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| Corzine tells Israeli start-ups to delay IPO hopes | Published by: Globes
www.globes.co.il
Shmulik Shelah
22/07/2008
| The New Jersey Governor met VC and high-tech executives in Jerusalem.
"Don’t expect to be able to make investments liquid in the next two years. The primary market will take two years to recover, and in the meantime there's a window to invest heavily in R&D and infrastructures to be ready when the market recovers," New Jersey Governor John Corzine told a group of Israeli high-tech executives and venture capitalists in Jerusalem yesterday. He is trying to persuade them to set up shop in his state. He is the latest US governor to come to Israel for this purpose.
Corzine is a guest of the Ministry of Foreign Affairs. He met Canaan Partners venture partner Izhar Shai, Platinum Neurone Ventures managing partner Dr. Shuki Gleitman, Elron Electronic Industries Ltd. (Nasdaq: ELRN; TASE: ELRN) chairman Doron Birger, and LiveU Ltd. CEO Shmuel Wasserman. Video-over-WiMAX start-up LiveU already has an office in New Jersey.
Before entering politics in 1999, Corzine was chairman and CEO of Goldman Sachs Group Inc. (NYSE: GS). Before becoming governor in 2006, he served in the US Senate. He is a Democrat.
It is hard to know what New Jersey can offer an Israeli company. When Birger asked him what tax incentives the state government could offer, Corzine gave a politician's answer, "We'll work with the companies to find the incentives relevant for them." Birger is seeking a possible location in the US for Elron medical devices portfolio company Medingo Ltd.
Corzine cited New Jersey's proximity to New York, Newark International Airport, and the pharmaceutical companies based in the state as some of its advantages. Both Pfizer Inc. (NYSE: PFE; LSE: PFZ), and Schering-Plough Corporation (NYSE: SGP) are headquartered in the state. Corzine noted that, despite the proximity to Wall Street, New Jersey has little venture capital activity.
The state is involved in venture capital through Edison Venture Fund, which has $300 million under management and invests in New Jersey companies. The state government also has a pension fund.
Wasserman was a beneficiary of the meeting. Corzine was excited by the company's technology, and invited Wasserman to a meeting in Trenton.
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