Entrepreneur 3

Name of Entrepreneur: Shai Agassi

Photo:

Category: Ecopreneur

Name and Brief Description of Business/Venture/Project: Better Place

Agassi set up Better Place with the aim of using new technology to make electric cars more
affordable and more convenient than gasoline-powered cars. Better Place operates networks of
stations where drivers can stop to exchange depleted batteries for new ones, or charge existing
batteries, thus helping increase the cars' range and feasibility as a driving option (Schmil &
Gabison, 2012). Moreover, Better Place, which focused on the consumer market, foundered
due to lack of public interest and an unattractive value proposition, but some of the technology it
developed, such as the regulation of battery charging, could be included in the offering of the
new company (Israeli News, 2018). However, his business had collapsed and started a new
company called Newrgy.

PEC or Entrep Mind Attributes Manifested:

PEC/EMA 1: Description and Quote

Taking calculated risks: When it comes to taking risks, there's something to be said for
trusting your gut. The risks do not disappear after your startup gets off the ground. Shai Agassi
is a risk-taker from day one. He went into the venture fully accepting this reality and constrained
his investment to a level he can afford to lose. He found ways to start small and did not quit his
job until he made significant progress that reduces the risk of failure. That was why he came
back after his first business came to an end and started a new which is the Newrgy.
"I get to shift multiple markets. I get to shift economies. It's extremely liberating. I breathe
differently."

PEC/EMA 2: Description and Quote

Goal setting: Shai Agassi is a misson with a mission- an ambitious one to wean the world off its
reliance on oil and convert everyone to electric vehicle drivers. As a result, Better Place was
designed to be revolutionary, the apex of the type of world-changing ambition that is frequently
lauded. He indicated that switching to electric vehicles was morally equal to ending human
slavery, and that it would usher in a new era. He argued that switching to electric vehicles was
morally akin to ending human slavery and would usher in a new Industrial Revolution. This was
science fiction, but Agassi presented it as fact, as if he had already founded his corporation by
declaring it.

"Sometimes, people have to remind you to aim high. Most of us are afraid of aiming high for fear
of failure, and our biggest failure is that we aim too low."

PEC/EMA 3: Description and Quote

Self-confidence: Slight and dark-haired with a penetrating gaze, Agassi possesses Jobs'
supreme charismatic self-confidence — "The internal combustion engine is dead" — and parries
every question with a ready set of facts and figures. He always gives enormous numbers and
giving larger-than-life predictions. He said that the company's value was projected to grow by
billions of dollars, with a 40-50% profit margin, and spoke of plans to deploy 70 battery
replacement stations in Israel, big dividends for investors, and so forth.

"…I know how to understand a technology problem, break it into its components and solve it. I
also knew I couldn't make peace solely through technological inventions."

How these PECs/EMAs contributed to Entrepreneur 3's entrepreneurial success:

Agassi is in a class of his own. He mesmerized the audience, depicting an idea that was simple
yet far-reaching and visionary. His concept blended security concerns (weaning the globe off
oil), Zionism (Israel leading the revolution), and environmental concerns into a for-profit
business model. An attractive young Israeli rising star who develops, innovates, and transforms
an idea into a product; a corporate CEO who leads, raises funds, and advocates for the electric
cars. The Better Place PR professionals carefully nurtured that image of Shai Agassi to promote
the company. Rather than staying within the constructs of this once-per-day charge paradigm,
Shai Agassi's approach no longer tries to solve the issue of the car's range within the vehicle
alone. Instead, he solves the problem through an infrastructure that surrounds cars. This
initiative lasted only two years, yet his determination and perseverance did not end and started
a new one.
References:

Israeli News (2018). Agassi Turns Environment Friendly Focus to Mass Transport. Retrieved
from https://www.haaretz.com/israel-news/business/agassi-turns-focus-to-mass-transport-
1.5254813

Schmil, D. & Gabison, Y. (2012). Better Place Founder and CEO Shai Agassi Ousted by Board.
Retrieved from https://www.haaretz.com/israel-news/business/better-place-founder-agassi-
ousted-by-board-1.5173784