In Search for Innovation, EU Corporations Turn Their Eyes to Tel Aviv
Forty one large European corporations currently operate an innovation outpost in Israel, almost half of which have set up shop in the past three years, according to a new report
Lilach Baumer | 08:54 05.06.2019
Silicon Valley may hold the global crown when it comes to attracting European corporations looking to tap innovative new technologies, but Tel Aviv is closing the gap, and fast. Forty-one large European corporations currently operate an innovation outpost in Israel, almost half of which have set up shop in the past three years, according to a new report published Monday by Mind the Bridge, a Silicon Valley-based innovation advisory firm. In comparison, the number of large European corporations that operate an innovation hub in Silicon Valley currently stands at 60.
For daily updates, subscribe to our newsletter by clicking here.The report's authors divided international presence in Israel into four categories: the corporate innovation antenna—a small scouting team that looks for technologies on a case-by-case basis; the corporate innovation lab—an incubator-like entity that recruits out-of-house research and development; the research and development center—an established outpost numbering at least 50 local employees, which draws on both local startups and local human talent; and a corporate venture capital (CVC) outpost—a local venture fund presence set up by an international corporation.