The annual Startup Genome Ecosystem report has listed the Israeli cities of Tel Aviv and Jerusalem as the sixth most attractive ecosystem for startups and innovation in the world.
The report comes as 40% of the world’s startups report major disruption due to Covid-19.
The startup ecosystem in Israel is currently valued at $47 billion. $3 billion has been used for funding this.
While Jerusalem focuses more on life science, biotech, and AI, Tel Aviv has a budding ecosystem of Big Data and cloud technologies, accounting for more than 40% of Israel’s startups.
The report has highlighted the strength of Tel Aviv’s start-ups, placing behind Silicon Valley. For AI start-ups they are ranked 3rd in the world.
In terms of cyber security, the two cities have an annual export of products amounting to $6.5 billion and have been ranked number one in the world for cyber security courses at university. In addition, they are Israel is the first country in the world to offer a PhD in cyber security.
The mayor of Tel Aviv-Jaffa, Ron Huldai, commented: “The technology ecosystem helps not only the local economy but also the city’s international appeal. The strength of the technology companies is even more fundamental today, with one of every ten employees in Tel Aviv in 2019 working in the technology industry”.
Israel has exemplified how to respond to the COVID-19 pandemic and recognising their success in response is important as the pandemic has had a negative impact to start ups around the world. Despite this, Israel’s government has provided NIS 1.5 billion (£350 million) as a support plan to prevent this issue happening to their citizens.
This funding has been positive for the startups in the ecosystem, and this help from the Israeli government has been proven to work as demonstrated by of the ranking Israel has been placed in from this ‘Start up Genome’ report.
Israel’s government has provided NIS 1.5 billion (£350 million) as a support plan for Israeli startups during the pandemic.
This funding has been positive for the startups in the ecosystem, and this help from the Israeli government has been proven to work as demonstrated by of the ranking Israel has been placed in from this ‘Start up Genome’ report.
Other places that appear in the top 10 include New York, London, Beijing, and Silicon Valley.
