Data Shows 2017 Was a Very Good Year for Israeli Tech, Says Commerce Official

2017 was a very good year for Israel’s tech industry, said Aharon Aharon, CEO of the Israel Innovation Authority, Israel's government innovation investment arm, who spoke at Calcalist’s Mind the Tech conference in New York on Tuesday.

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Throughout the year, 600 new startups were founded, Israeli companies were acquired for a total sum of $24 billion and research and development amounted to 4.3% of Israel’s gross domestic product, Mr. Aharon said. Almost every international company is active in Israel either through research and development centers or as part of a wider commercial plan, he added.

According to Mr. Aharon, the authority does not favor any particular industry and does not interfere with the market, but, instead, invests in disruptive tech companies in every field. Investment in innovation is a means to create sustainable financial growth, he added. When examining a prospective investment, the authority looks at its global potential and the unique perspective and capabilities Israel is bringing to the market, Mr. Aharon said.