PropTech: Company Presentation by Andrea Piccioni, Co-Founder Immobiliare.it and president Real Web SA at the NOAH Conference 2018 in London, Old Billingsgate 30-31 October 2018.

1. From Founder to CEO…Or not.
30 October 2018
Silvio Pagliani – Immobiliare.it

2. Three Conferences, One Mission: Empower the European Digital Ecosystem
To provide a physical marketplace
that facilitates funding of
digital European companies
at all stages
Mission Mission Mission
To promote Israel - European
relationships and enable funding
To bring together future-shaping
executives and investors active
across segments driven
by digital revolution
Connecting
Capital with
Entrepreneurs
Connecting European
Champions
and Challengers
Connecting Israel’s Startups
with Large Corporates
and Investors
30-31 October 2019
Old Billingsgate, London
13-14 June 2019
STATION Berlin
9-10 April 2019
Hangar 11, Tel Aviv

3. CO-FOUNDER
- LEADING ONLINE REAL ESTATE CLASSIFIED IN ITALY
- € 65 MIO REVENUES, € 33 MIO EBITDA
- 250 EMPLOYEES
- LEADING ONLINE REAL ESTATE CLASSIFIED IN
GREECE, LUXEMBOURG, LUXURY HOMES
- 100 EMPLOYEES

4. LOCAL SERVICES BOOKING (ITALY, FRANCE)
HAIR & BEAUTY BOOKING (ITALY, SPAIN, FRANCE, GREECE)
MEDICAL BOOKING (ITALY)
ONLINE INSURANCE BROKER, VACATION RENTALS (ITALY)

5. Immobiliare.itRevenues(€M)IN 13 YEARS, WE EXPERIENCED MANY DIFFERENT
PHASES, FROM THE IDEA TO COMPANY EXPANSION
0
10
20
30
40
50
60
70
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

6. LAUNCHING A STARTUP
IS NOT EASY.
IN THE FIRST 2-3 YEARS YOU NEED TO
ABLE TO DO MANY THINGS.
YOU OFTEN THINK YOU ARE THE ONLY
ONE THAT «REALLY UNDERSTANDS».

7. YOU ADMIRE SOME GREAT FOUNDERS THAT
LED THEIR COMPANY TO SUCCESS
Bill Gates Jeff Bezos Steve Jobs Elon Musk Mark Zuckerberg

8. …BUT THEY REPRESENT AN EXCEPTION
- 3 years after company foundation 50% of founders are not CEOs
Source: The Founder’s Dilemma. Noam Wasserman. Harvard Business Review
- At company IPO 75% of founders are not CEOs
- 4 years after company foundation 60% of founders are not CEOs

9. EVEN IF YOU HAVE BEEN ABLE TO
START UP A COMPANY.
IT DOES NOT MEAN YOU ARE THE BEST
PERSON TO MAKE IT SUCCESSFUL.

10. THERE ARE DIFFERENT WAYS TO DEFINE COMPANY PHASES
IDEA
PRODUCT
PROTOTPYE
FIRST
CUSTOMERS
GROWTH EXPANSION MATURITY
FFF &
ANGELS
SEED
CAPITAL
EARLY STAGE
VC
LATER STAGE
VC
PUBLIC MKT
PVT EQUITY
1-2
PEOPLE
5-10
PEOPLE
20-30
PEOPLE
50-100
PEOPLE
200-400
PEOPLE
500+
PEOPLE

11. EACH PHASE HAS ITS FOCUS AND TASKS
1-2
PEOPLE
5-10
PEOPLE
20-30
PEOPLE
50-100
PEOPLE
200-400
PEOPLE
500+
PEOPLE
IDEA
PRODUCT
PROTOTPYE
FIRST
CUSTOMERS
GROWTH EXPANSION MATURITY
• Design &
build
prototype
• Build initial
team
• Business
plan
• Attract
funding
• Industrialize
production
• Organization
(HR, MKTG,
Tech, Admin)
• Business
plan
• Attract
funding
• Build first
products
• Develop
team
• Business
plan
• Attract
funding
• Add other
products
and features
• Organization
& talent
search
• Company
plan & goals
• Evaluate
M&A
• Anticipate
customer
needs
• Organization
& talent
management
• Corporate
plan & goals
• Evaluate
M&A

12. REACHING 20-30 PEOPLE AND FIRST CUSTOMERS CHANGE
EVERYTHING. FOUNDERS NEED TO BECOME CEOS...
IDEA
PRODUCT
PROTOTPYE
FIRST
CUSTOMERS
GROWTH EXPANSION MATURITY
1-2
PEOPLE
5-10
PEOPLE
20-30
PEOPLE
50-100
PEOPLE
200-400
PEOPLE
500+
PEOPLE
FOUNDER
•Vision (a need to fulfill)
•Build a team
•Do things
FOUNDER / CEO
•Vision (to fulfill a need)
•Manage a company
•Delegate (make others to things)

13. …OR NOT. FOUNDERS AND CEOS HAVE DIFFERENT TASKS
1-2
PEOPLE
5-10
PEOPLE
20-30
PEOPLE
50-100
PEOPLE
200-400
PEOPLE
500+
PEOPLE
FOUNDER
CEO
IDEA
PRODUCT
PROTOTPYE
FIRST
CUSTOMERS
GROWTH EXPANSION MATURITY
•Design & build
prototype
•Build initial team
•Business plan
•Attract funding
•Vision (to fulfill
a need)
•Industrialize
production
• Build first
products
• Develop team
• Business plan
• Attract funding
• Vision (to fulfill
a need)
•Anticipate
customer
needs
•Vision (to fulfill
a need)
•Add other
products and
features
•Organization &
talent search
•Company plan
& goals
•Evaluate M&A
•Set up
organization
(HR, MKTG,
Tech, Admin)
•Company plan
& goals
•Attract funding
•Organization &
talent
management
•Corporate plan
& goals
•Evaluate M&A

14. FOR FOUNDERS,
LEAVING THE CEO ROLE
IS MOSTLY ABOUT
LOSING CONTROL

15. …LOSING CONTROL OVER THE COMPANY IS THE TRADE
OFF THEY FACE, ASPIRING TO BE EITHER «RICH OR KINGS»
Source: The Founder’s Dilemma. Noam Wasserman. Harvard Business Review

16. THE SUCCESS OF THE COMPANY IS THE
GOAL OF ALL FOUNDERS.
AS A FOUNDER ASK YOURSELF IF YOU
ARE THE BEST PERSON TO LEAD THE
COMPANY TO SUCCESS.

17. THANK YOU

18. Selected Completed NOAH Transactions
Focus on Leading European Internet companies
Covering over 400 companies across 25 online
verticals, a broad range of over 500 investors
as well as 100+ online-focused corporates
Deep understanding of industry dynamics
Ability to add value beyond banking advice
Facilitates overall process and minimizes
management distraction
NOAH Advisors is globally well connected
and has direct access to virtually all key
players in the industry
Knowledge of and strong relationships with
potential buyers’ key decision makers
Proactively finds and unlocks attractive
investment opportunities for leading investors
Annual NOAH Conference in its 8th year
Over 40 years of combined relevant M&A
experience
Routine execution of M&A and financing
transactions with sizes of several billion euros
25+ successfully completed NOAH Advisors
transactions underline successful transfer of
M&A competencies to the Internet sector
Entrepreneurial mind-set, focused on growing the
business and establishing a reputation for excellence
Ability to deliver top results in short time frames
Highly success-based compensation structures
align interests of clients and NOAH Advisors, and
demonstrate conviction to deliver top results
Creative deal solutions
December 2014
October 2014 May 2014
Sale of 100% of
for $800m to
Exclusive Financial Advisor to
Fotolia and the Selling Shareholders
Sale of 100% of
for €80m to
Exclusive Financial Advisor to
Trovit and its Shareholders
sold 100% of
for $228m to a joint venture between
Exclusive Financial Advisor to Yad2
and its Shareholders
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET
CORPORATE FINANCE BOUTIQUE
July 2018
December 2016
October 2016
®
Marco Rodzynek
Managing Director & Founder
Jan Brandes
Managing Director
The NOAH Advisors Core Banking Team
Nikhil Parmar
Director
Investment in
Exclusive Financial Advisor to KäuferPortal
and its Shareholders
by
84% Ownership
Exclusive Financial Advisor to
PromoFarma and its shareholders
Financial Advisor to Silver Lake
Investment in
by
September 2018
August 2017
Financial Advisor to 10bis
and its shareholders
Financial Advisor to EMK Capital
Acquisition of a Majority Stake in
by
at a valuation of $200m
Olek Skwarczek
Analyst
Lukas Schlund
Analyst
Sale of 100% in
to
Sale of 100% in
for €135m to
10Bis