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Start-up Nation: The Story of Isreal’s Economic Miracle

 

1.  Start-up Nation: The Story of Isreal’s Economic Miracle (http://www.amazon.com/Start-up-Nation-Israels-Economic-Miracle/dp/044654146X), published in 2009 by the Council on Foreign Relations and authored by Dan Senor & Saul Singer: “In 2008 – a year of global economic turmoil – per capita venture investments in Israel were 2.5 times greater than in the US, more than 30 times greater than in Europe, 80 times greater than in China and 350 times greater than in India.  Israel still boasts the highest density of start-ups in the world – a total of 3,850 start-ups, one for every 1,844 Israelis…Israel is the world leader in the percentage of the economy that is spent on R&D. 

 

But, the real turbocharger has been its universal military training and national service program… Israel’s equivalent of Harvard, Princeton and Yale are the the IDF’s elite units…Nowhere in the world where people work in a center of technology-innovation do they also have to do national service… According to the OECD, 45% of Israelis are university-educated, which is among the highest percentages in the world…Innovation often depends on having a different perspective, which comes from experience. In Israel, you get experience, perspective and maturity at a younger age…in the military, you’re in an environment where you have to think on your feet. You have to make life-and-death decisions. You learn about training your mind to do things…and that is good and useful in the business world…” (Saul Singer & Dan Senor, The Daily Beast, Oct. 25, 2009). 

 

2.  The Israel Test, published in 2009 by Richard Vigilante Books and authored by George Gilder, founder of Gilder Technology Associates: “The most precious resource in the world economy is human genius…Cities and nations rise and thrive when they welcome entrepreneurial and technical genius…An astounding proportion of geniuses have been Jewish, and the fate of cities and nations has largely reflected how they have treated their Jews.  When Jews lived in Vienna and Budapest, these cities were world centers of intellectual activity and economic growth…When Jews came to NY and LA, those cities towered over the global economy and culture.  When Jews escaped Europe for Los Alamos and for Silicon Valley, the world’s economy and military balance shifted decisively…

 

“Israel has recently become a center of innovation, second in absolute achievement only to the US, and on a per-capita basis dwarfing the contributions of all other nations, America included. How Israel is treated by the rest of the world thus represents a crucial test for civilization…[Israel was] the emerging world leader, outside the US, in launching new companies and technologies…outperforming European and Asian Goliaths 10 to 100 times larger…launching far more high-tech companies per year than any country in Europe…Israel is a prime source not only of free-space optics, but also of ultra-wideband technology…not millions of hertz wide at relatively high power, but billions of hertz wide- gigahertz – at power too low to be detected by ordinary antennas…enabling counterterrorist fighters to see through walls [and bunkers] and identify armed men within…changing the balance of power in urban guerrilla warfare to the advantage of the civilized and the dismay of the barbariansIsrael’s technology leadership has made it a vital ally of the US against a global movement of Jihadist terror

 

“It was an Israeli engineer, Dov Frohman, who invented electrically programmable read-only memory, a chip-based permanent memory that could retain a personal computer’s core programming even when the power was off…[It] contributed some  80% of Intel’s profits over the next decade and sustained the company’s growth to become the world’s leading semiconductor company…Flash memories are a forte of Israel’s microchip industry and lie behind many American miracles of miniaturization, from thumb drives to Apple’s newer iPods to HP Mini netbooks…From Intel’s Israeli design centers, emerged several generations of the Pentium microprocessor, as well as the Centrino low-power processor that integrated Wi-Fi wireless capabilities into portable PCs…Immigrant from the former USSR [many of whom honed the instruments of algorithmic science, engineering and mathematics] constitute fully half of Israel’s high-tech workers…

 

“A 2008 survey of the world’s venture capitalists, by Deloitte & Touche showed that in 6 key fields – telecom, microchips, software, biopharmaceuticals, medical devices and clean energy – Israel ranked second only to the US in technological innovation. Germany, 10 times larger, roughly tied Israel…At a time when American venture capital is flagging under the financial crisis, the emergence of a comparable venture scene in Israel, linked closely to Silicon Valley, is providential for both the American economy and its military defense. This development makes Israel one of America’s most important economic allies…Early in 2009, Intel celebrated its most important advance since the invention of the microprocessor chip some 40 years ago: “Nehalem” – the new Core i7 device, designed in Israel…” (City Journal, Autumn 2009,

http://www.city-journal.org/printable.php?id=5105).




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Straight from the Jerusalem Boardroom #248
https://bit.ly/3u29k9g

Foreign investment in Israel’s high-tech companies surged to new heights in the 1st quarter of 2021 – $5.7bn in 172 deals – which is up 89% over the impressive 4th quarter of 2020 and double the volume of the 1st quarter of 2020.

2020 was the first year of surpassing $10bn in capital raised by the Israeli high-tech sector from investors in the US, Asia and Europe, who trust the maturity of Israel’s brain power. Investments in Israeli companies more than tripled in six years, reflecting the effective response by Israeli startups to the technological, medical, pharmaceutical, educational, social and digital challenges posed by Covid-19.

Israel’s economic performance in defiance of Covid-19 is presented by Dr. Adam Reuter, the Chairman and Founder of “Financial Immunities,” Israel’s largest financial-risk management firm, and the co-author of Israel – Island of Success:

  1. Israel has led the globe in the rapid administration of Covid-19 vaccinations due to effective negotiations with Pfizer and an efficient, country-wide medical infrastructure.
  2. Israel is the second lowest among OECD countries in the number of Covid-19 deaths per number of Covid-19 cases: 0.7% compared to the 2.3% OECD average. Israel features a young population (median age of 30 compared to the OECD’s 42) and an effective country-wide medical infrastructure, including top level HMOs and hospitals.
  3. Israel is ranked 12th from the bottom among the 37 OECD countries in the number of deaths per million inhabitants: 645 compared to 1,145 OECD average.
  4. The International Monetary Fund’s 2025 GDP growth forecast for OECD countries: Israel – 4%, OECD average – 2.2%, US – 1.8%, Australia – 2.5%, Ireland – 2.6%, France and Canada – 1.7%, the UK – 1.6%, Germany – 1.2%, etc.
  5. Israel’s 2020 GDP was reduced by 2.5%, compared to the OECD average reduction of 4.1%, South Korea – 1%, Norway – 0.8%, Australia – 2.6%, US – 3.5%, Japan – 4.8%, Germany – 5%, France – 8%, the UK – 10% reduction, etc. GDP growth was recorded in New Zealand – 2.4% and Ireland – 3.5%.
  6. In 2020, Israel was ranked 20th among the 37 members of the OECD in terms of GDP per capita, featuring $43,000 (GDP – $408bn), ahead of Japan, Italy and Spain, and very close behind the UK ($44,000) and France ($45,000).
  7. Israel’s debt-to-GDP ratio increased from 60% in 2019 to 72% in 2020, compared to the OECD’s average increase from 66% to 82%. The 2020’s debt-to-GDP ratio was 266% in Japan, Italy – 161%, the US – 131%, Germany – 73%, etc.
  8. Israel’s foreign exchange reserves-to-GDP ratio of 41% (3rd among the OECD countries) attests to its financial stability, and Israel’s capability to raise foreign credit promptly in a cost-effective manner. Israel’s foreign exchange reserves in March 2021 – $186bn.
  9. During the past decade, Standard and Poor (S&P) accorded Israel a positive credit rating trend, unlike the negative trend for the G-7 countries. In 2020, notwithstanding Covid-19, Israel’s credit rating (S&P) remained at AA.
  10. Some 380 global high-tech giants operate in Israel, including Microsoft, Amazon, IBM, Intel, Cisco, Apple, Verizon, Applied Materials, Dell, HP, Kodak, Oracle, Philips, SAP, Medtronics, GM, eBay, GE, etc. Israel leads the world in the ratio of research and development investment to GDP: 4.9%. 85% of this investment comes from the business sector.

 




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