When speaking about high-tech hubs, Israel rarely comes to mind when compared to leading giants like the United States, China, and the European Union countries. Nevertheless, that has changed as it is steadily establishing itself as a country that is on the right path to conquering global technology and becoming an entrepreneurial powerhouse (Cohen, 2019).
Israel is listed by the Bloomberg Innovation Index at the 5th position globally, as a technology destination in research and development, patents, and technology education as well as other accolades that signify technological superiority (Weinberg, 2019). Finland, Germany, and South Korea are in the 4th, 3rd, and 1st positions respectively, with the United States occupying the 6th position (Weinberg, 2019).
In research and development (R&D), Israel is at the 2nd position, and it ranked 4th in the category of a country with a higher number of top researchers as well as post-secondary education (Weinberg, 2019). For quite some time, the country has maintained its top ranking position when it comes to the number of corporations that are listed in the NASDAQ (Korbet, 2019).
Israel’s ability to maintain steady growth in research and development compared to powerful nations like the United States and China is more astonishing when you remember that Israel is a country of only 8 million people (Korbet, 2019). Understanding the reasons behind Israel’s success requires a focused view on its ability to leverage its commitment towards research and development.