Shalom Life | October 05, 2014

Tel Aviv Named World's 2nd Best City For Tech Startups

Boston Globe names city the best for startup entrepreneurs after Silicon Valley

By: Itamar Eichner

Published: August 11th, 2013 in Business » Israel

The Boston Globe, one of the most important newspapers in the United States, has named Tel Aviv the world's second best city for tech startups, after Silicon Valley in California.

Startup Genome, a resource for tracking and building startups, formed a list of the world's leading high-tech cities for startup entrepreneurs. Tel Aviv precedes New York, which only made it to the fifth place, Los Angeles (3) and London (7).

Eight factors were tracked to determine the ranking: Total activity of entrepreneurship in the region, amount of active and comprehensive risk capital, total performance and performance potential, how many risks founders took, ability to adopt new technologies, quality of support network, talent and differences between Silicon Valley.

Tel Aviv was said to have the highest density of tech startups in the world. In 2009, there were 63 Israeli companies listed on the NASDAQ, more than Europe, Japan, Korea, India, and China combined.

Yet despite their relative success, Tel Aviv’s startups are below average in terms of adopting new technologies, like programming languages. Startup Genome expects the city to become a niche or regional hub, not a global powerhouse like Silicon Valley.

This story is reprinted with permission from Ynet News

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