"The idea alone is not enough, you need the right infrastructure for the company to succeed"
Asaf Glas, CEO of IBI Capital Equity Plans, was speaking during the Calcalist InvesTech conference held in collaboration with IBI Capital. According to him, "You have to arrive at the end of the day with a good idea, with good infrastructure, with a strong enough team. You ultimately want a whole team of people who will run with you and take you forward."
What motivates employees? Do stock options still hold weight, and who is worth investing in?
According to Asaf Glas, CEO of IBI Capital Equity Plans, speaking at Calcalist's InvesTech conference, held in collaboration with IBI Capital, the 2025 market has undergone a positive maturation trend.
How has the high-tech investment landscape changed?
By 2021, nearly any idea in the Israeli ecosystem could secure rapid investment. But the market has changed. What does it look like today?
"In the past, it was easier to raise funds—an entrepreneur could come with a good idea and a strong vision while focusing on building the company's infrastructure, both financially and operationally. Now, fundraising has become more complex, and only the strongest survive. Companies need to sharpen their vision and execute it in the best possible way with effective management.
"To achieve this, they must partner with entities that can provide them with the best infrastructure and financial support. When I talk about financial support, I mean not just raising capital but also employee stock options, CFO services, and all aspects of financial infrastructure. We work closely with companies, providing them with the support they need. Personally, I have accompanied some of Israel’s largest IPOs. At the end of the day, to succeed, a company must stay focused on its vision."
Are we in another tech bubble?
During the dot-com bubble, companies could secure funding with just a website and a half-baked idea. Today, we see a lot of "buzzwords" like AI. Could we be in another bubble?
"There was definitely a bubble. What we are seeing now is a correction, and we are heading toward a world where only the strongest survive. A good idea alone is no longer enough—you need a solid infrastructure and a strong team.
"Ultimately, you want a team that will push the company forward. Yes, AI, cybersecurity, and defense tech are hot topics, and there is room to continue investing in them, but the right infrastructure is crucial for success.
"Take CFO services, for example. If an entrepreneur tries to handle all the financial operations alone, it significantly limits their ability to focus on their vision. Our goal is to provide professional financial infrastructure that helps companies reach their next milestone effectively."
Do employees still value stock options?
You have supported some of Israel’s largest IPOs and mergers. Are stock options as valuable today as they once were? In the past, they not only attracted employees but also signified faith in a company's growth potential. Do employees still seek stock options as part of their compensation?
"I believe we’re seeing a correction, both in companies and recruitment. In 2021, everyone was eager for stock options—they were part of the hype. But when stock values dropped, enthusiasm around options declined. That was a mistake. The people who made money in 2021 were typically those who joined earlier when valuations were lower.
"Stock values have fallen in recent years, but we’re now seeing a recovery, and the importance of stock options is rising again. In general, companies should not treat options like a bonus. A bonus is a short-term incentive—two or three months' salary—it’s not directly tied to the company’s success.
"Stock options, however, are a strategic tool that aligns employees' interests with those of the company. They give employees a sense of ownership, making them more invested in the company’s long-term success—just like a CEO or founder."
