Shalom Life | May 11, 2015

Israel's Chief Scientist: The Best Has Yet to Come for Israeli Hightech

‘Though 2014 was a hallmark year for Israeli startups, we are far from reaching the industry’s full potential,’ said Chief Scientist Avi Hasson

By: ISRAEL21c Staff

Published: May 8th, 2015 in Business » Israel

Photo: Avi Hasson, chief scientist of the Ministry of Economy

Credit: Everton Amaro/Fiesp


Last year may have been a record-breaking year for exits and IPOs in Israel’s high-tech industry, but Israel’s Chief Scientist, Avi Hasson, predicts that the best is still to come.

“Though 2014 was a hallmark year for Israeli startups, we are far from reaching the industry’s full potential,” Hasson said in a new Innovation Report on Israel’s high-tech industry.

The report is the first of what the Office of the Chief Scientist (OCS) at the Israeli Ministry of Economy expects will be an annual examination of Israel’s most successful and rapidly-growing areas of industry.

“I believe such a picture is necessary to analyze the trends developing before our eyes and to identify the main challenges we must face and the new opportunities at hand,” said Hasson.

High-tech is one of Israel’s most robust areas of the economy today, but the report warns that while the startup sector is strong, and new companies continue to sprout, too many are making quick exits, rather than growing into mature companies.

The growth of mature domestic companies is crucial to Israel’s economy, the report says, because large companies employ a higher number and wider variety of employees, and also help develop know-how within Israel.

As such, it recommends creating incentives and conditions that will make it worthwhile for Israeli companies to continue their growth in Israel. More companies like Outbrain or ironSource are needed for Israel to become a market leader, says the report.

Aside from efforts to turn more startups into mature companies, the recently released first edition of the report identifies three other areas Israel must address to keep the tech sector strong – new funding, the development of new technologies in traditional industry and the public sector, and smarter and more efficient government involvement.

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Via ISRAEL21c

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