Eric Edelstein
Eric Edelstein
It gives us great pleasure to introduce CEO and co-founder of springleap T-shirts, Eric Edelstein.
Eric Edelstein has been involved in Internet Start-up’s for 10 Years. He founded incuBeta.com, Clicks2Customers.com, TrafficSynergy.com, Mobile-QandA.com and many other well-known Internet companies. He also founded the eSquared clothing stores and buys and sells Internet business’s on behalf of his own Venture Capital fund and a large number of private investors.
Website: http://www.springleap.com
Blog: http://ericedelstein.com
Twitter: http://twitter.com/ericEdelstein
Location: Cape Town
Eric was kind enough to answer the following questions for us:
Personal
Q: The all important personal profile. How would a close friend introduce you at a social event? i.e. Name, age, company, interesting fact etc.
A: Eric Edelstein is an Internet Entrepreneur who is trying his best to catch up to Mark Shuttleworth’s success! He’s only one Thawt & $600 million away!
Q: Tell us something that not many others know about you. This could be anything from a phobia to your favorite movie.
A: I’ve watched Wall Street, Boiler Room & Rogue Trader dozens of times, and until I became an Internet Entrepreneur, my dream was always to be a stockbroker or trader.
Q: What do you enjoy doing when you want to get away from it all?
A: My new obsession is Bikram Yoga – that’s doing Yoga in a 40 degree Heated Room. The stress just melts away!
eCommerce in South Africa
Q: What are the greatest challenges in running an eCommerce website in South Africa?
A: I can summarise in an hour, not a line. A couple of points that I spend my time thinking about – development of the websites, building the community, having a great product range, combatting fraud attempts, getting visitors to the site, and then converting them, ensuring our customer’s are more than happy, & facing the fact that eCommerce in SA (other than in travel) is still very low and in its infancy but that global domination from SA requires us to have a competitive shipping charge to our international competitors – EVERY DAY presents a learning curve similar to climbing the side of the Empire State Building! A steep learning curve!
Q: Congratulations of the recent second round of funding for springleap.com. How did you find the fund-raising process and what advice would you give to other tech startups looking to do the same?
A: Over the last 10 years, my business partners and myself, have raised both angel investment and Venture Capital funding from a number of sources.
If you’re a hot shot entrepreneur with a great idea, looking for investment for the first time, I’d consider partnering with an experienced Internet Entrepreneur who has already been through the fund-raising process and built up a company (However, please don’t all contact me at the same time – I’ve got enough on my plate and am not taking on any further involvements at the current time!).
BUT if you can convince an experienced successful Internet Entrepreneur to get involved with you, then you know you are on to something!
With springleap, we have a great concept, and an even greater team, so the fund-raising has never been an issue. We closed our 2nd round a few weeks back, and have already been approached by larger investors, to start discussing our Series A round.
Q: How do you go about selecting those you want to work and partner with?
A: Most of our biz dev comes from tons of research, prior experience, a great network and that inner gut feeling!
Q: Do you find that the South African banking system conducive to eCommerce enablement?
A: The million dollar paypal question? Or even the 3D secure dilemma? Obviously we could sell more if the banking system catered more for eCommerce. But we believe that things will change for the better going forward.
Life in South Africa
Q: Have you or any of your immediate family been affected by crime? If yes, has it changed your perception of the country and the way you and your family live your lives?
A: Luckily no. But I still believe that crime affects the way I act and think on a daily basis, which is really sad.
Q: Have you ever considered emigration? If yes, where do you think you would emigrate to?
A: Sure. Hasn’t everyone? But at this stage, I’m happily based in Cape Town, trying my best to turn the Silicon Cape dream into a reality.
Q: If you were South African president for just one day, what would you change?
A: The clock! I’d need a lot more time than 24 hours to implement the changes required!
Q: To which three attractions would you first take an international visitor?
A: hahahaha. I’m a bit biased, so whenever I take tourist friends around Cape Town, first stop is to see the springleap t-shirts in the fridge at 11 Regent Road in Sea Point. It’s always a talking point as to why we keep our t-shirts in a massive fridge! Then onto Hout Bay for Fish & Chips at “Fish on the Rocks”. And finishing off with a drive up Signal Hill.
Life in Cape Town
Q: If wanted to impress a potential business partner, which restaurant in Cape Town would you pick for a business lunch?
A: That’s what I love about Cape Town – so many to choose from! If it was someone accustomed to the finer things in life, I’d say Nobu at the One & Only, Sol Kerzner’s new hot spot! In reality, nearly all informal business meetings we have take place at either the Kitchen or the Palms in Woodstock, as they are close to our office! Where would I go for a “power lunch”? ummmm. Probably Saigon, Yindees, or Aisan Kitchen.
Q: With recent events such as the Silicon Cape Initiative, do you think that Cape Town will soon become the Silicon Valley of Africa?
A: It already is the Silicon Valley of Africa! But there needs to be far more activity!
Q: Which is your favorite wine farm?
A: Meerendaal in Durbanville – I got married there last week!
General
Q: What are you going to buy yourself as a 40th birthday present?
A: A biographer’s time to help me write my memoirs! I’ve been stuck on chapter 4 for over a year now!
Q: One book that you would make required reading for all matric pupils?
A: Rich Dad Poor Dad by Robert Kiyosaki.
Q: What was the last movie you saw on the big screen?
A: haha. With all my talk about going to the cinema often, I actually can’t remember the name!
Q: Where would you like to wake up tomorrow?
Q: Same place as I woke up today.
Q: Who would you most like to read about on Izimvo?
A: Eran Eyal & Shelly Levin, and other extraordinary Cape Town based Internet Personality’s
A huge thank you to Eric for taking the time to answer our questions.
To win your very own springleap T-shirt, simply answer the following two questions:
- Which springleap user won with their side-splitting eSempowenis Tshirt design? (TIP: visit the Shop page to find that design)
- In what year did Dave Duarte sell his coffee shop?
Winning is easy:
- Submit your answers using our contact us page before our next interview tomorrow morning.
- Include “springleap.com promotion” in the subject of the message.
- The winner will be randomly selected from all correct entries and notified via email and our @izimvo Twitter account.
Good luck!
