Israeli Entrepreneur Raises $2 Million for 'Nothing'

'Chutzpah-filled Israeli, a lifelong entrepreneur and huge Seinfeld fan' doesn't describe the product or service he's raising money for.

AP

Itay Adam, an Israeli serial entrepreneur, raised $2 million from a group of overseas investors by presenting five slides but offering no idea for a product or service, Forbes magazine reports.

The fundraising pitch by Adam, whom the magazine described as a “chutzpah-filled Israeli, a lifelong entrepreneur and a huge Seinfeld fan,” consisted of 18 jokes, including one taken from the TV series announcing that “this is a show about nothing.”

“Nobody knows what the next big thing is going to be; it’s all just speculation,” Adam said. “My goal is to build a team of five to six people, all veterans with a proven track record, all over the age of 35, to create that next big thing, whatever it may be.”