The AICC, PwC and the NSW Department of Premier and Cabinet were delighted to being together young entrepreneurs, young public sector leaders, start-ups and emerging talent from Sydney to hear from leaders of the tech industry, including Dave Sharma, Australian Ambassador to Israel. The discussion touched on Israel’s ‘secret sauce’ which has contributed to Israel having one of the highest concentrations of innovation and entrepreneurship in the world. The Ambassador outlined the three “Cs” that have contributed to their success - culture, capital, coherence and clusters. The panel also touched on the importance of place making and local identity as important parts of growing a local innovation ecosystem.
Israel has one of the highest concentrations of innovation and entrepreneurship in the world. On most indices, and relative to its size, Israel’s ‘Start-up’ credentials are second only to those of the United States. There are 90-plus Israeli companies listed on the NASDAQ (valued at $40 billion), making Israel second only to China as an overseas presence on this high-tech exchange. In 2013 Israel attracted $2.3 billion of investment into 663 Israeli start-ups.
Israel’s high tech sector is part of a broader ecosystem which enables and encourages innovation, and which spans academia, the military, government policy, regulation and capital markets. Some elements of this ecosystem are unique to Israel or its circumstances. But other elements can be replicated, including in Australia.
In September, the NSW Government partnered with Austrade to be the first Australian state to send a delegation of 8 Fintech and Cyber start-ups Austrade’s ‘Landing Pad’ in Tel Aviv. This event will also give you an opportunity to hear from some of these start-ups who visited Tel Aviv for 12 days in September, giving them insight into Israel’s world leading start up culture and access to Venture Capitals and multinationals like Google and Facebook.