Israeli national flags flutter near office towers at a business park in Ofer Park in Petah Tikva, Israel, on August 27, 2020, which also houses high-tech companies. Photo: Reuters/Ronen Zvulun
A global coalition of tech companies, entrepreneurs, experts and investors has launched a new initiative to support Israel’s tech community as the industry faces the effects of the ongoing war between Israel and the Hamas terrorist group.
Circle of Dialogue, an online platform and community network, seeks to provide access to over $100 million in immediate investment capital and free services. So far, major companies and investors from four continents have joined the effort.
The project provides free access to a variety of resources, capital formation networks and expert advisors to help Israeli tech companies deal with the current crisis and succeed after the fighting ends.
Since the war began in southern Israel with the Hamas massacre on October 7, regular business has slowed considerably. Israel’s business sector has suffered heavy losses, making it almost impossible for many to work on anything unrelated to the war.
Reserve duty in particular became a major challenge for businesses throughout Israel as more than 350,000 people were called from their homes to join the war, taking them away from work.
“This is an important moment for Startup Nation, but Israeli innovation and technology is ripe for attractive investment,” said investor Ron Suber, former president of Prosper Marketplace. “I believe wholeheartedly in the mission of the Circle of Dialogue to ensure that the progress made over the last decade is not undone by conflict. “We want to double down on our existing investments, strengthen them, and build market confidence for the next generation of Israeli tech companies.”
Technology has become the backbone of Israel’s economy, and is the reason why Israel’s economy can remain resilient even in global economic crises. Indeed, technology accounts for 14 percent of jobs and nearly one-fifth of economic output in Israel. Israeli tech companies raised nearly $16 billion last year, the highest per capita in the world after raising $27 billion the previous year. The tech sector accounts for nearly half of Israel’s exports and 30 percent of tax revenues.
Despite being much smaller than its competitors at the top of the list, the Jewish State has consistently been among the ten largest tech ecosystems in the world in terms of funding.
Startup hubs in the country include the largest tech hub Tel Aviv, followed by Jerusalem and Haifa.
Circle of Dialogue’s main goals are to assist companies in raising funding from venture capitalists as well as angel and institutional investors, promote customer acquisition and retention, and improve essential services.
According to a press release issued by the initiative, as well as its online platform, Circles for Dialogue will create exclusive networking events to connect members of the global tech community to ensure Israel can remain a formidable learning leader.
The group includes companies and organizations such as Bloomberg Capital, Cross River Bank, Propel Ventures and Tal Ventures, in addition to hundreds of other investors, companies and founders.
The effort is another example of Israel’s supporters inside and outside the country helping amid the ongoing war.
Source: www.algemeiner.com
