Israel is achieving major success as a major world player in tech startups. Their success can be further seen through the billions of dollars raised by the country’s companies and startups as well as their 4.1% investment of GDP into R&D. Israel is currently ranked second in the world for R&D expenditure per capita while also having one out of three cybersecurity unicorns in the world being Israeli.
The city of Tel Aviv alone has gained significant success with its startups raising $20 billion, helping the city gain a $120 billion startup value. Big-name companies like Apple and Citibank have also set up innovation centers as well.
Israel’s business success comes from a few factors, including government, grant, and tax incentive programs for R&D, companies, entrepreneurs, and research institutions. The Abraham Accords, which helped extend Israel’s economic activities to the rest of the Middle East, have also added 150,000 new jobs for the four signatories.
Some of Israel’s most well-known startups and global unicorns are Justt, Mobileye, and Waze with influential people like Yossi Vardi and Andrei Broder leading Israel’s innovative success. With Israel’s drive for innovation and strong influence in the startup world today, we can expect the country to further impact global entrepreneurship in the years to come.