Gili Raanan

speaker

558 appearances 2 recordings 2 series first heard Mar 2025 last heard 28 Mar

Gili Raanan’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Mar 2026 with 1.

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The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch · 20VC: The Venture Model is Broken | You Need to be Greedy and Selfish to Win Early Stage Investing | Why Margins Do Not Matter for Early-Stage Startups | The Growth Rate that is Required in a World of AI with Gili Raanan, Founder @ Cyberstarts · 28 Mar 2026 podcast

It takes longer time.

With the current market, you typically grant employees stock for four, maybe five years.

Yes, you can do some new refill and new allocation, but typically those are fractions of the original allocation.

Because the company is bigger, there are more employees, it's in a different stage.

So you get to situations where your best employees, your most important employees, your best engineers, your best product managers...

your best salespeople are already fully vested.

Structurally, you are unable to allocate them equally large or equally tempting grants.

You actually force them out of the company because for those employees, assuming they were not born super wealthy, that equity, they are lucky enough, they are happy enough to be part of a company that is doing extremely well.

They are fully vested.

Now most of the wealth comes

of their family is actually attached to that one company.

So it's actually very, very logical for them to consider diversification exactly as we diversify our portfolio by going and joining another team and hoping to build a diversified portfolio.

Now, the antidote for that market built-in weakness is the secondary.

That's the reason, by the way, that at CyberStarts, we created a vehicle.

We call it employee liquidity fund, which is focused not on one-off type of secondary deals, but creating a program, a recurring program with a portfolio company where we provide

liquidity to their employees every year.

And what we do is that we underwrite a tender offer every year, so the employee of that company know that they are getting liquidity, the very same type of liquidity they would get in a public market, they would get it in a private company, and that would help our portfolio companies retain talent.

I'm happy to let others participate with me.

I do not object that.

We just announced that we've done our first type of secondary program with Sayera.

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