Gigi Levy-Weiss on How the Israeli Air Force is the Best Model for Running a Company, How Playtika Exploded Overnight by Accident, the Uncomfortable Truths About Working in Gambling, and the Coolest Companies in the NFX Portfolio

On this episode of Invested, Michael sits down with Gigi Levy-Weiss, a former Israeli attack helicopter pilot turned entrepreneur, investor, and co-founder of the seed fund NFX. Gigi reflects on his journey from combat missions to leading companies like 888 and Playtika, highlighting lessons in leadership, military-style debrief culture, and the value of “good failures.” He shares his founder-first philosophy as a VC, his cautious stance on replacing CEOs, and his thoughts on the ethical complexities of tech - from online gambling to AI. Amid Israel’s political and security upheavals, Gigi also discusses civic responsibility and the vital role of grassroots leadership.

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KEY TOPICS 

00:00 – Intro

02:00 – Why My Name is Gigi: A Personal and National Story

03:10 – From Helicopter Pilot to CEO: Gigi’s Unconventional Career Path

05:05 – The Israeli Air Force Method of Failure

09:30 – Teaching Civilian Teams to Debrief Like Fighter Pilots

11:45 – How to Build a Culture That Embraces (Good) Failure

14:25 – Celebrating Failure at Playtika

16:50 – Experience vs. Fresh Eyes: Who Should Lead After Failure?

20:10 – Why Gigi Rarely Replaces Founders, Even When They Fail

23:59 – Gigi Selling His First Company and Learning What Not to Do

26:45 – 888 and the Crash: From Private Jet Dreams to Crisis Mode

35:30 – Gigi’s Biggest Lessons from Running 888

38:55 – Hire for Talent Over Experience

40:00 – Building Playtika and Accidentally Creating Slotomania

46:50 – Wrestling with the Ethics of Online Gambling

52:20 – Facebook, Games, and Losing Faith in Tech’s “Goodness”

54:10 – If Gigi Were the AI Ethics Czar, He Would…

56:00 – The AGI Arms Race and the Collapse of Trust in Truth

59:20 – Are the Ultra-Orthodox Ahead or Behind?

01:01:00 – Founding NFX: From Angel Investor to Seed VC

01:06:00 – The Startups Gigi is Most Proud of

01:08:50 – Building Line Five: A Response to October 7th

01:10:55 – Why Gigi Took a Public Role in the Judicial Reform Protests

01:13:30 – Israel’s Founders Agreement Problem

01:16:30 – October 7th and the Rise of Civilian Emergency Networks

01:19:25 – Feature or Bug? When Citizens Replace Government

01:20:10 – The Next Generation of VCs That Give Gigi Hope

01:21:53 – Reflections on Responsibility, Legacy, and Leadership

RESOURCES

Follow Gigi on LinkedIn - https://www.linkedin.com/in/gigilevy/ 

Follow Gigi on X  - https://x.com/gigilevy 

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CREDITS

Executive Producer: Erica Marom 

Producer: Myron Shneider

Video and Editing: Ron Baranov

Music and Creative Direction: Uri Ar 

Content and Editorial: Kira Goldring

Design: Rony Karadi