Israeli startup ecosystem ranks #6 in the world, according to new report
The study, conducted by Startup Genome, ranks Tel Aviv and Jerusalem as joint sixth out of 150 global cities.
The annual Startup Genome Ecosystem report has listed the Israeli cities of Tel Aviv and Jerusalem as the sixth most attractive ecosystem for startups and innovation. The report, which has been published every year since 2012, comes as 40% of the world’s startups report major disruption due to Covid-19.
Tel Aviv and Jerusalem were ranked together due to their relative geographical proximity. However, it highlights unique reasons as to why both cities are considered attractive locations for new companies.
Tel Aviv Skyline. Photo: Shutterstock
Whereas Jerusalem focuses more on life science, biotech, and AI, Tel Aviv has a budding ecosystem of Big Data and cloud technologies, accounting for more than 40% of Israel’s startups.
The mayor of Tel Aviv – Jaffa, Ron Huldai, said: “The technology ecosystem helps not only the local economy but also the city’s international appeal. The strength of the technology companies is even more fundamental today, with one of every ten employees in Tel Aviv in 2019 working in the technology industry.”
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Jerusalem mayor, Moshe Leon, commented: “Jerusalem has been making big strides in the high tech industry and will soon claim its status as the capital of the technology industry too. Over the next five years, we will invest NIS 300 million in the city’s knowledge industry with new offices and related industries.”
Other cities that appear in the top 10 include New York City, London, Beijing, and, of course, Silicon Valley.