Kadinsky CEO UDOBO [email protected]
Spain Jordi Medina SISTEMES I XARXES INFORMÀTIQUES CALIDAE, SL
Spain Jordi Pineda Payrandom [email protected]
Spain Pablo Casado INCUBIO PARTNERS
Sweden Julia Fielding
Second Secretary- Consular, Economic, Trade and Cultural Affairs
Swedish Embassy [email protected]
Sweden Anastasia Pirvu Swedish Embassy