Connect with us

Business

Why Tel Aviv Is Witnessing Unprecedented Economic Growth

It is quite difficult to perceive how technology and economic growth can change life and ambiance in some so called less developed nations. Of late, the focus of some of the biggest MNCs is on Israel and more specifically Tel Aviv, its second highest populated region. The invocation economy in the country is booming. Amazing as it may sound to some, Tel Aviv has been ranked as second highest vibrant start-up ecosystem globally in a recent report, with only Silicon Valley ahead of it.

It appears strange that a region which was filled with sand dunes and laden with a culture that appeared dated has prospered to this extent. It is even smaller than New Jersey but the hi-tech industry has been growing here at phenomenal rate. It seems some overtly enthusiastic entrepreneurs overcame the exiting barriers of Israel and paved the way to kick start a dynamic technology ecosystem. Below explained are key trends observed in economic background of the region.

Why Tel Aviv Is Witnessing Unprecedented Economic Growth

There are Big Winners

Initially, it was perceived that Israeli start-ups did possess good technology but their marketing and sale strategy was less than adequate. This resulted in those companies selling their technology or tying up with bigger companies. However, things are changing for better. The recent success of companies like Waze which sold for $1 billion to behemoth like Google has made entrepreneurs thinking. The other success stories of Outbrain and Wix have made several Israeli start-ups encouraged and they are but to go for the IPO route.

Home to Small Time Heroes

The culture and economic growth of a country is made by its achievers and heroes. The success of technology industry in the Silicon Valley would have not been possible without leaders like Mark Zuckerberg in recent times and stalwarts like Bill Gates and Steve Jobs earlier. Their successes were not limited to their respective ventures but they paved way for the economic success of the country in a way. With honest intentions and right efforts, there is no reason why this success can not be repeated in so called developing nations.

Over the last few years focus of Israel has shifted from its war heroes to enters who have made it big. Billionaire philanthropist Warren Buffet made his largest international investment in a company of Israel and he is about to acquire the third Israeli company.

Partnerships can Work Wonders

As they are aware of geographical limitation of their nation, Israeli businesses are now looking outside the country to find and make alliance with suitable partners. As a matter of fact, majority of VC capital in Israel come from global firms such as Greylock, Sequoia and Light speed. Technion, the elite technical university of Israel is a step towards growth of technological innovation and growth. Technion has opted for a JV with a Chinese university for setting up a new facility in Guangdong in recent times. It has been made possible by a huge $130 million gift from Li Ka Shing, Chinese billionaire who is an investor in Waze incidentally. All these basically indicate how collaboration with right global partners can contribute towards economic growth of a country.

What Lies Ahead?

Despite the recent changes and rapid pace of technology industry in Tel Aviv and Israel, there is still room to grow, say economic experts. The Israeli Arabs as well as ultra-Orthodox Jews are yet to take part in this growth or wake up to the potential of these changes yet. However, efforts are being made to address this issue such as the KamaTech. Over a dozen leading Israeli tech firms have lent their support to mentor as well as recruit Orthodox engineers.

Evans is a business blogger and he can help finding an attractive country to register your new company. He has written several articles on topics like – Seychelles company formation.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Posts

Business1 day ago

Can You Use Residential Property for Commercial Use

Having extra income, constantly flowing in can make all the difference in the current economy. Getting creative with how you...

What Do Business Consultants Do What Do Business Consultants Do
Business1 week ago

Running a Business? How to Minimize Supply Chain Issues

Supply chain issues have always been an issue for businesses but over the last few years, the effect and widespread...

Home Improvement2 weeks ago

How to Increase Your House Value Before Selling

Increasing home value is the first step to making your place more attractive for future buyers. Whether you are trying...

General3 weeks ago

Why Calorie Control Is Still The Best Way To Diet

There are a great deal of different options when it comes to dieting, every day there seems to be a...

The Benefits Of Trade Credit Insurance For Your Business The Benefits Of Trade Credit Insurance For Your Business
Business4 weeks ago

The Benefits Of Trade Credit Insurance For Your Business

Trade credit insurance provides cover for businesses who trade on a credit basis. If the people who owe money for...

5 Charming Restaurant Decor Ideas In 2022 5 Charming Restaurant Decor Ideas In 2022
Miscellaneous1 month ago

5 Charming Restaurant Decor Ideas In 2022

Making your restaurant memorable and stand out is a feat worthy of praise. The sheer pressure of wanting to succeed...

Bank Won't Fund Your Business? 4 Loan Alternatives To Get You Started Bank Won't Fund Your Business? 4 Loan Alternatives To Get You Started
Business2 months ago

Bank Won’t Fund Your Business? 4 Loan Alternatives To Get You Started

Businesses typically require some sort of collateral or proof of concept before funding their business venture. However, it is possible...

Planning A Stag Do Planning A Stag Do
Miscellaneous2 months ago

Planning A Stag Do

If you’re a Best Man then you’re in a unique position of responsibility, and before the day itself when you’ll...

Tips to Reduce Eczema Flare-Ups Tips to Reduce Eczema Flare-Ups
Health2 months ago

What Triggers Eczema | Tips to Reduce Eczema Flare-Ups

Eczema is a skin condition that can induce redness, itchiness, and skin inflammation. Its root cause is not fully understood,...

Women's Fashion Trends To Expect In 2022 Women's Fashion Trends To Expect In 2022
Lifestyle3 months ago

Women’s Fashion Trends To Expect In 2022

A new year means new fashion trends. We cannot wait for what is in store in 2022. It seems that...

Home Makeover Trends: Insights from The Pros Home Makeover Trends: Insights from The Pros
Home Improvement3 months ago

Home Makeover Trends: Insights from The Pros

Are you considering a home makeover but don’t know where to start? You’re in luck! In this article, we will...

Interior Design Trends 2022 Interior Design Trends 2022
Home Improvement3 months ago

Interior Design Trends 2022

We all spend time pining over other people’s interior’s on Pinterest or Instagram, but with these trends, it’s easy to...

Top Commonly Overlooked Car Maintenance and Repairs Top Commonly Overlooked Car Maintenance and Repairs
General3 months ago

Top Commonly Overlooked Car Maintenance and Repairs

Maintaining a car is a huge responsibility. There’s a lot that goes into that given how complicated a machine it...

What Is The Difference Between Strata and Property Manager What Is The Difference Between Strata and Property Manager
General3 months ago

What Is The Difference Between Strata and Property Manager

Real estate is a diverse market, and as such, it can be hard to determine the differences between various types...

Sleek Home Upgrades That Will Luxe Up Your Life Sleek Home Upgrades That Will Luxe Up Your Life
Home Improvement4 months ago

Sleek Home Upgrades That Will Luxe Up Your Life

Sometimes we need a vast endeavor to make our home look extravagant and cheek but very often you can implement...

Categories

Archives

Trending