2.0 July 2019

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EASY WAYS TO SAVE MORE MONEY // WHY YOU REALLY NEED LIFE INSURANCE

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JEWISH WOMEN ENTREPRENEUR CONFERENCE HIGHLIGHTS

LISTEN IN:

Tech Expert Hillel Fuld Talks Marketing With the Founder of Outgage

INSIDER INFO FOR ALL ENTREPRENEURS (Aspiring Included!)

Does Halachah Consider a Drone Reliable?

BLAZING A TECH TRAIL MOSHE NEUMAN’S

journey from real estate mogul to self-taught start-up expert

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2.0 WINTER 2018

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Index

July 2019

ONE STEP CLOSER

S

omething that stands out to me after speaking to (and editing articles about) many entrepreneurs is that starting your own company begins with just a single, small step. It may sound obvious, but the intimidation factor and the way we build up ideas in our heads are enough to turn anyone away from going for that dream.

I had the privilege of attending the Jewish Woman Entrepreneur (JWE) conference this

year in New York City. There were panelists who have million-dollar companies and offices across the globe — and they started it all from their dining room tables. It can feel discouraging when you only look at where they are now; it’s easy to think, “Oh, I’ll never get there.” But if those women acted on that thought, they never would’ve known the greatness they could have achieved. It’s actually a concept I’ve been thinking about a lot in my own life — I’ve been living in Russia for nearly a year, and when I got here, I knew maybe three words in the language. Now, I find myself stringing together sentences and actually understanding conversations and responding back. I still have a long way to go, but looking at how far I’ve come, and how it happened so slowly, through each individual Russian lesson, I see that you really can accomplish anything if you work at it consistently. Those little moments add up. It’s what we’re taught as Jews, too, no? Each Rosh Hashanah when we want to make a

Starting a Business What you need to know before you launch your own

On Watch Can a drone be a reliable witness when it comes to checking an eiruv?

Ask a Venture Capitalist Dos and Don’ts for start-ups from someone who’s met with hundreds of VCs

On the Town Feel like you’re at the Jewish Woman Entrepreneur

change, we’re told to focus on the one or two small things we know we’ll be able to stick

conference with highlights

to, versus taking on more than we can handle and not succeeding. And it’s through those

from the event

tiny changes that we ultimately become the people we want to be. This special section of 2.0 is jam-packed with others further spreading that message

Unstoppable

and helping you achieve your goals. Our cover story on Moshe Neuman, reveals that he

Entrepreneur and start-up

didn’t know a thing about technology before launching his first start-up. He just started

consultant Moshe Neuman

and learned along the way, meeting and speaking with anyone he could. Now, people turn

shares his inspiring journey

to him for advice. Business consultant Jacob Engel details small but important ideas you should keep in mind when attempting to launch your own company. Each one will make you a better leader. Investor Jordan Odinsky snowballs off of that — breaking down key dos and don’ts entrepreneurs should understand as they move through this new, unchartered territory — some of which might be the difference between closing a deal or not. So if you’re thinking about making a change but don’t know where to start, just try one thing, a single step that would help you move toward it. Maybe it’s shooting off an e-mail to ask for an informational interview, sending in an application to that job, or pitching an idea. A year from now (or maybe even sooner), you’ll be so grateful you did it today.

Inside the Industry What we learned at the JCON Real Estate Summit

You’ve Got Mail Hillel Fuld sits down with the founder of Outgage, a service specializing in direct mailers

A Good Read Alex Abel, Editor-in-Chief

Rabbi Dovid Bashevkin recaps two books that could

P.S. We love to hear your feedback! E-mail me any time to share at alex@20magazine.com.

change the way you invest

Managing Director, 2.0: Asher Weinberger | Editor in Chief, 2.0: Alex Abel Chief of Staff, US Office: Michal Frischman | Production Manager: Esti Vago | Production Assistant: Hadas Stern Graphics: Rivky Zimmerman, Devorah Cohen | Copy Editors: Chaya Baila Lieber, Shainy Borenstein, Malka Winner | Proofreaders: Shana Halpert, Chaya Leeder E-MAIL: EDITORIAL@20MAGAZINE.COM • ADVERTISE@20MAGAZINE.COM Cover photo: Avi Gass M I S H PAC H A

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2.0

BECOMING AN ENTREPRENEUR What You Need to Know By Jacob M. Engel

WHAT DOES IT REALLY TAKE TO BECOME AN ENTREPRENEUR? When I was writing my book, The

training. Today, people look at the

your own employees, you need to

Prosperous Leader, which focuses

entrepreneurial world as glamorous.

constantly be focused on your actions,

on how to take charge and grow

They assume that being your own

as a way of teaching your employees

your business, I had an amazing

boss is the dream and, once achieved,

through example.

encounter with a famous author,

everything will be smooth sailing.

Michael E. Gerber, who wrote The

But it’s certainly not that easy.

For example, if you want your employees to be more

E-Myth: Why Most Small Businesses

So should you take the leap into

Don’t Work and What to Do About It.

business ownership? Before you do,

communication style is conducive

During our conversation, we

communicative, make sure your

make sure the following ideas and

to motivating your team. Be a great

talked about my father, a Holocaust

practices are in the forefront of your

listener, and your team will follow in

survivor, who built his own business

mind and ready to be put into place.

your footsteps.

1. PERSONAL GROWTH

2. EFFECTIVE LEADERSHIP

In his bestselling book, The 7 Habits

Peter Drucker, a well-known

connections, or even knowing the

of Highly Effective People, Dr. Stephen

management consultant who is

language. He grew that business

Covey points out that many people

also renowned as the grandfather

from a small storefront in Brooklyn

live their lives by what he calls an

of modern-day leadership,

to a huge facility in New Jersey with

“outside in” versus “inside out”

explained the difference between

multiple warehouses and eventually

mentality. This means that we try

being effective and being efficient:

earned millions.

to appear successful on the outside

“Efficiency is doing things right;

without giving much attention to

effectiveness is doing the right

about what I had seen in him

what’s going on internally. We often

things.” Referring back to our first

firsthand — how a determined

finger-point and blame others, such

point, this means that entrepreneurs

entrepreneur can start a business

as employees, schools, and even

can’t just be focused on perfection

from the ground up, and what really

society. While all of those factors

in their own worlds, they also need

goes into making it succeed. That

can, of course, contribute toward our

to pay attention to how their vision

became the background for The

stress, we often can’t change them.

is influencing others. Good leaders

Prosperous Leader.

The only thing we truly can change is

need to be open, honest, and want to

what’s going on inside ourselves and

build the leaders around them.

called Gel Spice Company in 1955, after having gone through the war and being left without money,

Gerber encouraged me to write

Now I have a business of my own called Yeda LLC. In addition to “Yeda” meaning knowledge in

our businesses. Often when you start your own

My mentor Roy Cammarano, author of Entrepreneurial Transitions:

Hebrew, it’s also the acronym for my

business, you are everything. Since

From Entrepreneurial Genius to

father’s Hebrew name — Yissochar

you don’t have other employees,

Visionary Leader, studied why some

Dov Engel. Stated simply, my goal is

there’s no one else to blame for any

entrepreneurs can build their

to help business owners succeed.

mistakes. Therefore, you can be

organizations very successfully while

reflective and willing to actively work

others hit plateaus and then crash.

I evaluate their strengths and abilities, and provide leadership

to change what’s not functioning

coaching, mentoring, and

well. Later on, once you do have

He discusses three levels of entrepreneurship, the most effective

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The Prosperous Leader by Jacob Engel (Morgan James Publishing, August 2014)

RECOMMENDED READING LIST

Engel’s father, along with an original flyer from his spice company being “visionary leadership,”

want them to be successful? Do you

which involves leading with good

encourage them to collaborate with

communication.

each other or do they have to ask

Communication can be explained

business culture such that people

Cs. The first C’s are conflict and

are rewarded for cooperating for the

competition, which Roy says

benefit of the clients? Putting all of

contribute to a predictable failure.

these components in place will help

Do you and your team talk openly,

you achieve a healthy, positive work

or is it about blaming others and not

environment — which, in turn,

working together? In his experience,

will undoubtedly be obvious in the

these companies will naturally have

product or service itself.

a greater chance of failure.

3. WANTING TO MAKE A DIFFERENCE

The second Cs are compliance and ingredients of success. Create clear rules and regulations about what employees may do and which decisions are in their power to make. Have weekly meetings in which everyone is updated as to what is happening in the company, so that

Simon Sinek, in his book Start with Why, explains that the best entrepreneurs are the ones that don’t just get up and do, but those who know why they are doing it. “What good is it having a belly if there’s no fire in it? Wake up, drink your passion, light a match, and get every company knows what they do,

isn’t wasted. I’ve been to companies

and most know how they do it, but

where team members aren’t being

very few know why they do it. starting my business, and by feeling

projects, or tasks are falling through

empowered to help others succeed,

the cracks — simply because of a

I continue to work hard every day to

lack of proper communication.

make it happen. As Simon Sinek says, people don’t

and cooperation, which will ideally

do business with you because of

take you to the next step, prosperity.

what you do, but rather because of

Do your employees believe that you

why you do it.

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Six Thinking Hats by Edward De Bono Man’s Search for Meaning by Viktor Frankl The 7 Habits of Highly Effective People by Stephen Covey Authentic Happiness by Martin Seligman Mindset by Carol Dweck

How to Win Friends and Influence People by Dale Carnegie Driven by Distraction by Edward Hallowell The Resilience Factor by Andre Shatte Starting with Why by Simon Sinek The E-Myth by Michael Gerber Entrepreneurial Transitions by Roy Cammarano

I asked that question myself when

and are therefore duplicating

The final two Cs are collaboration

Please Understand Me by David Keirsey

to work,” he says. He explains that

everyone feels involved and work

updated on the others’ activities,

The Effective Executive by Peter Drucker

you about every little detail? Is the

further by subdividing into six

communication, which are essential

Another common denominator between great entrepreneurs are that they actively pursue new and better methods of doing business. When you don’t know something, instead of getting frustrated, you can learn how to be better at it. When you’re an entrepreneur, you constantly need to be learning. For almost any issue you’re facing, there will be a book about it. Here is my recommended reading list for every entrepreneur.

Jacob M. Engel is the founder and CEO of Yeda LLC. He is the author of The Prosperous Leader: How Smart People Achieve Success (www.theprosperousleader. com). He can be reached at 845-357-5000 or by e-mail at jme@yedallc.com (www.yedallc.com).

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7/9/19 10:15 PM


2.0

HALACHAH

RABBI EFREM GOLDBERG

CAN A DRONE BE USED TO CHECK AN EIRUV? Checking a community eiruv is time-consuming, complicated, and frequently dangerous — due to the need to climb tall ladders and occasionally stop traffic, among other situations. Using a small commercial drone, an unmanned aircraft system equipped with a high-resolution camera, the eiruv checker could remotely inspect complicated spaces up close with precision, convenience, and most importantly, with complete safety. But would it be halachically permissible?

THE HALACHIC VALIDITY OF THE EIRUV REQUIRES KNOWLEDGE, NOT TESTIMONY KNOWLEDGE OR WITNESSING? Each week we rely on chazakah, the assumption of status quo, when we carry during Shabbos, based on the confidence that the eiruv was kosher when Shabbos began and nothing changed. How are we able to attain this knowledge? Some areas of halachah demand witnesses who watch

FIRST, WHAT IS AN EIRUV?

an event or occurrence. For example, for a couple to be

Among the creative1 labors prohibited on Shabbos by the

married, witnesses must directly observe the transmission

Torah is carrying between a reshus hayachid, an enclosed

of the ring from the groom to the bride. For a couple to get

space, and a reshus harabim, a public, unenclosed area.

divorced, witnesses must watch the transfer of the get. The

Additionally, carrying over a distance of four amos

question of whether something observed via a camera is

(approximately 6 feet or 1.8 m) is forbidden inside a reshus

considered “witnessing” is debated among poskim, and due

harabim. Carrying within a reshus hayachid is permissible.

to the lack of consensus, it has not been put into practice.5

2

An area is defined as a reshus hayachid if it is an enclosed

Other areas of halachah require knowledge, not

space. It can be closed off with walls, fences, doors,

witnessing. For example, for milk to be kosher, an observant

buildings, hills, or canal banks. Two polls with a lintel that

Jew must see the milking to confirm that the milk comes

passes over them constitute a tzuras hapesach, a doorway.

from a kosher animal (Shulchan Aruch Yoreh Dei’ah 115:1).

A “wall” can be formed by successive “doorways.” Most

Rav Moshe Feinstein ruled that this requirement is met in

community eiruvin rely, at least in part, on electric polls

America by the government supervision of dairies (Igros

with wires passing over them.4 There are many intricate and

Moshe YD 1:47-49). His argument is that to avoid the

complicated laws governing eiruvin, and one should only rely

prohibition of chalav akum, we need knowledge of the origin

on an eiruv designed and supervised by a qualified expert.

of the milk. Strict U.S. regulations and enforcement provide

3

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us with that knowledge, which is at least as good as seeing the milking ourselves.

STATUS OF A DRONE CAMERA Does the status of an eiruv require witnesses or knowledge? In this regard, the eiruv is similar to tzitzis, sefer Torah, tefillin, or mezuzah. To be kosher, they don’t need witnesses examining them; a qualified person confirming that the original kosher status remains intact would suffice. If they need to be fixed or corrected, a qualified person could do so without needing anyone to watch or testify to that effect. Thus the halachic validity of the eiruv requires knowledge, not testimony. Such confirmation is possible through visuals provided by a high-resolution drone camera. Indeed, one can argue that for eiruvin that include spaces that are difficult or dangerous to access, use of a drone is not only permissible but preferable, as it can provide a closer, more accurate picture. Using a drone can give the checker better, more precise knowledge that the kashrus of the eiruv is met.

[1] Rav Zalman Nechemia Goldberg explains that when you bring something to a new place, it is as if you created it anew in that place. Since it has a new purpose in its new makom, it is as if you created it and you have done a creative labor. [2] In addition to boundaries to define the reshus hayachid, an eiruv chatzeiros must be created. It consists of jointly owned food by those who reside inside the eiruv, binding them together as one. [3] How much of the eiruv can be created out of doorways and how much must be constructed of real walls is beyond the scope of this article. [4] To qualify as a doorway, the lintel must pass directly over the posts and cannot be connected on the side. [5] See Rabbi Chaim Jachter’s “Use of a Video Teleconference for a Get Procedure,” Journal of Halachah and Contemporary Society, Vol. XXVIII. Rabbi Efrem Goldberg is the senior rabbi of the Boca Raton Synagogue, a rapidly growing shul of over 850 families in Boca Raton, Florida. You can read and listen to more of his divrei Torah at www. rabbiefremgoldberg.org.

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2.0

INSURANCE BFG By Shoshanna Segal Sponsored Content

WHY YOU NEED TO BE PROTECTED For some, buying insurance may seem like a luxury they can’t afford or don’t want to think about. But Ben Glancz, a financial representative at BFG, is explaining why it’s actually a necessity.

Ben Glancz

When you’re working and have

says. “But $500,000 isn’t close to

is wrong and could cost you so much

a guaranteed income every year,

enough.”

more in the long run.

you can focus on saving for big life events like education or marrying off children. If something happens, however, where the person bringing in money or the majority of the money for the family can’t support his or her loved ones any longer,

THE RISK FACTOR As a person moves through life, he increases his risk, Glancz says. And with that change comes the need to take measures to ensure those things are taken care of. “When you get married, you take on a risk; when

whether it’s due to disability or a

you have kids and buy a house, you

tragic death, the family’s going to be

take on more,” he explains. “Most of

stuck — and without a way out.

the time, the risk is manageable; up

“A person cannot put enough

to a certain extent, you’re in control,

money away to fund an event like

but becoming disabled is beyond that

that,” Glancz says. “The only way to

control. The only way to deal with

be covered or replace a loss like that

this is to delegate that risk to an

is with insurance.”

insurance company. They’re the ones

He explains that the Jewish community is unfortunately way

who can afford to carry it for you.” You may be thinking you just don’t

underinsured. “When someone dies,

have the money to cover the cost of

there is often a GoFundMe page

insurance contributions right now.

trying to raise money to help,” he

But Glancz says that line of thinking

“Insurance is not that expensive for the benefit you’re getting,” he says. “When you pay the premium, you can sleep better at night. You’re not just depositing money, you’re depositing security, knowing every day that no matter what happens, your family will be taken care of.”

Ben Glancz is a licensed financial representative with Guardian who specializes in life, health, and longterm insurance. He can be reached at 718.840.3940. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. Brooklyn Financial, which is the doing business as (DBA) name of Guardian Distributors, LLC, is an Agency of The Guardian Life Insurance Company of America® (Guardian), New York, NY.

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2.0

ASK A VENTURE CAPITALIST Investor | GROUND UP VENTURES By Jordan Odinsky

START-UP SECRETS INSIDER TIPS FOR EVERY ENTREPRENEUR Taking a leap of faith and starting your own business is never an easy feat. You’ll face new challenges and be put through the emotional wringer of the start-up rollercoaster. But hopefully, as time goes on and you begin to see success, you’ll look back, humbled at how far the journey has taken you personally and professionally. In the meantime, to make things a bit easier, I’ve compiled a list of tools, gleaned from my experience working with hundreds of founders, to help you make it through.

DO

often jump right into assembling a slide deck. I’d suggest that you start by writing 20 headlines that sum up your start-up, and only then build the slides. This is more like writing a 30-second commercial about your start-up. Why

1) FIND A SUPPORT SYSTEM. Building a start-up is often a

is 20 percent of your equity worth $3 million–$5 million?

lonely endeavor. Friends and family may not be able to

The answer, and that script, should be the backbone of

support you in the way you need, as they might not have

your pitch. If Hollywood can tease a two-hour film in 30

experienced the start-up rollercoaster themselves. That’s

seconds, you can tease a 45-minute meeting.”

why it’s crucial to prioritize your health and mental wellbeing and find a support system of fellow entrepreneurs who have previously walked in your shoes.

2) MAKE IT, DON’T FAKE IT. Before going out to raise capital, build as much of the business as you can. VCs invest in people, and they want to see that you won’t let anything get in the way of making your dreams come true — even a lack of money.

4) SHOW, THEN TELL. If you’ve built an amazing product, show it off, and let it speak for itself. When investors and customers get to experience a product or service, they’re more likely to identify with it and provide better feedback.

5) STRIKE WHILE THE IRON IS HOT. Just met a potential customer or investor? Be sure to follow up immediately. Following up is one of the most crucial, yet overlooked, aspects in networking. It’s a common misconception to

3) CRAFT A COMPELLING STORY. When creating a pitch

believe that the hard work is done after one in-person

deck, craft it as a story. As Eric Paley, managing partner

meeting or phone call. Effective follow-up can be the

at Founder Collective (a venture capital fund) recently

difference between closing the deal or not, so be sure to

tweeted, “When getting ready to pitch VCs, founders

keep on top of this.

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DON’T 1) TAKE “NO” PERSONALLY. If an investor “passes” on the opportunity to invest in your company, don’t take it personally. Every year, VCs see hundreds, if not thousands, of investment opportunities. Of those, investors typically only invest in the top 1 percent based on criteria such as geography, sector/vertical,

3) LOSE FOCUS. As your business matures, you’ll discover many use cases and avenues of growth for your company. Many entrepreneurs decide to take on more than they can handle — especially in the beginning — and end up losing focus on what they set out to accomplish in the first place. Whenever a growth opportunity arises, think long and hard if it gets you closer to your vision. If yes, prioritize and execute. If not, it’s better to place it on the back burner.

stage, valuation, or their level of

4) TAKE EMPLOYEES FOR GRANTED.

passion about the solution. It often

Having a positive culture among your

takes a handful of “no’s” to get to a

employees is difficult to foster. At

“yes.” Don’t get discouraged. Keep

any given time, you will be juggling

your focus, and you’ll be thankful

dozens of projects, initiatives, and

you did.

problems. It’s easy to let the culture and morale of your employees fall

2) REQUIRE AN NDA. As a general rule

to the bottom of the list, but it’s

of thumb, you should not ask a VC

important to make them a top

to sign a non-disclosure agreement

priority. The happier they are, the

(NDA) before an in-person meeting

better results they will have at work.

or before sharing materials. As Guy Kawasaki, a notable VC in Silicon Valley, writes on his blog, “At any given moment, VCs are looking at three or four similar

5) RISK EVERYTHING FOR NOTHING. It’s no secret that most start-ups fail. If you are self-funding your company and not seeing results, it might be hard to cut the cord and close the

deals. They’re not about to create

company. Giving up dreams is never

legal issues because they sign an

easy. Be honest with yourself about

NDA and then fund another, similar

your business and where it’s headed

company — thereby making the

if you find yourself investing more

paranoid entrepreneur believe the

of your own capital in the business

venture capitalist stole his idea.”

without seeing meaningful results.

Jordan Odinsky is an investor at Ground Up Ventures, an early-stage venture capital firm based in the United States and Israel, founded in 2018 by Cory Moelis and David Stark. It is a generalist fund that invests in pre-seed and seed-stage companies. Ground Up Ventures has invested in eight companies to date across the insurance, retail, financial, real estate, and enterprise verticals.

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On the Town

2.0

JWE 2019 By Lauren Seidman

ON THE TOWN THE JEWISH WOMAN ENTREPRENEUR CONFERENCE 2019

for e-mail notifications on other upcoming follow-up events and to sign up for one-on-one mentorship opportunities. Check out some highlights here.

PANEL #1: START, SCALE, EXIT: WHEN & HOW Speakers: Bari Erber, Bari Lynn; Tamar Rosenthal, Dapple Baby; Saki Dodelson, Achieve 3000; Aviva Weiss, Fun and Function In the first group, “Start // Scale //

This year’s theme was “Embrace

Exit — When & How,” the panelists

the Journey.” Panel topics included

discussed how they started their

information on scaling your

businesses, as well as the successes and

company, finding your niche,

challenges they met along the way.

staying true to yourself while growing, and so much more.

THE JWE CONFERENCE TEAM

W

STAY TRUE TO YOURSELF “We had a meeting a few years ago on Yom Kippur that I obviously

Chaya Appel-Fishman, founder of

wasn’t going to attend; and it cost us

the JWE and a lawyer at Miles and

a lot of money.... I was upset at the

Stockbridge P.C., is a woman who has

time, but I said, ‘This is my stance.

entrepreneurial spirit in her blood.

I can’t do it.’ Literally the next day,

She launched the organization during

their competitor picked up the same

her first year of law school in 2011,

products and the purchase order was

while pregnant with her first son.

double .... You have to stay true to

Entrepreneur and 2.0 writer

yourself [and think about] what is

Abbey Wolin led the planning team,

going to work for you.”

working with Fishman. They created

– Bari Erber, Bari Lynn

the comprehensive program over the course of eight months. This

BE PERSISTENT

omen from across the

year’s speakers featured those in

“I called Diapers.com and got in

country — and even

companies doing more than $20

touch with the appropriate buyer by

some from around the

million of sales, those popular in the

continuously pressing zero until I

world — gathered in Williamsburg,

Instagram sphere, and those in their

could speak to the person who actually

Brooklyn, on a Tuesday morning

early stages, too.

bought diapers... She said, ‘Okay Tamar, I’ll give you a shot.’”

in mid-May at the Jewish Woman

If you couldn’t make the

Entrepreneur (JWE) conference to

event, there are still a ton of

network with other like-minded

ways to get involved. Appel-

professionals who might just help

Fishman urges those interested

BE PATIENT

them take their dream business to

to subscribe on the JWE website

“We saw sales immediately. Before

the next level.

(thejewishwomanentrepreneur.com)

we even went live, someone found

–Tamar Rosenthal, Dapple Baby

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COMMUNICATED

the website and placed an order, and we said, ‘We’re sorry, we don’t have any product to deliver, can you come back in a month?’.... Orders kept growing [but] it took about seven to eight years before we were cash-flow positive.” –Aviva Weiss, Fun & Function

KEYNOTE SPEAKER: Life as a JWE: The Balance, the Struggle, the Reward “To be a JWE is to be judged — for the way you connect to Hashem, for the way you raise your children, for the way you conduct your business — everyone will have suggestions and advice to make you feel like you can’t measure up. There is no right way to be a woman, nor a right way to be an entrepreneur. It’s up to the way you define [success] for yourself.” –Chagit Leviev, Leviev Group

PANEL #2: EXPANDING YOUR BUSINESS OUTSIDE THE COMMUNITY Speakers: Chaya Krinsky, TOV Furniture; Talia Mashiach, Eved; Dini Klein, Prep and Rally; Marcy Tbiele, Jus by Julie In the second panel of the day, panelists shared how they’ve succeeded in business in the non-Orthodox world, all while staying true to who they are as halachically observant Jews.

BE CONFIDENT “We had just started doing business in Saudi Arabia. A group of Saudi Arabian men walked in [to check out our products] and [asked] me, ‘Are you Jewish?’... I said, ‘Yes, yes, I am.’ They asked, ‘Well, have you ever been to Israel?’ And I said, ‘My dad is Israeli.’ I was smiling, confident, and my shoulders were raised. By the end of that meeting, they ordered seven containers. You have to be confident and proud of who you are. The role you play as a frum woman is so special and unique in whatever space you’re in.” –Chaya Krinsky, TOV Furniture

EVERYONE STRUGGLES “I feel like I have so much I can share now.... When running your own business, it’s easy to think, ‘I’m the only one doing this, no one else has these struggles,’ but everyone is going through such similar things with minor differences.” –Dini Klein, Prep and Rally 14 Tammuz 5779 | July 17, 2019

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Ai-Powered Brokerage Keyo, Unveils Program to Soften Blow of New NYC Rental Laws on Landlords On June 14, 2019 New York State passed the Housing Stability and Tenant Protection Act of 2019 affecting over 1 million rent stabilized apartments in NYC. While the new laws offer myriad benefits to renters, many property owners have taken significant financial loss on their real estate investments. As landlords are forced to slash rents to below market rates, turning a profit on once lucrative investments has become especially challenging. To help provide more upside for NYC landlords, Ai-powered brokerage Keyo (keyo.com) has announced “Keyo Improve.” Keyo Improve offers landlords up to $5,000 toward building improvements when Keyo is used as the exclusive rental broker for a particular building. “This is the first of its kind in residential brokerage,” says Kiran Bellubbi, CEO of Keyo. “keyo has grown to over 4000 apartments in its network in NYC and has already given $10,000s to help landlords improve their buildings.” The process is simple. Landlords sign up a multifamily building with at least one vacancy at try.keyo.com/improve and get an approval notice within 24 hours. After Keyo places its first qualified tenant into a vacant apartment, the landlord will receive up to $5,000 toward building improvements. Launched May 2018, Keyo leverages Ai and automation to place quality, financially stable tenants in less time than a broker. Their mobile app allows tenants to pay rent directly to landlords in as little as 2 days. For the tenants, Keyo has partnered with the major credit bureaus to boost their credit score with every on time payment. “Our platform is growing over 30% m/m with hundreds of apartment viewings a day - We’ve had as many showings in Q2 as we did in all of 2018. The vacancy rate which we track as a function of days on market is already half the industry standard and continues to drop thanks to our software. Should be an exciting summer.” says Bellubbi. Keyo is headquartered in Palo Alto, CA steps from Stanford’s campus with a satellite office in Manhattan. The company is venture-backed by Twitter founder Evan Williams’ Obvious Ventures, Bill Gates, Mark Zuckerberg, Jeff Bezos, Eric Schmidt and Mike Bloomberg through Village Global, former Twitter CEO Dick Costolo and Bebo founder Michael Birch.

To apply for Keyo Improve visit try.keyo.com/improve. M I S H PAC H A

7/9/19 11:37 PM


2.0

PROFILE

MOSHE NEUMAN

Serial Entrepreneur & Technology Consultant By Alex Abel

FROM WILLIAMSBURG TO THE WORLD OF HIGH TECH:

MEET MOSHE NEUMAN

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Blazing a career path in an industry you know nothing about, with little training, is a thought that keeps tons of people from taking such a leap — all the more so if you don’t see yourself reflected among the people in the room. For Moshe Neuman, a chassidish Jew from Williamsburg, life as an entrepreneur in the tech and venture capital sphere meant standing out in a crowd known for hoodies and jeans, yet having the confidence to dive right in. When he started, he knew

Neuman’s new app, Valued. Check it out at joinvalued.com

N

euman, 45, grew up in Williamsburg with five siblings. After yeshivah and two years of learning in kollel, he began his career in real estate, buying and flipping houses for 20 years. But despite the many years he had

done it, he hadn’t enjoyed it. “The passion wasn’t there,” he says. “I’m more of a creative person.” So, without any sort of background, he jumped into the technology sphere. “I just learned by doing,” he explains. The first company he started was called Circlezon, which was supposed to be a “better LinkedIn.” He raised a million dollars after a year and worked there for three years, where he headed a team of 20 people between the United States and India. But when that venture ran its course and he couldn’t raise more money, he decided he wanted to help other entrepreneurs with business development — advising and investing until he settled on

nothing and no one, but he

a new project.

was passionate about the

events, networking, and making a name for himself in

industry and knew that

the industry. He used those great connective skills to

his excitement would be

to fundraise and get the mentorship and resources they

the very thing to carry him through. Luckily, his career has taken off tenfold.

He became a consultant, attending thousands of

make connections for other companies, allowing them needed. Meanwhile, he invested in companies he thought looked promising. Now, in the last five years alone, he’s been involved with more than 20 companies and has helped them raise tens of millions of dollars. One of his first investments is now a nearly billiondollar company called Socure, which focuses on fraud M I S H PAC H A

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2.0

PROFILE

MOSHE NEUMAN

identification. He expects it’ll IPO (be offered on the

to go into real estate. I stayed there for a while, until

stock market) in the next two years or so. “Fraud is a big

the crash in 2008. It was then that I got the push I

problem with people going online more,” he says. “Banks

needed to really go for what I wanted — moving into the

use Socure to make sure that the person is really who he

entrepreneurial sphere. The Tosher Rebbe even gave me a

says he is when opening an account, for example. They’re

blessing to do so before he passed away.

one of the leaders in that space, and now they’re starting to expand to new products, like healthcare. I knew the CEO, and I bet on him more than the product. People are the most important thing.” Now, in addition to all his consulting and investing, he’s working on his own start-up again — the place he really wants to be — called Valued, a company aiming to enable everyone to invest in real estate with the click of a button. “I want to help people grow wealth,” he says. “Everyone wants to invest, but it’s complicated, so we’ll educate people. We’ll combine everything on one app, similar to Acorns [an app that invests your spare change], but with a real estate focus. I’m taking my skills and knowledge from all those years of real estate and technology and bringing them together.” It’s clear Neuman will not be stopped. And as a Jew who

SO MANY PEOPLE HAVE A FEAR OF DIVING INTO SOMETHING NEW. HOW DID YOU KNOW HOW TO GET STARTED? I really learned just by doing. If I didn’t know something, I worked to meet the people who did, and I talked to them as much as I could. I didn’t know a lot about technical things when I started Circlezon, so I found tech people to teach me and help. It’s also important to remember that when starting a business, no one does it right the first time. Even the founders of Facebook and Twitter — they all had other projects first. Success is a journey. You learn what not to do again.

WHAT ADVICE WOULD YOU GIVE OTHERS WHO ARE STARTING OUT? I would tell people to talk about their initiatives as much

looks visibly religious when he’s in meetings where he

as possible. The problem I see when people pitch ideas is

could be the only Jew in the room, Neuman has worked

they’re afraid to talk about them. And when they do, they

hard to build up his reputation and credibility in a way

ask people to sign an NDA. If people stop to copy an idea,

that he hopes makes a kiddush Hashem. When he’s not

it’s a good sign. Don’t focus on the NDA; don’t be afraid to

working, he spends time with his wife and ten children

talk about it. Also, you need to do a lot of research to know

in Williamsburg, his home base, and takes his Yiddishkeit

who your competition is.

even more seriously than his business. We sat down with this serial entrepreneur to get more

Then, once you’ve started a company, you have to iterate often. I’m reading Lean Startup right now, by Eric

details about how he got to where he is today, what it’s

Ries, and I’m a big fan of the book. He explains that

like working in a predominantly secular world, what he’s

building and testing is such a crucial part of the process.

got planned for his next big thing, and what he does to

Instead of spending a million dollars on something you

keep Yiddishkeit a central focus of his life.

think people are going to like, involve people early on.

LET’S START AT THE BEGINNING. WHERE DID YOU GROW UP, AND DID YOU EVER SHOW SIGNS OF WANTING TO BE AN ENTREPRENEUR EARLY ON? I learned at the Tosh yeshivah in Montreal under the Tosher

Then, if people don’t like it, you still have the resources to make changes. I’ve probably iterated my new company, Valued, ten times in the last six months based on information I got early on from users.

very into learning and actually wasn’t even thinking about

WHAT ARE THE TOP THINGS YOU LOOK FOR WHEN DECIDING WHETHER OR NOT TO INVEST IN A START-UP?

business at the time. My parents and grandparents were

There are five things and the first three are people, people,

in the textile industry in the late ’90s, so I started working

people. If I can’t trust someone, nothing else matters. It’s

there. But after two or three years, I didn’t see a future.

a feeling, but I also do my research and talk to others who

Rebbe, Rabbi Meshulam Feish Segal-Lowy ztz”l. I was

I was really drawn to things that were more entrepreneurial and creative, so that’s when I decided

have worked with them, to make sure they have integrity. Company culture is everything.

M I S H PAC H A

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2.0

PROFILE

MOSHE NEUMAN

I LIVE WITH EMUNAH THAT IT’S ALL FROM HASHEM. I GO INTO MEETINGS, AND I VERY CLEARLY KNOW HASHEM IS THE BOSS IN THIS MEETING

The next thing is market size. I want to see a company that could one day grow into a billion-dollar, or several-hundred-million-dollar corporation. Finally, you need a good product. You have to tell me what problem it’s going to solve. It can’t be another Uber or Facebook; you have to show me the value you’re bringing to the world and have passion for it. If you’re doing it for the right reasons, you’re going to overcome all the challenges and get things done.

LET’S TALK MORE ABOUT VALUED. WHERE DID THE IDEA COME FROM TO MOVE BACK INTO THE REAL ESTATE SPACE?

anyone who participated in the deal was required to be an

About five years ago, due to new regulations, you could

accredited investor and purchase a minimum of 10,000

start investing in start-ups with a smaller amount of

tokens. The exchange was said to be the beginnings of the

money. I wanted to be a part of that, so I thought about

blueprint for future real estate tokenization — one that

how I could bring together real estate — something I knew

provides global exposure, transparency, public access, and

about from my 20 years in the industry — with technology,

liquidity.]

and I decided to focus on FinTech, or the financial technology industry. The entry point for Valued is enabling everyone to invest in real estate with any amount of money and then possibly even turning it into a digital bank down the road. The goal is to have it be the next generation of real estate investing

WHAT OTHER INDUSTRIES DO YOU THINK WILL BE DISRUPTED? One is banks; I think technology is really going to disrupt the industry in a way that’s similar to how Amazon is affecting retail now. The other is the healthcare industry. I think there will

and the easiest way to go about doing it.

be fewer people in hospitals because of technology that

WHERE ELSE DO YOU SEE THE REAL ESTATE INDUSTRY GOING?

enables people to stay at home and have a doctor monitor

I think real estate is going to continue to be digitized, which will be revolutionizing — people will be tokenizing

them from there. There are so many companies watching that space; it just takes a lot longer to monetize.

it. This means that anyone who has a building can create

WHAT IS IT LIKE BEING FROM A HEIMISH COMMUNITY AND WORKING IN THE SECULAR WORLD LIKE THIS?

coins and digitize the building — selling coins to people

When I go to events, I’m usually the only heimish person

and receiving liquid assets in return, if they need money.

in the room, but I haven’t experienced any discrimination.

This is still in the very early stages.

A lot of people, especially from India or China, really

There was one project that the St. Regis did that really showed how big the opportunity is. [NOTE: The project was at the St. Regis Aspen Resort. The company raised

respect Jews, actually. That being said, when I was just starting out, I definitely had to work on my confidence. When you’re older, you see the world differently. [As

$18 million at the end of 2018 via the sale of tokens

Jews], we are the chosen ones, and I’m so proud of that.

on Indiegogo. Each “Aspen coin” was sold for $1 and

Maybe there are people who don’t want to work with me

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because of my Judaism, but on the other hand, there are a

on investors. So she reaches out to thousands of investors

lot of people who do want to work with me because of it.

a month to do lead generation and continue building

I live with emunah that it’s all from Hashem. I go into meetings, and I very clearly know that Hashem is the Boss

relationships. She also sends monthly reports about companies to investors who are already involved.

in this meeting. I just focus on doing the right thing and

In terms of my time commitment to each start-up,

let Hashem take care of the rest. I’m proud of who I am.

I have different arrangements with every company. I

HAS ANYTHING SURPRISED YOU ABOUT THE TECH WORLD? I was surprised to see how small it is and how nice everyone is. The community really wants to give back, because they remember where they came from. They want to engage and help others now in the same position.

usually give each one between five and twenty hours a month, and with my daughter, it’s manageable. Now, I’m being pickier about the companies I choose because I’m more focused on Valued, but at the same time, if I see a good opportunity, I will take it on.

for good ideas because you can get the best returns. There

TECHNOLOGY AND SMARTPHONES CAN BE A CONTROVERSIAL TOPIC IN THE OBSERVANT WORLD. WHERE DO YOU SEE THINGS GOING AS THE WORLD ADVANCES?

are ideas changing the world like blockchain and artificial

This is a very complicated topic. The smartphone is a

intelligence. The money is here.

problem, the rabbanim are completely right — the yetzer

Also, there’s really a ton of money out there in the tech world. People are investing more and more in technology

LOOKING BACK ON YOUR CAREER THUS FAR, WHAT THINGS WOULD YOU DO DIFFERENTLY? I would surround myself with really smart, good people,

hara can really get people here. There’s no question about it. However, if you really need to have a smartphone you should use an appropriate filter. I know someone who is working on a “smart filter,” one

and delegate more. Back then I was spending a lot of time

that doesn’t slow down the whole system, but knows you

doing things by myself; I wasn’t so good at hiring in the

and what websites you need to access.

beginning. But you need to delegate the things you’re not

While it would be ideal to get rid of smartphones

good at and have people around who challenge you. If your

altogether, I see the younger generation and where they’re

partners always agree with you, then there’s a problem.

headed and think an effective way to combat the issues

I also learned from experience to test things out first before building a product. You have to talk to a lot of

that smartphones create is through Torah. If you fill up your head with Torah, then people will be less

people, watch how they use your product, and be honest

interested in other things. The Satmar community is doing a

with yourself about it to be able to improve it. There are

great job with this, they’re focused on creating a lot of good

no shortcuts. You have to do it the right way.

shiurim for people to come hear. It’s all about the Torah.

LET’S FOCUS ON THE COMMUNITY SIDE OF THINGS — YOU’VE MENTIONED THAT IT’S NOT SO COMMON IN WILLIAMSBURG TO CHOOSE A CAREER PATH IN HIGH TECH. HAVE YOU EVER EXPERIENCED ANY PROBLEMS BECAUSE OF IT?

ENTREPRENEURS ARE KNOWN TO WORK AROUND THE CLOCK. IT’S HARD TO TURN THINGS OFF WHEN YOU WORK FOR YOURSELF. HOW DO YOU MAINTAIN THAT WORK-LIFE BALANCE WHEN THERE’S LESS STRUCTURE?

No, I haven’t, but honestly I don’t talk about it at home

During the week, because of what I do, actually, I can take

so much. When I’m there, I’m focused on other things —

off anytime I want. If I need to have a day off or work

either at shul, learning, or it’s Shabbos.

from home, I can do that. So I see my family a lot. On

One of my daughters is interested in the field though,

Fridays, I don’t start any new work after chatzos. That’s

and she actually works with me. She just got married and

a red line for me. The only thing I’ll do is plan out my

works as a teacher in the middle of the day and with me in

schedule for the next week, if it’s a long Friday.

the morning and after school. She’s really become a great

On Shabbos, I don’t talk about business and try to not

asset. When I take on a start-up as a consulting project,

even think about it. On Shabbos, we always talk about

one of the big things they’re looking for is help bringing

spiritual things. I love telling stories about tzaddikim,

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M I S H PAC H A

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2.0

PROFILE

MOSHE NEUMAN

AT 4:30 A.M. I WOKE UP AND SAW THE REBBE, AND HE SAID TO ME, “COME, WE’RE WAITING FOR YOU”

Rebbe as well. He passed away a few years ago, and that

those whose yahrtzeits were the past week, and speaking

them resolved, two of my kids got engaged within a week

about the parshah. Most of the time I have guests —

of going there. Whenever I have something to ask for or

frequently from Israel. They come to Williamsburg, often

pray for, I go and put in a note.

to raise money for their weddings, and need Shabbos

was really difficult for me; he was vital in my life. I was so spoiled with him. Whatever he told me, I never questioned it. He was just at that level, he was angel-like. Now, once or twice a month, when I need a boost, I go to the kever of Chaim Zanvil Abramowitz ztz”l, the Ribnitzer Rebbe, in Monsey. I call it the Meron of America. There are people there 24 hours a day. People see open miracles there — people going through court cases see

I feel like he’s really guiding me and holding my hand.

meals. We always have extra food, so they can always

I used to go a lot on Friday mornings at 5 a.m. It’s great

come and don’t even need to ask beforehand. I like to try

because there’s no traffic. So I would drive there from

and help them as much as I can; it’s hard to be out there

Brooklyn and go back, and I’m not an early-morning

raising money for your own wedding.

person as an entrepreneur.

YOU MENTIONED THE SATMAR COMMUNITY BEFORE. THERE’S AMAZING PHILANTHROPY THERE. WHERE DOES THAT STRONG SENSE OF GENEROSITY AND RESPONSIBILITY TOWARD THE PUBLIC COME FROM? The first Satmar Rebbe, Rabbi Yoel Teitelbaum ztz”l, taught us to be very generous with tzedakah and giving. The Satmar community really is unparalleled with that. The

I’m very connected to the Ribnitzer Rebbe. One week I wanted to go but didn’t set my alarm. At 4:30 a.m., I woke up and saw the Rebbe, and he said to me, “Come, we’re waiting for you.” I fell back asleep and ten minutes later, it happened again. Then I fell asleep, and 15 minutes later it happened again. So I went. I’m very connected to him.

away hundreds of millions in charity, and so many people

HOW DO YOU BALANCE WORK WITH LEARNING AND JEWISH LIFE?

didn’t even know.

I learn every morning and take my time in shul. Also, when

Tosher Rebbe taught us about it as well. He was giving

That’s become so important to me. If someone comes to

it’s Yom Tov, I learn a lot more because I don’t work during

you asking for help, it’s his neshamah talking to you, the

Chol Hamoed. Even if a good opportunity comes up, I tell

Tosher Rebbe would say — you can’t say no. The Rebbe

them they have to wait until after Yom Tov, which can be

taught us that when you give tzedakah, you’re really

eight days. That’s a lot. I’m also writing a sefer on emunah.

giving to yourself, because you get even more out of it than you’re giving.

WOW, WHEN DO YOU HAVE TIME TO DO THAT?

WHO ELSE HAD A BIG IMPACT ON YOUR JEWISH JOURNEY?

I’m basically working to combine things from every

When I grew up, I went to the Spinka cheder run by Rav

parshah based on all the chassidish seforim and stories,

Hershele Spinka ztz”l. I remember going to his tish every

everything about emunah. It’s very interesting, especially

Friday night. I never missed one. I used to go to his

throughout the generations, you see so many challenges.

Shalosh Seudos as well. He would cry and share the most

I make time. Sometimes it’s busier, sometimes lighter.

But I’ve learned if you live a life of emunah, you’re a

powerful stories. It was so emotional; the stories he told

better person and just so much happier. Emunah is the

are still with me today.

answer for everything, it’s the most important thing. It’s

Now, I go to the Krula shul, which is run by the

not easy to do what I do, but if you incorporate emunah,

youngest son of Rav Hershele. I’m very close with him and

it’s life changing. I do my hishtadlus, and then only if

ask him for advice. I used to be very close with the Tosher

Hashem wants, I’ll be successful.

M I S H PAC H A

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2.0

INVESTMENTS BFG By Shoshanna Segal Sponsored Content

CHOOSING A FINANCIAL ADVISER Every day, different financial schemes pop up in which individuals’ hard-earned money vanishes at the hands of some so-called guru or expert. “Secured” and “guaranteed” are words that get used frequently, with little underlying understanding of their definitions.

Chesky Deutsch excuses for not being regulated; they want to avoid the hassle. When someone gives advice — on anything of importance — ask yourself: Who do they answer to? And what do they have to lose? Again, this is not to say that every

We live in a time in which everything

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law, insurance, financials — gets

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thrown around freely. The value of

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receiving advice from someone who

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behavior and prudent advice —

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definitely not the most exciting aspect

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a lot of effort beyond licensing.

The most important reason to only

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advice, being licensed surely doesn’t

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expert. Financial adviser licensing

quick to offer advice yet are reluctant

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other degrees; it can be done within a

getting licensed — is accountability.

few months of part-time study.

Being monitored certainly comes with

Competent advisers spend an enormous amount of time honing 14 Tammuz 5779 | July 17, 2019

BFG V8.indd 21

its fair share of headaches. These annoyances often serve as people’s

Chesky Deutsch, ChFC, RICP, is a licensed financial adviser. He holds Series 7, Series 66, life, and health insurance licenses. In addition, he holds a financial consulting designation (ChFC) and a retirement planning designation (RICP) from the American College of Financial Services. He can be reached at 718.858.2233.

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M I S H PAC H A

7/10/19 1:01 AM


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INSIDE THE JCON REAL ESTATE SUMMIT By Michal Frischman

INSIDE THE JCON REAL ESTATE SUMMIT

keynote speech, and networking (with dinner, of course), and all of those objectives were accomplished beyond expectation. With the shape and feel of real estate changing in the wake of the NYC rent regulation law — which eliminated the ability for landlords to raise rent on NYC rent-controlled apartments, even if improvements are made on the unit — many attendees felt it was a particularly relevant time to band together with like-minded professionals and discuss the growing concern that NYC real estate is a declining market. David Greenfield’s seminar on NYC rent regulations addressed this issue, discussing the changing

For those looking for thought

we realized that we can do more

political landscape and the

leadership in their field, mentors

than just the printed word. Events

ramifications these changes will

and a solid support system are

like this allow us to include real-

continue to have.

essential. JCON, a Jewish conference

life experience in a practical way,

Ralph Herzka, in his keynote

network based in Brooklyn, is

expanding our reach from beyond

speech addressing the packed crowd,

doing just that — working to offer

just print. ”

noted that if people are concerned

a plethora of resources to Jewish

Shea Rubinstein, co-founder of

about closing opportunities, there

entrepreneurs. For their latest

JCON and executive vice president

are other options to diversify,

conference, they partnered up with

of JCC of Marine Park, had a pretty

including out-of-state options in

Mishpacha Media Group in order to

lofty set of goals for the night:

nearby locations like New Jersey,

best serve the needs of the klal.

“[We want] to empower individuals

Maryland, and Connecticut; and

who’ve entered the real estate

he urged people to learn about

fourth annual JCON Real Estate

space by creating informative and

emerging fields like opportunity

Summit, drawing a record crowd of

relevant seminars, and [to give them

zones. Herzka remarked “I’ve been

over 600 real estate professionals

opportunities for] meetings with

doing this for 35 years and I’m

from the Tristate area. In his

the most prominent leaders in the

amazed at how every day there

keynote speech introduction,

industry and their peers.” Rabbi

is another opportunity in real

Mishpacha’s CEO, Avi Lazar,

Yehoshua Werde, co-founder of

estate.” Rubinstein is in agreement

explained why the brand felt

JCON and director of Crown Heights

with that, reminding real estate

the need to get involved. “We

Young Entrepreneur agreed, adding:

professionals that the field is varied

have written extensively about

“My goal in this event and in all

and vast. “Building owners and

the growing struggle within our

events that we do, is to empower the

management are only a piece of the

community to financially support

next generation by exposing them to

industry. There’s also construction,

a family, in Mishpacha Magazine

a variety of industry professionals.”

development, and new construction

and 2.0 — our new business and

The event was split into three

rentals that aren’t affected by these

innovation magazine. However,

distinct sections — seminars, a

laws,” he says.

Last Tuesday, July 9th, was the

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HERE’S WHAT YOU MISSED:

QUOTES FROM INDUSTRY LEADERS AND PROFESSIONALS AT JCON + MISHPACHA’S FOURTH ANNUAL REAL ESTATE SUMMIT

Speed mentoring and networking crowd at the 2019 JCON + Mishpacha Real Estate Summit

ON MERIDIAN’S SUCCESS

EXPLAINING DEPRECIATION’S PROS & CONS

“I’m really proud of the people in the company.

“[Filing for] depreciation is a bonus you get for buying real

People are what make any major company.

estate. You get to take a portion of your investment property

We have a lot of great individuals and the way

and you can pull it out as an expense every year, as your

we motivate them is that we’re like a family. The company is 400 people today, so it’s getting harder, but… we deal with issues, and we respect each other. There’s a tremendous amount of respect from within the company for what we do, and it’s worked in many ways.”

income. You can’t do that with stock, and you can’t do that with most other investments. It’s a huge property tax advantage. The problem is, if you sell a property, whatever you’ve taken out as depreciation as a tax deduction, you now have to repay at a rate of 25 percent.”

——— Ralph Herzka

——— Michael S. Brady, Esq.

chairman and CEO of Meridian Capital Group, in his standing-room-only keynote speech

in his seminar Tax Strategies for Creating Real Estate Wealth

executive VP, Madison Commercial Real Estate,

DISCUSSING THE NEW RENT REGULATION LAWS “I actually think it’s going to get worse. This is the new normal, and I think that you need to educate yourselves. I’m telling this to you to understand, so that next time this happens you should not be surprised; you’ll realize where the trend is going.”

——— David Greenfield former city councilman, CEO and executive director of Met Council, in his seminar NYC Rent Regulation: All You Need to Know 14 Tammuz 5779 | July 17, 2019

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INSIDE THE JCON REAL ESTATE SUMMIT

MICHAL FRISCHMAN

ASKING FOR HELP

Avi Lazar, Mishpacha Magazine CEO, delivering the keynote introduction

“There are so many people in the frum community that have already reached success and want to be that uncle that helps you succeed. They were there for me when I was looking to start work, guiding me or introducing me to

FINDING YOUR TRIBE

other people that made my climb so much easier. It’s

WHY DISRUPTION IS GOOD

one thing starting at the

Find smart people

“Notwithstanding the draconian and misguided legislation

when you have a person

to help you in the

which was signed into law, any real estate professional,

who’s looking out for

industry. Surround

including tenants themselves, should realize that

you, it can help you jump

yourself with the right

disruption equals opportunity. Game changers usually

a bunch of rungs. In our

people, and work

mean there will be winners and losers. Recognize, as real

community there are so

harder than everyone

estate professionals and New Yorkers, we’ve weathered

many people who can and

else by triple.”

worse and we will prevail. Fairness and equality do not

will help.”

——— Meir Fried

require socialism. Democracy will prevail over time.”

——— Sruly Rosenbaum

“Do your research.

VP of J. Wasser Management, JCON speed mentor

——— David Schechtman senior executive managing director at Meridian Capital Group, seminar speaker: Listing Secrets

bottom of the ladder, but

regional business director, Madison Commercial Real Estate Services

ADVICE FOR NEW ENTREPRENEURS “I would tell young people to get themselves a connection with somebody who has a lot of experience. You can learn a lot. The older experienced people really enjoy giving advice. I had one of my clients interview me, and he said to me ‘I’d like to learn, not from my own mistakes, but from your clients’ mistakes.’ I know what mistakes my clients have made, and based on that, I can give good advice. That also goes with hard work, being honest, being organized, keeping appointments on time, and realizing that money doesn’t grow on trees. You won’t strike it rich the first week, or the first year. That kind of money is not going to last. Slowly save and grow, along with your age.”

Saul Friedman, delivering a seminar to a riveted crowd

——— Saul Friedman managing partner, Saul N. Friedman and Co., seminar speaker: Understanding Your Financials From a Bank’s Perspective

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David Greenfield sharing his perspective on the NYC rent regulations

Shea Rubinstein interviewing Ralph Herzka for the 2019 JCON + Mishpacha Real Estate Summit Keynote Speech

MANAGING YOUR EXPECTATIONS “The secret in real estate is to keep pushing through the hurdles. People want to go into the business and all of a sudden they see so many different hurdles that they have, and they give up before they even start. It’s easy to say and hard to do. It’s not a business that you’re going in, and expecting it to come easy to you. You have to know going in, that you’re going to have to fight for your life on a daily basis. And if you’re willing to do that, then this is the perfect business for you.”

——— Eli Karp founder and CEO of Hello Living, JCON speed mentor

Thank you to Mendel Rosenfeld Director of Swiss Events for the seamless production and coordination of the event.

14 Tammuz 5779 | July 17, 2019

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2.0

MEETING OF THE MINDS

HILLEL FULD

A conversation with the founder of Outgage By Shoshana Segal

MARKETING REVITALIZED HILLEL FULD CONSULTS WITH OUTGAGE

We connect their direct mailer efforts to the digital world, where their recipients go to a landing page, do some call to action, and get full visibility of the whole funnel, like they’re used to in other marketing channels.

HILLEL: So if that wasn’t clear, we have a serious marketer on our hands here. You’ve been working in marketing for a number of years, but the bottom line is that there’s nothing quite like getting something physically shipped to you from a company. Where is your business located right now?

MIKA: We’re growing. We’re split HILLEL: Let’s kick it off. Tell us who you are and what you do.

MIKA: I’m Mika. I’m the CEO of

When businesses are looking to promote their product, they often want to go the creative route and stand out from the competition, and at the same time, produce something that is true to their brand. Mika Kayt is the founder of Outgage, a B2B marketing company that works on direct-mailer campaigns for companies like Google and Zendesk. Outage launched five years ago and has developed through true iteration and innovation. Tech and start-up expert Hillel Fuld sat down with Kayt to consult on ways to take her business to the next level.

Outgage, which is a B2B marketing company. You could think of it as the Mailchimp for direct mailers. Marketing is the growth engine of all companies — they need to get to customers, but it’s really difficult to cut through the digital noise these days. We’re not opposed to digital marketing, but we do understand that there are more engaging ways, and they’re not necessarily online. Offline, there’s a whole world called “direct mailers.” Direct mailers could be flat, like postcards and flyers, or they could be dimensional. Dimensional mailers are more like gifts and packages that people really love to receive, especially if they don’t

between Israel and the United States. In the US, we’re near Denver, Colorado. That’s where our operations site is. Our research and development is in Be’er Sheva. All roads led to those places. I was in San Francisco until recently, for over five years. But now there’s a rush out of San Francisco.

HILLEL: Because of the prices? MIKA: Yes, it’s super expensive because of: A) rent and B) talent. It’s really hard to get good talent there with all the competition. And C) having an e-commerce part of our platform, we need extra money to maintain it, and sales tax-wise, California is the most expensive place. I work out of Be’er Sheva, our CTO is there, and it’s also great for us in terms of talent and all of

feel too bribey or cheap. We help

that, instead of Tel Aviv.

our customers get to their potential

HILLEL: Where in Be’er Sheva?

audience in a fun and engaging way

MIKA: We work in the industrial

through these mailers.

area right next to the university, so

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that’s great for us and for talent as

Then, we were like, “Okay, wait a

HILLEL: “I have my focus, and this

well. You knew us as Take & Make

minute. They want hundreds of gifts

is outside of my focus; I’m not

when we started. Take & Make got

right now, we’re selling one-offs.

going to do it,” even though this is

that name because we were in the

Maybe we should consider it.”

a relationship that could potentially

do-it-yourself crafts industry. We

HILLEL: Scale this thing.

lead to something massive. People

helped YouTubers, which was a

MIKA: Exactly. Anyway, we did this

might think “We love Google, but if

gift for them. And we actually said

I’m a start-up and looking for paying

HILLEL: Still is.

to them, “You know what? We’ll do

customers, then I’m not going to

MIKA: Yes, but it was just growing

this for you, but because of the way

engage with the Google campus. It’s

at that point.

our platform was built, you have to

not going to be paying me.”

huge thing back then, and still is.

We were going when the boom started. There were maybe five or ten super big influencers.

make an instructional video to go along with your gift.” They gave out Zen gardens that

I don’t know what your arrangement with them was, but in general, oftentimes start-ups

they had to be put together following

miss out on opportunities because

merchandise kits to go alongside their

an instructional video. After that,

they don’t play the long game. They

instructional videos, which is super

we shied away from the whole video

don’t realize that while this might

helpful in a few ways. It helped them

thing and got into corporate gifting.

not drive your revenue today, this

monetize in a way that didn’t sell out

I went from Los Angeles at that time

person might still be able to help.

their brand; it was just about their

to San Francisco. There, we started

It’s important not to miss out on

content. And also, it really engaged

working with all the cool companies

opportunities because there’s no

their users to do the craft along with

in the Valley for their corporate

short-term gain.

them because they had the exact

gifts. We were working with Google,

materials that they needed from that

Salesforce, and Twitter.

What we did was help them create

person in order to do it. It’s a super difficult industry, B2B2C.

HILLEL: B2B2C is the hardest. MIKA: Super hard because you have a few users to take into consideration. You need to build a brand, but you’re also wondering, what’s going to make this sell more? There are dozens of different factors, and you can’t always know what they are.

Hillel goes on to talk about branding yourself, how to take a small company, and get in touch with big giants without being afraid to expand.

HILLEL: Let’s talk about that for one second. You say that super casually like, “Oh, I started working with Google.” Every start-up dreams of working with Google and Salesforce. How did you manage that?

Mika goes on to discuss the power of memorable gifts and what makes her company stand out from the others.

MIKA: Here’s a question I always ask my marketers. What are gifts that you remember?

HILLEL: It’s things that I use and that are useful to me. Three weeks ago, I was scrolling through my Facebook feed, and I saw an ad for shoes. The ad popped out at me, and that’s in and of itself a little

MIKA: We worked with Google in

extraordinary because I don’t really

Israel first, and they introduced us

engage with ads, none of us do,

to the right people in the US office.

really. But it jumped out at me, and

That was our way in, initially.

I was like, “Those shoes look really

things, how about you do gifts for

HILLEL: That’s a very valuable

nice.”

our next event?”

lesson. People often say, “I have

Anyway, we were quick to shy away from it, but then one of our first investors, AOL, came up to us, and asked, “You guys do creative

So I looked up the company on

my,” let’s call it, “focus as a

Twitter. I sent them a tweet, and

with YouTubers and Etsy sellers

company,” right?

I was like, “You guys, your shoes

now, and this is our space.”

MIKA: Yes.

look really awesome.” They DM’ed

We thought, “No. We only work

14 Tammuz 5779 | July 17, 2019

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2.0

MEETING OF THE MINDS

me and said, “Give us your home address.” So I did and they sent me a pair of $200 custom-made shoes.

MIKA: Oh my G-d.

HILLEL FULD

He’s like, “Yes, I can send him a thank-you note but that’s obviously not very meaningful.” So he opened the guy’s

“I WILL NEVER BUY WINE FROM ANOTHER COMPANY TILL THE DAY I DIE”

to describe it — “thought leadership PR,” meaning you’re not writing about yourself, you’re writing about the industry. Again, when I think energy drink,

HILLEL: I was like, “Okay, guys. That

Twitter account, followed

was super awesome of you. How can

him, and learned that he

I help you?” They said, “Listen, if

was obsessed with a certain

you know other influencers, we’d

football player. He sent

love to share with them.” So I made

the guy a jersey with the player’s

introductions to like 15 different

signature, and the guy sent them back

that you wrote on Forbes about

influencers with, cumulatively,

a video saying, “I will never buy wine

trends and corporate gifting.

millions of followers. And they made

from another company until the day

MIKA: There is a lot of education

a pair of shoes for each one of them.

I die.” Because he spent a few extra

to be done still, because it’s a new

Each one then tweeted about the

minutes really personalizing that gift,

space for a lot of people.

shoes. Their servers basically exploded.

he created an immense amount of

HILLEL: A hundred percent. That

I’m wearing the shoes right now.

delight. That’s really what it’s about.

kind of PR, I call “subtlety” —

MIKA: They’re nice. It’s all about

That’s your business.

it’s basically the way I explain

delighting your customers. That’s

Mika now asks Hillel for some PR tips to

what we’re noticing. We can get

boost their company’s profile.

insights into the whole world of

I think Red Bull. When I think corporate gifting, I’m going to think about you because I read an article

the difference between sales and marketing; subtlety is a word that does not exist in Hebrew, by the

HILLEL: Okay, so let’s talk about

way — not a coincidence. Then,

next steps. Where are you going?

finally, the third type of PR is the

MIKA: We’ve been under the radar,

hardest kind but maybe the most

but now, we’re planning our rollout

effective — let’s call it “inbound

give people a super expensive gift.

to the world, both product-wise

PR.” When TechCrunch is writing

They don’t want to feel bribed,

and marketing-wise. I’d really love

a piece tomorrow about corporate

and we don’t want to give them a

to talk to you about PR.

gifting, they reach out to you and

really cheap gift either, because that

HILLEL: Let’s talk about it. One thing

quote you on it. When Bloomberg

impacts your brand. There’s also

most people don’t think about is

the uniqueness and the messaging

what the role of PR is. There are

around it. These are things that were

basically three types of PR. There’s

super helpful.

big PR news, “You raised $5 million

HILLEL: There’s a famous story

dollars, or you raised $10 million.”

about the first big sale of wine

Something that’s worth press but

comes in different phases?

that Gary Vaynerchuk made on his

it’s not the whole world. You reach

HILLEL: Not necessarily, they could

YouTube channel years and years ago.

out to TechCrunch, you give them an

be in parallel.

Somebody came in and ordered a lot

exclusive so that they have incentive

MIKA: Yes, but the inbound won’t

of wine. Gary was like, “Okay, now

to write about you. It’s a big story

come before the content, right?

this guy is an amazing customer

but not massive, that’s one.

gift giving, but we collect a lot of those insights, and that’s how we’re also helpful to our customers. We don’t want to necessarily

who I want to preserve, and I want

The second type of PR is, let’s call

is writing a piece about how HR departments are scaling, increasing sentiment and brand loyalty, they come to you.

MIKA: Are you saying each one

HILLEL: That’s not true. Wait, hold on, let’s not mix up the words “content

to build that relationship, but what

it — I hate this word because it’s a

marketing” and “PR.” I’m talking

can I do now?”

buzzword, but there’s no better way

about content like on your blog.

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The company blog, that’s not PR at all, that’s you writing about the industry, you interviewing people.

was supposed to get our package and it’s a timely thing.” “Hillel, this is Mika from

Once you do that at scale, let’s say

Outgage. Could I please interest you

for two years, you’ve been writing

in…” Then it would go down the

content every single day, and when

telemarketing route.

I Google corporate gifting, you’re

We wanted it to be a more natural

number one, two, four, and six on

flow for both sides, so we noticed

Google. When I go to YouTube and

that Airbnb was putting these codes

search for corporate gifting, you’re

into their promotions. We found out

all over the place.

that’s how they could measure how

When Bloomberg’s writing an

many people converted from the gift.

article, they’re going to be like,

HILLEL: Where’s the code, when they

“Okay, who am I going to pitch?

get the gift?

Who am I going to talk to?” They’ll

MIKA: They have a promotional code

know you’re the expert. It’s a long-

on the postcard. That was really

term process.

smart of them. That’s how we started

Finally, Hillel and Mika talk about

connecting with analytics, landing

staying up-to-date on the latest technology.

HILLEL: So you’re working at the intersection of sentiment, loyalty, gifting, and data. How do you measure your success?

MIKA: Until now, it was super hard to measure. We had to do everything manually, like sending out packages and then copying and pasting tracking numbers into FedEx to see if they arrived at each destination. It was so hard.

HILLEL: You end up dreaming about copy-paste.

MIKA: Exactly. It would be like, “Hillel didn’t get the package yet. Okay, it’s supposed to be arriving tomorrow. Okay, I’ll check in tomorrow. Okay, Hillel still didn’t get it.” Then I was at the mercy of the salespeople because I needed to go to them and ask, “Could you please follow up with Hillel? He 14 Tammuz 5779 | July 17, 2019

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pages, and getting people to actually convert from offline to online.

HILLEL: Love it. MIKA: This was a whole world that we decided to focus on.

HILLEL’S TAKE

“While advancements are being made in marketing technology and customer-engagement techniques, anyone who has ever received anything physical from a company he loves will tell you it is the most effective type of marketing. The problem is that physical mailers, or sending customers things by mail, requires what is basically a whole production line, which is, of course, something most companies don’t have the capacity for. Outgage simplifies that, basically enabling any company to bring delight back to its marketing. The team is strong, the investors are strong, and the market is hungry. I am a fan.” M I S H PAC H A

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2.0

Saving Smartly WELLS FARGO By Mike Stein

SAVING FOR RETIREMENT AND YOUR CHILD’S COLLEGE EDUCATION You want to retire comfortably when the time comes. But you also

you take advantage of tax-friendly

want to help your child pay for college. With the cost of college tuition

accounts like 529 savings plans. The

increasing and no guarantee that Social Security will be around at

key is starting as early as possible,

the time you retire, the amount of money you need to save may seem overwhelming. How do you balance both of those goals? By starting to plan now, you can strike a strategic balance between

says Kirk Pacatte, planning and life events specialist at Wells Fargo Advisors. “The earlier you get money in

saving for retirement and saving for college, says Will Larson,

there, the better the potential

retirement planning strategist for Wells Fargo Advisors. “A good way

for it to grow tax-deferred and

to help achieve both goals is to sit down with your financial advisor

compound,” he says. “That’s

as soon as possible and create an investment plan,” he says. Your

especially important when saving

financial advisor will talk to you about your goals, estimate how much

for education because you have a

money you need, and then put together a plan to get you on your way toward saving for both retirement and your child’s college education.

THESE STRATEGIES CAN BE A GOOD PLACE TO START:

shorter window to save than you do for retirement.”

TAKE ADVANTAGE OF CHANGES IN INCOME OR EXPENSES. If you get an unexpected inheritance, stash at least

PAY YOURSELF FIRST. Your

you can tap into your retirement

some of it in your savings. And if

top priority should be saving

plan to pay tuition — taxes and

you get a 2% raise, consider putting

for retirement, Larson says. He

penalties mean you’ll take a big hit.

1% toward college savings and 1%

recommends putting aside around

INVEST YOUR MONEY IN TAXADVANTAGED ACCOUNTS. Your

have to pay for day care or preschool

15% of your income every year. Don’t make the mistake of thinking

money will work harder for you if

those payments, but put them into

toward retirement. If you no longer for whatever reason, keep making

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Sponsored Content

your child’s college savings account

of the bill and let their children know

graduate from college in three years.

instead, Larson suggests.

they are expected to cover the rest.

“Being able to lop off a full year

SET CLEAR EXPECTATIONS WITH YOUR CHILD. Have a frank

LOOK FOR WAYS TO SAVE ON TUITION. Even if you have

conversation with your high-school-

significant savings for college, apply

before investing, whether

aged children about the level of

for scholarships and financial aid —

the investor’s or designated

financial support you can provide

you never know what you’ll get,

beneficiary’s home state offers any

for college, Pacatte suggests. Some

Pacatte says. You can also encourage

state tax or other state benefits, such

parents commit to paying the

your children to take Advanced

as financial aid, scholarship funds,

equivalent of the cost of in-state

Placement or college-level courses

and protection from creditors that

tuition for four years at a state

in high school. If they earn enough

are only available for investments in

school. Others agree to pay for half

college credit, they could potentially

said state’s 529 college savings plan.

of college funding makes a huge difference in cost,” Larson says. An investor should consider,

This article was written for Wells Fargo Advisors and provided courtesy of Mike Stein, managing director of investments in Memphis, Tennessee. Mike can also be reached via e-mail with any questions at michael.stein@wellsfargoadvisors.com. For a personal review of your portfolio, IRA, or 401k, a second opinion, or general information on investing, call Mike at 901-761-8151. 14 Tammuz 5779 | July 17, 2019

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BOOK REVIEW

RABBI DOVID BASHEVKIN

I READ IT FOR YOU: BENJAMIN GRAHAM When I was in fifth grade, we played the stock market game. Each team of students was allotted an amount of money (this was not real money, much to my chagrin), and we competed against other elementary school teams to see who could make the most money over the course of a year in the stock market. I still remember our strategy. We opened up the newspaper with the stock quotes — in those days stock quotes could only be found in the newspaper — and we looked for the stocks that had the highest price and the highest percentage change the day before. The most expensive stock we found listed

Warren Buffett, chairman and CEO of Berkshire Hathaway, has already become a legend even for those outside the world of finance. But he attributed his core investment strategy to a lesser-known figure, someone outside the investment world, a man named Ben Graham. Mr. Graham taught Mr. Buffett in Columbia University and wrote two foundational books, Security Analysis (first published in 1934), which he wrote with David Dodd, and The Intelligent Investor (first published in 1949), both of which have become the bedrock for an investment approach known as value investing. The most important character in The Intelligent Investor is Mr. Market. Graham introduces a critical analogy to investment strategy that

was Warren Buffett’s holding company, Berkshire

asks the reader to imagine a man showing up

Hathaway, then trading just north of $20,000 a share.

at his doorstep every morning. Known as Mr.

Unfortunately, we did not win the competition. Not

company. Each morning, Mr. Market knocks on

even close. The winner was always the team that had students whose fathers worked in finance and provided some “insider information” (i.e., guidance)

Market, this man urges him to buy shares of his the door and offers his stock at a different price. Sometimes it’s with excitement and enthusiasm, and sometimes Mr. Market seems depressed. The entire premise of The Intelligent Investor is

to their eager fifth-grade children. My team’s parents

learning how to ignore Mr. Market and focus

were doctors, and we would consistently land at

instead on the inherent value of the company. It’s simple advice, but not as easy to follow. In

the bottom. But I walked away from the competition

all aspects of our lives, it’s too easy to be convinced

with two lessons: I needed to find a better stock-

by Mr. Market. Consensus, group-think, passing

picking strategy, and I needed to find out more about

trends, and the like are difficult to ignore and

Berkshire Hathaway. As it turned out, both questions had the same answer.

sometimes even harder to identify when they’re the operating force in a decision. The suspicions with which Graham asks us to treat the wares of Mr.

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health may be hidden deep within their balance sheets. This book shows you where and how to look for such value. Instead of buying stocks from Mr. Market, Graham challenges his readers to buy from companies with intrinsic value that will provide longterm financial wealth. As his student Warren Buffett has said, “Our favorite market as they are in our personal

holding period is forever.” To be sure, fundamental analysis

and religious lives. Trends, however

is not the only way to assess value

exciting, do not yield long-term value.

or make money on the stock market.

So, how is true value found? For

Some technical traders prefer the

this you may need to read Graham

manic nature of Mr. Market, and

and Dodd’s more academic text,

rather than finding value in mispriced

Security Analysis. While it differs in

companies, they take advantage

some ways from his later work, The

of market momentum and price

Intelligent Investor, the book lays out

fluctuations. Others, such as Eugene

the principles for determining what

Fama, a notable American economist,

he calls the “intrinsic value” of a

have challenged the very foundations

company. This practice, known as

of fundamental analysis. According to

fundamental analysis, projects the

Fama’s theory, known as the efficient

fair value of a company based on the

market hypothesis, most stocks

discounted value of their cash flows.

already have their future growth

In layman’s terms, this refers to how

and potential prices in view, so

much money will be returned from

finding mispriced stocks is unlikely,

the ownership of this stock to the

bordering on impossible.

shareholders, factoring in the time

Regardless of the approach one

value of money (otherwise known as

takes in his or her financial life, there

discounting).

are certainly life lessons to be gleaned

Fundamental analysis, of course,

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from Graham’s works. Value can be

is part science, part art. The key

specious, but focusing on intrinsic

indicators for a company’s long-term

value can make life richer.

Contact: Yair Stern, PHR ystern@chemedhealth.org 973-800-4235

Rabbi Dovid Bashevkin, director of education for NCSY, teaches Jewish Public Policy at Yeshiva University’s Sy School of Business and is currently completing a dissertation in public policy at the New School, focused on crisis management. His book, Sin•a•gogue: Sin and Failure in Jewish Thought, was recently published by Academic Studies Press. He has been rejected from several prestigious fellowships and awards.

14 Tammuz 5779 | July 17, 2019

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