Israel has more start-up companies per capita than any other nation in the world and ranks behind only the US in the number of companies listed on the NASDAQ. This country of only 8.5 million people attracts as much venture capital as France and Germany combined! A significant reason for this success is Technion, located in safe and beautiful Haifa, which in a recent international MIT survey ranked sixth in the world for universities “creating an ecosystem of entrepreneurship and innovation”—and best for doing so under challenging conditions.
Companies led by graduates from this institute of technology impressively employ 85% of Israel’s technological workforce. International students are able to apply to Technion’s Neubauer American Spring Semester in Entrepreneurship program to learn more about the uniquely Israeli entrepreneurship innovation cycle and ecosystem.
Here are three secrets to Israel’s start-up success.
Study Entrepreneurship Abroad to Nurture Pragmatic Innovation
Transforming a tiny desert nation into an international technology hub has taken decades of strong ideas and fearless leadership. Entrepreneurs in Israel embrace the opportunity to expand the nation’s economy and reach the world—after all, the entire country is a relatively recent start-up. There seems to be a special talent for identifying technological solutions that simplify our lives in creative ways.
Waze, for example, is a crowd-sourced traffic navigation app that capitalized on an ingenious idea and eventually became one of Google’s largest purchases at nearly $1 billion. Promising innovations are thoroughly analyzed and supported with comprehensive business models to ensure investors are repaid from sustainable revenue streams.
Learning Perseverance While Studying Abroad in Israel
A strong work ethic is a necessity for budding entrepreneurs and when developing out-of-the-box ideas it’s inevitable that you’ll encounter some obstacles along the way. It takes perseverance—and a healthy dose of chutzpah – to learn from these setbacks and keep attempting alternative solutions. Students learn that failure is a valuable part of the process when studying abroad in Israel, as it doesn’t slow down the bold pursuit of the objective.
Venture capitalists generally prefer founders that have demonstrated the kind of experience that sometimes demands improvised answers and even starting again. Rebuilding after failure can be seen as an attitude of perseverance, of growth and maturity. That being said, the diligent Israeli problem-solving mentality leaves little to chance on the path to market. Excellent products are designed to serve real consumer needs in the global marketplace, reducing reliance on marketing to find the right audience.
Studying Abroad in Israel Demonstrates the Importance of Accountability
One benefit of choosing to study entrepreneurship abroad is gaining insights from how other cultures interact in the workplace. Israeli start-ups tend to be less formalized and structured than in other parts of the world, encouraging everyone in the organization to voice their opinions and assume responsibility for the company’s success. This makes for more accountable, cohesive teams that can catch mistakes before they escalate.
Technion entrepreneurship students meet diverse business leaders, engage in start-up simulations, receive personal mentoring and are immersed in a challenging and rewarding environment with talented peers from around the world.
Would you like to study entrepreneurship abroad in Israel?
Discover more about Technion’s role in Israel’s booming high-tech and start-up economy.