The secret sauce of a ‘start-up nation’
March 16, 2017 Editor 0
Israel has one of the most admired innovation systems in the world. With the highest Research & Development (R&D) spending and venture capital investment as a percentage of GDP, the country has positioned itself as a global leader in research and innovation, earning the title of “start-up nation.”
Avi Hasson, Chief Scientist of the Ministry of Economy and Industry and Chairman of the Israel Innovation Agency, was at the World Bank Group last week to share some of the “secret sauce” behind Israel’s success in the innovation and entrepreneurship space.
Hasson highlighted the key role played by public-private partnerships over the last 40 years. Those partnerships have resulted in the establishment of an innovation infrastructure — including educational and technical institutions, incubators and business accelerators —anchored within a dynamic national innovation ecosystem built around shared social goals.
Specifically, to reduce the risk for investors, the government has focused on funding technologies at various stages of innovation — from emerging entrepreneurs and start-ups to medium and large companies. Strengthened by that approach, the Israeli ecosystem is maturing: according to Hasson, mergers and acquisitions have increased and exit profits have almost tripled over the last three years, with more and more new projects being started by returning entrepreneurs.
- What’s the color of entrepreneurship?
- Sowing the Seeds of Green Entrepreneurship: Startup Bootcamps and Pitching Competitions
- Notes from the ‘Capital of Innovation’
- Female Entrepreneurship: What Support Programs Should Do (and What They Should Avoid Doing)
- Inclusive Growth as the Path Toward Sustainable Development: A New Initiative on ‘Equality of Opportunity in Global Prosperity’
- Inside the tech hub movement: In-depth lessons from a global mobile entrepreneurship initiative
Categories: World Bank PSD
Tags: start-up nation
Subscribe to our stories
- Kenyan scientists release five new canning bean varieties after sixty-year wait May 15, 2017
- Conceptual overview of social entrepreneurship and its relevance to Nigeria’s third sector May 15, 2017
- Industry environment features influencing construction innovation in a developing country: a case study of four projects in Ghana May 15, 2017
- Dairy production systems and the adoption of genetic and breeding technologies in Tanzania, Kenya, India and Nicaragua May 15, 2017
- Start-up from scratch? How entrepreneurship can generate sustainable development and inclusion in the Sahel May 15, 2017