The entire world is aware of Silicon Valley (USA), which known as the home to many well-established global IT firms as well as growing start-ups. For providing such a nurturing environment, the USA is at the first rank in terms of the number of startups. However, it had been getting tough competition from many countries and now the shocking news is that Tel Aviv, a city in Israel, is turning into the Next Silicon Valley.
Some analysts expected that India would be the second home for start-ups, but Tel Aviv city, Israel has turned as the second home for many start-ups. Many companies, including Google, Nielsen, and Nvidia, are operating incubators, accelerators, and competitions around Israel.
But some other technologies and business analysts are ready to give second place to Tel Aviv, especially the authors of the Global Startup Ecosystem Report disagree with this and calling it merely a hype. According to them, Tel Aviv is just one of many growing startup hubs in the world.
Israel based business analysts have their own explanations for calling Tel Aviv the next Silicon Valley. According to them, Israel is constantly strengthening its fame as the 'Startup Nation.' The number and size of investments in Israel start-ups are steadily increasing. According to reports by Israel based startup research institution IVC, Israeli tech companies have raised $3.87 billion across 254 deals in the first half of 2019.
According to the Senior Director of Business Development for the Israel Innovation Authority’s Startup Division Karina Rubinstein, based on Israel’s government laws (Israel Defense Forces (IDF) law), all Israelis must serve the military for two years at the age of 18.
During that time, they faced life-or-death decisions and are exposed to some of the world’s most advanced technology. They’re exposed to a different kind of thinking and face challenges where there’s no box at all, which helps them to kick start their own business with various innovative ideas by using various technologies. So many have their own explanations to support their words but it’s true that Tel Aviv in Israel is growing fast exponentially.
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