Mind the Tech NY
"The incredible acquisition of Wiz by Google is a testament to the strength of the Israeli ecosystem"
Max Rimpel, a partner at the venture capital fund General Catalyst, was speaking at the Calcalist and Bank Leumi Mind the Tech New York conference. John Caplan, CEO of Payoneer: "AI offers businesses an adrenaline shot—an opportunity to optimize and innovate at an unprecedented scale."
MTT Driving Innovation panel
(Tomeriko)
"Israel has shown resilience unlike anywhere else, and I am confident that the people who fought in the war and are now founding startups will deliver remarkable results," said Max Rimpel, Partner at General Catalyst, during a panel moderated by Sophie Shulman at Calcalist and Bank Leumi’s Mind The Tech NY 2025 conference.
The panel featured Shira Eting, Partner at Vintage Investment Partners; Julia Abramovich, Head of Markets and Board Member at KPMG; John Caplan, CEO of Payoneer; and Jesse Middleton, Partner at Flybridge.
John Caplan, you took over as CEO of Payoneer a year ago and are now working to elevate the company. How do you transform the DNA of an Israeli company to become a truly global one?
"Leading Payoneer is an incredible privilege, and it’s the best job I’ve ever had—serving as a bridge between small businesses and their aspirations. Payoneer is a 20-year-old company with nearly a billion dollars in revenue, around 3,000 employees, and customers worldwide. The most important thing we can do is decentralize decision-making within our organization. We are a company of entrepreneurs serving entrepreneurs, and our next phase of growth will focus on fostering a culture of creativity.
"Over the past two years, our revenue has grown by 42%, and our profitability has increased—this is a direct result of the people in our organization. We are not just an Israeli company; we are a global company with Israeli roots. For any business aiming to succeed globally, it’s crucial to think beyond borders. If you confine yourself to a specific mindset, you impose unnecessary limitations on your potential."
Julia Abramovich, in your role at KPMG, you help companies enter the U.S. market. What are you currently offering Israeli companies?
"I oversee KPMG’s U.S. market strategy and assist companies in entering the American market. In the business-to-business (B2B) sector, marketing often revolves around traditional, sometimes dull, white papers. In contrast, business-to-consumer (B2C) marketing is more dynamic and engaging.
"We work with companies of all sizes—whether helping smaller firms raise capital or guiding larger companies through IPOs. When entering a foreign market, businesses need three essential elements: support, direction, and accountability.
"Support goes beyond technological systems; it includes training and continuous improvement. Direction means having a well-defined goal. And accountability—the most crucial element—ensures that businesses stand behind their results, learning from failures and taking responsibility for their performance. These are the pillars of successfully entering new markets."
Jesse Middleton, you work closely with young startups. When should they consider entering the U.S. market?
"In my opinion, the focus should be on New York. I’ve been in venture capital for 16 years, investing in early-stage startups—sometimes when there are just two or three employees and an idea. Israeli engineering and product talent is exceptional, whether from military backgrounds or academia.
"However, when it comes to direct business marketing (B2B), being physically present in the U.S. is a game-changer. It’s not about timing—it’s about being ready to engage customers face-to-face rather than relying on Zoom. Remote interaction isn’t sufficient. I tell startups: You need to be here. If it’s challenging, make sure you establish a presence from the very beginning."
Max Rimpel, what do you look for in Israeli companies?
"We are deeply invested in Israel, and right now, with so much focus on AI, we are in an exceptionally active period. But the fundamentals remain unchanged—companies need to demonstrate breakthrough potential.
"Few countries exhibit resilience like Israel. People here have fought in wars, and just months later, they’re launching startups. In my view, this will be a defining period for Israeli companies. Just look at the incredible acquisition of Wiz by Google—it’s a testament to the strength of the ecosystem."
Shira Eting, Vintage Investment Partners primarily invests in funds. What is your outlook today?
"We manage a diverse portfolio—not just funds that invest in other funds, but also secondary and late-stage investments. With extensive data at our disposal, we constantly monitor market trends and are frequently asked about Israel, especially in the current climate.
"Israel and Europe are closely connected to the U.S. economy, and in my view, the impact of the war and judicial reform has not been as severe as some feared. The decline in company valuations in Israel has been on par with that of the U.S. and Europe, which is an important perspective.
"AI is a complex but high-demand sector. While AI-driven companies are attracting significant investment, the situation is more challenging for companies outside the AI space, as they face a more constrained market. That said, we see substantial demand for investment in Israeli startups, particularly in cybersecurity, AI, and companies with strong revenue-generating capabilities."
John Caplan, Payoneer is a fintech company, not an AI company. How do you plan to embrace the AI era?
"We are in a unique moment as a company that handles billions of dollars in transactions, and I sense the tremendous growth that lies ahead.
"Our teams are actively identifying new technologies, and we’re exploring acquisition opportunities in the space. AI offers businesses an adrenaline shot—an opportunity to optimize and innovate at an unprecedented scale. Internally, we have a growing number of employees eager to lead our AI initiatives."
Jesse Middleton, today it seems like every company is adding AI to its name. How do you distinguish real AI companies from the hype?
"Frankly, most aren’t real AI companies. There are two types of AI-driven businesses: those genuinely developing AI technology and those using AI as a tool to solve problems in new ways. The key is focus—what problem are you addressing, and how are you improving on existing solutions?"
Max Rimpel, do you see a saturation of AI startups?
"We’re witnessing an explosion of new startups, and the key question remains: Are they truly unique? Are they solving problems that haven’t been tackled before?
"I believe the most groundbreaking AI developments are yet to come. The most exciting innovations are still on the horizon."
Watch the full exchange in the video above.
