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Warren Buffett
Israel: The start up nation taking on Silicon Valley
Israell's strong technology start up scene has correctly earned the tiny state its growing reputation as the worlds second Silicon Valley
If you go to the Middle East looking for oil, you don't need to stop in Israel. But, if you're looking for brains, for energy, for integrity, for imagination, it's the only stop you need to make"
Warren Buffet on Israel - YouTube
Israel: The start up nation taking on Silicon Valley
Israell's strong technology start up scene has correctly earned the tiny state its growing reputation as the worlds second Silicon Valley
Israel, despite being the 100th smallest country in the world, which can fit into Europe 459 times, has the third highest number of companies listed on the NASDAQ after America and China.
It also has highest number of high-tech start ups, estimated to be 3,500, ranging from internet companies to software solutions, outside of the US.
Last week I went on a tour of the countrys technology scene, ahead of the imminent International Broadcasting Convention (IBC), one of the largest global tradeshows for innovations in TV, at which more than 30 Israeli companies will be showcasing their latest solutions (the largest ever delegation from the country).
Snaptu, a mobile application platform (acquired earlier this year by Facebook for between $60-70m) and ICQ, the first internet instant messaging service (bought by AOL in 1998 for approximately $400m) are a couple of the high profile Israeli start ups to have been snapped up by major web players since the dawn of the world wide web. Additionally I was surprised to learn many technology companies, including Google, Microsoft and Intel, choose to have their major research and development (R and D) centres inside this small state
This prowess in technology has resulted in leaders and high profile figures from around the world to make regular visits to the small embattled state to see the start up nation in action. Earlier this month for instance, the Lord Mayor of the City of London, Alderman Michael Bear, flew into Israel in order to promote the UKs capital as the best place for Israelis to list their companies and to find out about opportunities for UK based fund managers to invest in Israeli technology businesses.
Seeing the start up nation in action, so soon after returning from Palo Alto the home of the original Silicon Valley, I was impressed by the same high levels of innovation, concentrated into one small area and a similar set of cash rich and investment-hungry venture capital firms waiting on the sidelines for the next golden egg.
Cont'd Israel: The start up nation taking on Silicon Valley - Telegraph