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Back to Oren Zeev's $2.7B Solo GP Playbook, with Oren Zeev.

Why Was Early Corporate Travel Software a Nightmare?

Oren Zeev says first-generation corporate travel software, built in the early 2000s, maybe had the control and visibility a chief financial officer wanted, but it was a nightmare for employees who travel. Builders treated the chief financial officer as the customer and ignored the person on the trip. Travelers still had to use the tool because finance ordered them to.

They hated it and went rogue. 50% of the time they found excuses, including that they could not find a flight. When people skip the software half the time, the company loses the control and visibility it thought it had. A bad product fails to deliver what the buyer expected. People started to talk about consumerization of the enterprise maybe 10 or 15 years ago, but the first generation of travel software came before that. Sellers did not think about user experience when they sold to companies 20 or 25 years ago.

The market has changed. The real insight was that the old tools suck, and companies hold little loyalty to a travel solution provider because the software is not too integrated with other critical systems. A superior product is not very hard to switch in. Serving individual travelers is also a huge selling point to the chief financial officer, because it reduces leakage, the amount of travel that never gets captured by the app.

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Transcript

Oren Zeev's $2.7B Solo GP Playbook ·

The Peel with Turner Novak

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  3. How Does Oren Zeev Report to Limited Partners?Oren Zeev sends limited partners a quarterly report made of numbers only.
  4. What Does Oren Zeev Do in a Typical Week?Oren Zeev's typical week is a board meeting or two, a few founder calls, and long open stretches, including time in the ocean. He does not count the meetings.
  5. Does Oren Zeev Use a Pitch Deck?Oren Zeev never presents a single slide to any limited partner and has no pitch deck at all.
  6. Does Oren Zeev Start With a List of Ideas?Oren Zeev does not show up with a pre-planned list of ideas he is looking for. He has never done healthcare because he feels he lacks the intuition.
  7. Why Does Diversification Inside One Fund Have No Value?Oren Zeev says diversification inside one fund has zero value for LPs, because they already invest in multiple managers.
  8. Why Does Oren Zeev Invest Across Funds?Oren Zeev invests across his funds, which he says most other managers will not do. The objection is a conflict of interest.
  9. Why Does Oren Zeev Skip a Limited Partner Advisory Council?Oren Zeev skips a limited partner advisory council because he wants no extra rules and no friction around cross-fund deals.
  10. Why Did Oren Zeev Hold Navan Stock After the Lockup?Oren Zeev held Navan stock after the lockup because he thought the share price was far too low and that selling then was not in his limited partners' interest.
  11. Where Do Oren Zeev's Deals Come From?Oren Zeev says about 80 to 90 percent of the deals he ends up doing come from other portfolio companies. He has no associates out hunting.
  12. How Did Israel Seed Eight Venture Funds?Oren Zeev walked through a program that sponsored eight funds of $20 million each.
  13. How Did Peter Thiel Get Oren Zeev to Raise a Fund?Peter Thiel got Oren Zeev to raise a fund by offering, in a meeting Zeev thought was only a comparison of notes, to be the limited partner and treat it as an…
  14. Why Is the Israeli Connection Network Exclusive?Oren Zeev says the Israeli Connection Network is exclusive because when you try to help everyone, you help no one.

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