Waze president and founder Uri Levine spoke publicly for the first time on Wednesday since selling his company to Google on June 11.
"On the one hand, it's an amazing feeling to have sold the company. On the other hand, they've taken my baby," Levine told an audience of students and would-be entrepreneurs at the Israeli entrepreneurship conference on Wednesday. The conference was sponsored by the Technion's Bronica Entrepreneurship Center and the Biztec Entrepreneurship Challenge.
Speaking of the high price paid for Waze, Levine said, "Someone who currently uses Google Maps will drive an hour and ten minuted from LAX airport to the city. With the new Google, he will travel 23 minutes."
Levine also revealed how the founders acquired their first investors.
"We did some intelligence work and found out where they live. Before the meeting, we put all their houses on the Waze map."
"At the start of the meeting, one of the investors asked, 'are you trying to tell me that I will find my house on your map-'
'Of course,' I said. 'Where do you live-' His house popped up on the map. His eyes widened and I could see dollar signs in them," Levine said to laughter from his audience.
Levine said that Waze's potential is enormous. "There are over a billion vehicles in the world," he said, "We have 150,000 new people join every day. There is still a lot of room for us to grow."
"In my opinion," Levine said, "we will always [keep the company] in Israel."
Does he have a tip for would-be entrepreneurs?
"It's a roller coaster ride. If you don't like roller coasters, then don't launch a start-up. Anyone who doesn't have a vision in the first year won't succeed." he said.