Office politics

Day three at Pitango started off with a noticeable sense of tension in the office, followed by excitement that culminated in elation. Shimon Peres -- my boss Chemi's father -- was elected President of Israel just after lunchtime.

The summer somehow just got even more exciting.

I've spent the past couple days learning about the Israeli startup and VC community. My "studies" have included panels and lectures at the Israel Venture Association Conference, a discussion on the competitive advantages of Israeli VCs moderated by HBS prof Paul Gompers, and a myriad of Q&A sessions between founders and VCs, many of which were led by Israeli entrepreneurial powerhouse Yossi Vardi. (Did I mention I love my job?) There is little question that the entrepreneurial environment in Israel is thriving, and that Israeli VC's are uniquely positioned to capture much of the upside.

But while there are plenty of smart, hard-working entrepreneurs bringing new opportunities to the fore, they tend to have much more technical than management know-how. I think the VCs here know that portfolio companies will push for a quick exit over sustained risk and growth, and their frustration is palpable. Hopefully, big successes like Teva, Iscar, and CheckPoint are catalyzing a gradual shift in the entrepreneurial mindset. Israeli VCs bear just as much responsibility for affecting this change as anyone else -- hopefully they acknowledge that reality themselves.