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Milken Institute Israel Center Initiative at the Globes Israel Business Conference
December 9 - 10, 2012
Tel Aviv

The Milken Institute Israel Center is pleased to present a special track at the 2012 Globes Israel Business Conference.

Sunday, December 9, 07:30-08:45
Development Finance (Roundtable - Invitation Only)

The world's economic center of gravity is shifting from the developed to the developing world. Demographic trends and increased productivity add up to great potential for growth in emerging and frontier markets in Asia, Latin America, Africa and the former Soviet bloc. Significant capital is needed to support entrepreneurs, job formation, technology deployment, and new systems for delivery and expansion. This type of international development is facilitated in part by a network of multilateral development finance agencies. They can deploy a broad range of tools and programs, including wholesale and retail loans, equity support, insurance and guarantees. What are the most effective mechanisms to engage the public and private sectors in driving this growth story forward? This breakfast will bring together experts in development finance to discuss the most effective models for collaboration between governments, corporations and emerging market stakeholders to scale up economic growth.

Moderator:

Prof. Glenn Yago, Senior Director, Milken Institute

Speakers:

  • Noa Asher, Economic Counsel, Ministry of Industry Trade and Labor
  • Netanel Oded, Senior Economist, The National Economic Council, Prime Minister Office
  • Steven Puig, Vice President, Private Sector, Inter-American Development Bank
  • Bert van der Vaart, Founder and Executive Chairman, Small Enterprise Assistance Funds (SEAF)
  • Gaddy Weissman, Co-Founder, Dev Tech Hub

    Sunday, December 9, 11:30-12:45
    Impact Investing: Israel as a Launching Pad for Social Investment

    Why is impact investing a new and critical frontier for investors? This panel will be a lively discussion by financial, business and technology innovators in the impact investing sector. Impact investors believe that capital can be deployed in more effective and efficient ways to ensure lasting social, economic, and environmental impact. By aligning diverse interests through investment models and capital structures, a variety of emerging investment and business models enable investors, business, and social entrepreneurs to examine market and policy failures through the lens of finance and overcome them. Impact investors believe it's possible to solve social or environmental challenges while generating sustainable returns (both financial and social). Long-term investors, in particular, consider such factors as climate change, overcoming technological divides, health, workforce policies and economic conditions to be an essential part of effective risk management. These impact investors vary in size (from small funds to large institutions), in sector (from private capital to public agencies) and in approach (from exercising ownership to restructuring government funding through private-public partnerships). But they all recognize that investments can produce benefits or costs beyond the targeted financial returns, and that investors and society alike are better off when investment decisions include these multiple factors. Questions to be addressed include: Do social and environmental targets for investment require different forms of credit analysis? Does combining public-private and philanthropic investors enhance or diminish returns? What particular challenges face the formulation of investment targets and barriers to investment (regulatory, training, data, others)? The government has taken an important first step by formulating ideas for a social investment fund. How can this be scaled? What additional steps can be made to mobilize financial institutions through new initiatives or through capital markets with social impact bonds to further scale this new wave of investment activity?

    Moderator:

    Paul Irving, Chief Operating Officer, Milken Institute

    Speakers:

  • Hanoch Barkat, Founder and Director, Dualis
  • Morris Dorfman, Senior Economist, The National Economic Council, Prime Minister Office
  • Jonathan Greenblatt, Special Assistant to the President and Director of the Office of Social Innovation and Civic Participation in the Domestic Policy Council, The White House
  • Didi Lachman Messer, Former Deputy Attorney General for Economic and Fiscal Laws
  • Yaron Neudorfer, Director General, Social Finance Israel
  • Steven Puig, Vice President, Inter-American Development Bank
  • Prof. Glenn Yago, Senior Director, Milken Institute

    Sunday, December 9, 13:00-14:00
    Impact Investing: Israel as a Launching Pad for Social Investment - A Follow-on Discussion after Panel (Invitation Only)

    Sunday, December 9 - 16:45-17:45
    Global Capital Markets

    More than three years since the onset of the global financial crisis and the Great Recession, capital markets remain volatile. Getting funded as an issuer and getting returns as investors have become an increasingly uncertain proposition. Many forces are driving this, from the euro zone's ongoing struggles in serial crisis management to deliberations in Washington between embarking on further deleveraging versus rebalancing supply and demand in the Treasury market. Why are financial crises increasing in frequency and severity? Will 2012's tepid growth become more dynamic? Will "fiscal cliff" negotiations become a game-changer? What will be the role of sovereign wealth funds and other institutional investors in driving change? Can developing and frontier capital markets pick up the slack in driving growth and business formation with the reversals in developed markets?

    Moderator:

    Prof. Glenn Yago, Senior Director, Milken Institute

    Speakers:

  • Brian Friedman, President, Israel Investment Advisors
  • Elad Shraga, Global Head of Credit Solutions Group, Deutsche Bank
  • Dr. Roger Stein, Managing Director of Research and Academic Relations Moody's Corporation & Research Affiliate, MIT Laboratory for Financial Engineering
  • Prof. Daniel Tsiddon, Deputy Chief Executive Officer, Head of Capital Markets Division, Bank Leumi

    Sunday, December 9, 18:15 PM-19:45 PM
    Milken Institute Fellows Panel: Green Growth-Israel as a Laboratory for Global Solutions

    The Prime Minister's Office and Ministry of Environment recently concluded a series of roundtables to promote sustainable growth engines and jobs through green technologies and cleaner energy. Combining information and communications technology, biotechnology, nanotechnology in food, water, and energy production will transcend boundaries of individual technologies and regional borders as new engines for economic growth. By "greening" existing industries and growing green industries in these fields, new products, services, infrastructure investment could accelerate growth and create a development platform of new exports. Our Milken Institute Fellows deployed to the Ministry of Environmental Protection and the Oil Fuel Substitutes Initiative will report out their work along with government and clean tech industry leaders seeking to carve new channels of capital to fuel green growth in Israel and beyond.

    Moderators:

    Paul Irving, Senior Managing Director and Chief Operating Officer, Milken Institute
    Prof. Glenn Yago, Senior Director, Milken Institute

    Presenters:

  • Yochai Bernstein, Milken Institute Israel Center Fellow Alumnus, Government Procurement and Green Growth
  • Adv. Tal Lecker, Milken Institute Israel Center Fellow Alumna, Biofuels and Development Finance

    Respondents:

  • Hon. Peter Kent, Minister of Environment, Canada
  • Chen Altshuler, Head of Research, Altshuler Shaham
  • Galit Cohen, Deputy Director General, Ministry of Environmental Protection
  • Richard Kottmeyer, Senior Executive and Global Agriculture and Food Production Leader, Accenture
  • Noga Levtzion-Nadan, Deputy Director General, Greeneye
  • Booky Oren, CEO, Global Water Partnership Hub
  • Lt. Col. Eli Paz, Head of Environmental Protection Administration, IDF
  • Naomi Tsur, Deputy Mayor for Environment and Development, Municipality of Jerusalem
  • Steve Zecher, Project Director, Regional Development and Project Finance, Milken Institute Israel Center

    Sunday, December 9, 19:45 PM
    Milken Institute Israel Center Reception

    Monday, December 10, 15:00-16:00 PM
    Early-Stage Financing for Accelerating Medical Solutions
    (Roundtable- Invitation Only)

    Where will the capital come from to spur innovation in medical research? This session explores solutions to funding gaps and the evolution of collaborative financing models that involve industry, investors and philanthropy. It also discusses the changing role of VCs, prospects for biotechs in the IPO market and where investors see the best short- and long-term opportunities. Can incentives align to attract and sustain sufficient levels of capital to support R&D and bring new therapies and technologies to patients? Traditional investors in translational research (large- and medium-cap biopharmaceutical companies and life science-focused venture capital funds) are becoming increasingly risk averse in the face of escalating challenges in the drug development process. Dr. Roger Stein, Research Fellow at the MIT Financial Engineering Lab and head of Academic Research at Moody's will present some breakthrough work done with his colleagues on securitization structures for financing cures. This important work pioneered by Dr. Stein, Prof. Andrew Lo and other colleagues was the subject of an important article in Nature Biotechnology. This work was first presented as part of a Milken Institute Financial Innovations Lab dedicated to this subject.

    Moderator:

    Prof. Glenn Yago, Senior Director, Milken Institute

    Speaker:

    Dr. Roger Stein, Managing Director of Research and Academic Relations Moody's Corporation & Research Affiliate, MIT Laboratory for Financial Engineering