A large number of new startup companies are appearing in Israel. What is making Israel such a sought after destination for these new enterprises? Part of it could be that the government is introducing new programs that encourage innovation in the country. The online edition of Entrepreneur magazine published a story highlighting the many reasons why Israel is a hotspot for current entrepreneurs.
One of the main reasons for its recent attraction of startup companies is its past technology advances. Given Israel's geographic location, there needed to be great advances in the development of irrigation and water technology. A sense of “shareholders, not employees” within companies in Israel is encouraging people to stand up and do what they feel is best and voice their own opinions and thoughts. One last piece to the puzzle is what drives the entrepreneurs in the Israeli culture. It isn’t the money or cash payout at the end; it is the satisfaction and fulfillment of bringing their ideas, skills, and new technologies to the table.
Israel is currently only second to Silicon Valley when it comes to producing new startup companies. There are some secrets for how they managed to achieve this startup success. These included having concentrated tech clusters, a global outlook, useful skills gained in mandatory military service, a healthy dose of “chutzpah”, and a widespread pay it forward mentality.
Israel is growing as a destination for entrepreneurs all over the world to settle. Businesses that have started up in Israel recently have attained global success directly from the country. Israel has the recipe and potential to surpass Silicon Valley’s startup success if it keeps going down the same path. Do you think there are other factors that are affecting the mass success of startups in Israel? Where do you think the world's next great startup hub will be?