Startup Nation Central laying off around 18% of workforce as donations dry up
“The unprecedented events we are experiencing since October 7th have changed the priorities of Jewish philanthropy. As an organization funded solely by donations, we had to make adjustments to our activities, in view of the foreseen challenges in raising donations in 2024,” said SNC
Startup Nation Central (SNC) is laying off 18 employees out of a team of approximately 100 people, Calcalist has learned. SNC is an NGO which aims to promote the Israeli high-tech industry by providing organizations worldwide with direct access to Israeli expertise and solutions. Avi Hasson, the former head of the Israel Innovation Authority, has served as the CEO of the organization since 2021.
In response to Calcalist's inquiry, SNC stated, “The unprecedented events we are experiencing since October 7th have changed the priorities of Jewish philanthropy. As an organization funded solely by donations, we had to make adjustments to our activities, in view of the foreseen challenges in raising donations in 2024. Similar to many tech companies globally, we are adapting our organization's activities to the current challenges of the ecosystem. The organization continues its extensive proactive activity with multinational companies and foreign investors - we are optimistic about the growth of the sector and its role as Israel's economic engine, and remain committed to our main mission: strengthening and promoting the Israeli high-tech industry locally and around the world.”
SNC is behind the free business networking platform Finder which offers free access to real-time updated information, business insights on the Israeli technological ecosystem, potential opportunities, and the creation of business relationships.
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SNC also releases regular reports detailing the state of local high-tech. According to SNC's latest numbers, the total investment in Israeli startups amounted to $9.9 billion in 2023, a 50% decrease compared to 2022 and well below the record of $30 billion. According to the report, fundraisings of $7.9 billion have already been reported, but from the information available to the organization, fundraisings of an additional $2 billion will be later attributed to 2023.
