This article was first published by The Times of Israel and is re-posted with permission.
The face of Israel’s future economy will be completely different from that of previous decades, experts say, because of a critical mass of billion-dollar tech companies, or unicorns, that have flourished within its borders.
“What we have seen since October 2020, when the surge in valuations of Israeli tech firms started, will lead to a seismic change of Israel’s economy in the coming 10 to 20 years,” Sagi Dagan, VP, and head of the Growth, Finance and Strategy Division at the Israel Innovation Authority, said in an interview. The Israel Innovation Authority is in charge of fostering the nation’s tech ecosystem and setting out government policies.
The onset of the COVID-19 pandemic, which has underlined the importance of technology and innovation for the survival of businesses, coupled with record-low interest rates and governments propping up their economies with cash injections, has triggered record investments in tech firms globally and has prompted a surge in the global creation of tech unicorns, privately held companies worth at least $1 billion.
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