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Gili Raanan

๐Ÿ‘ค Speaker
278 total appearances

Appearances Over Time

Podcast Appearances

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

One of the first technologies we thought to develop the company around was a challenge response system that would distinguish between a human and a bot and a machine. Years after, I realized that the name for that technology is Captcha. So we had the luck to invent Captcha and build the first working prototype of Captcha. I hired two 16-year-old kids. At that point, we were not well-funded enough.

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

One of the first technologies we thought to develop the company around was a challenge response system that would distinguish between a human and a bot and a machine. Years after, I realized that the name for that technology is Captcha. So we had the luck to invent Captcha and build the first working prototype of Captcha. I hired two 16-year-old kids. At that point, we were not well-funded enough.

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

I hired two 16-year-old kids. Later, you know, Ohad Pressman, who was the CTO of Chegg, and Eyal Naval, who later became the CTO of Hippo Insurance. Two very successful companies and two very smart individuals. But their first real project in the commercial world was to build the first sculpture. So we built the first sculpture. And we tried as hard as we can.

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

I hired two 16-year-old kids. Later, you know, Ohad Pressman, who was the CTO of Chegg, and Eyal Naval, who later became the CTO of Hippo Insurance. Two very successful companies and two very smart individuals. But their first real project in the commercial world was to build the first sculpture. So we built the first sculpture. And we tried as hard as we can.

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

And we couldn't find a business model for the technology. And that taught me a lesson. And we had to pivot into something else. And luckily, we pivoted into the web application firewall space. We were the first team to build a web application firewall. That was the path that company, Perfecto Technology, that later renamed into Sanctum, managed to build itself.

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

And we couldn't find a business model for the technology. And that taught me a lesson. And we had to pivot into something else. And luckily, we pivoted into the web application firewall space. We were the first team to build a web application firewall. That was the path that company, Perfecto Technology, that later renamed into Sanctum, managed to build itself.

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

That company later merged with Watchfire and got acquired by IBM. But that lesson of capture, that you can invent and build a very impactful technology, almost every person on the planet uses, and still you're unable to find a business model for the technology. That lesson convinced me that I was completely wrong about the way I approach my startup.

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

That company later merged with Watchfire and got acquired by IBM. But that lesson of capture, that you can invent and build a very impactful technology, almost every person on the planet uses, and still you're unable to find a business model for the technology. That lesson convinced me that I was completely wrong about the way I approach my startup.

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

Starting with the technology and then search who has a problem that that technology solves. The process should be reversed, completely reversed. We should first look at what are the important pain points in a market, find the customers, find who's willing to spend money on solving that problem, and then go and build a solution that mere mortals can use.

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

Starting with the technology and then search who has a problem that that technology solves. The process should be reversed, completely reversed. We should first look at what are the important pain points in a market, find the customers, find who's willing to spend money on solving that problem, and then go and build a solution that mere mortals can use.

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

And that shift in order, as simple as it sounds, I think that's what made CyberStarts as successful as it is, and that's what helped all those amazing founders really feel the full potential of their talents. We continue to evolve the Sunrise methodology because it's not just around product market fit.

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

And that shift in order, as simple as it sounds, I think that's what made CyberStarts as successful as it is, and that's what helped all those amazing founders really feel the full potential of their talents. We continue to evolve the Sunrise methodology because it's not just around product market fit.

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

It's actually a program that takes an entrepreneur from day one, from inception, through the first three or four years of running their business. But the early days of the sunrise is all around focusing on finding the most important pain point in the market.

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

It's actually a program that takes an entrepreneur from day one, from inception, through the first three or four years of running their business. But the early days of the sunrise is all around focusing on finding the most important pain point in the market.

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

And you do that by going out and speaking with large organizations, making sure you understand their priorities, what gives them the most, and only then

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

And you do that by going out and speaking with large organizations, making sure you understand their priorities, what gives them the most, and only then

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

So keep in mind that our company is B2B SaaS. So all of them sell to large organizations. So obviously large organizations are the customers and they are who you like to ask the questions. And the best person to ask is the chief information security officer that oversees the security operation for that business. The idea behind Sunrise process is that you're going to chase pain and identify pain.

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

So keep in mind that our company is B2B SaaS. So all of them sell to large organizations. So obviously large organizations are the customers and they are who you like to ask the questions. And the best person to ask is the chief information security officer that oversees the security operation for that business. The idea behind Sunrise process is that you're going to chase pain and identify pain.

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

That requires a lot of smartness. Because if you're going to ask, go out and ask the chief information security officer, this week, what's your biggest pain? You'll get one answer. You ask the same person the same question in a week, you get a different answer. And then another week, you'll get another answer. And they're not smart. Playing games, they are just being human.

Invest Like the Best with Patrick O'Shaughnessy
Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]

That requires a lot of smartness. Because if you're going to ask, go out and ask the chief information security officer, this week, what's your biggest pain? You'll get one answer. You ask the same person the same question in a week, you get a different answer. And then another week, you'll get another answer. And they're not smart. Playing games, they are just being human.