Global Trends Impacting

Israeli Digital Health Startups

Professor Prabhu Guptara Relational Analytics Ltd., U.K.

Alpha Medicus GmbH, Germany

Joseph and ecological/ economic cycles

China capital flows January 2013 to December 2015

Total patent applications filed (Japan, Europe, China and Australia), 1980-2013

The Age of Easy Money is Over?• Of the 87 tech IPOs in 2014-2015, about 80 percent are under their

IPO price!• The biggest IPO of 2015, payments tech co First Data Corp, fell 21%

Wednesday last week, closing on Friday at $9.44, a 41% drop from its IPO price• Hortonworks, a Big data company, just tried to sell shares at $16.57 in

a follow-on offer and ended up getting only enough demand to price at $9.50. Against a $16 IPO price, Its shares ended Friday at $8.43• Good Technology, a mobile security company once valued at $1

billion, last year sold to Blackberry for $425 million - had earlier planned an IPO but that never got beyond the drawing board.

So what about this year?• No IPO has happened for any technology company so far this year.

None have even priced. January marked the first month since September 2011 without an IPO of any kind• IPO advisers tell you: don’t go public when the VIX (volatility index -

measures the market's expectation of price volatility) is above 20• The index has closed above 20 every day except two days so far this

year (in the whole of last year, it only closed above that level 42 times).