{"id":1261,"date":"2023-10-15T02:42:13","date_gmt":"2023-10-15T02:42:13","guid":{"rendered":"https:\/\/connectwithfund.com\/business\/all-hands-on-deck-how-israels-vital-tech-sector-is-navigating-the-war\/"},"modified":"2023-10-15T02:42:14","modified_gmt":"2023-10-15T02:42:14","slug":"all-hands-on-deck-how-israels-vital-tech-sector-is-navigating-the-war","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=1261","title":{"rendered":"\u2018All hands on deck.\u2019 How Israel\u2019s vital tech sector is navigating the war"},"content":{"rendered":"
\n

\n Israel\u2019s vast tech sector has seen its fair share of crises, from financial downturns and the Covid-19 pandemic to periodic flare-ups in the Israeli-Palestinian conflict. Each time, the industry has bounced back, demonstrating why the country of just 9 million people is known as the world\u2019s \u201cstartup nation.\u201d\n <\/p>\n

\n But the war sparked by the Hamas assault last weekend that killed more than 1,300 <\/strong>people in Israel has upended daily life in a way that presents a unique challenge to the country\u2019s most important industry.\n <\/p>\n

\n Schools have been ordered to close, once-bustling streets in Tel Aviv, the center of business, have virtually emptied and many businesses remain shut. Some are closed for security reasons, but many simply cannot operate because their employees have been called up to military service.\n <\/p>\n

\n \u201cThis is different than anything we\u2019ve faced before,\u201d said Avi Hasson, the CEO of Start-Up Nation Central (SNC), a non-profit that promotes Israel\u2019s tech industry globally.\n <\/p>\n

\n \u201cI think it\u2019s hard to find an Israeli that wasn\u2019t personally impacted by what has happened. [There\u2019s] a very high level of uncertainty right now on how this plays out,\u201d he told CNN.\n <\/p>\n

\n Tech is the single biggest sector of the Israeli economy. Sentiment had already taken a hit before the war broke out. Some tech executives said government plans to weaken the judiciary spooked investors, worsening a global slowdown in fundraising for startups.\n <\/p>\n

\n The war\u2019s most immediate impact on tech firms has come through the workforce. Israel has called up more than 300,000 military reservists to fight in the war, most of them working and studying in Israel, though some have returned from abroad.\n <\/p>\n

\n SNC estimates that about 10% of tech employees in Israel have been drafted, with the number climbing as high as 30% in some companies.\n <\/p>\n

\n Nasdaq-listed Monday.com (MNDY), a company headquartered in Tel Aviv that develops project management software, said about 6% of its workforce around the world had been called up.\n <\/p>\n

\n \u201cBeing a global team we are really able to pick up and support each other and don\u2019t anticipate any disruption to business,\u201d head of communications Leah Walters told CNN.\n <\/p>\n

\n
\n <\/source><\/source><\/source><\/picture>\n <\/div>\n<\/div>\n

\n Israeli tech firms, accustomed to armed conflict, have \u201cplaybooks\u201d in place to ensure they can continue operating even during a war, according to Yaron Samid, the managing partner of TechAviv, a network for tech company founders.\n <\/p>\n

\n \u201cThe pandemic also equipped our companies and their employees with\u2026 work-from-home capabilities,\u201d he added.\n <\/p>\n

\n But certain activities vital to the tech ecosystem can\u2019t be done remotely. At least three high-profile tech conferences due to take place this month have been canceled, including an artificial intelligence summit hosted by chipmaker Nvidia (NVDA), at which CEO Jensen Huang was to deliver a speech in person.\n <\/p>\n

\n Tech executives who spoke to CNN said fundraising and dealmaking could also take a knock, as visits to the country come to an abrupt halt and investors wait to see how the situation unfolds.\n <\/p>\n

\n \u201cOver the next couple of weeks it\u2019s going to be tough, especially for people like us who are raising money,\u201d said Jon Medved, the CEO of OurCrowd, a major global venture investing platform based in Israel.\n <\/p>\n

\n \u201cThe big challenge for a startup economy is making sure that the money keeps flowing because the vast majority of these startups are not profitable\u2026 they need ongoing investment,\u201d he told CNN.\n <\/p>\n

\n While venture capital (VC) funding for Israeli startups has fallen over the past two years \u2014 in line with global trends \u2014 the country remains one of the leading destinations for tech investment.\n <\/p>\n

\n In 2021, Israeli startups raised a record-breaking $27 billion of VC investments \u2014 more than in the previous three years combined, according to the Israel Innovation Authority, a government agency.\n <\/p>\n

\n The tech industry accounts for 18% of Israel\u2019s gross domestic product, about half the country\u2019s exports and 30% of tax revenue, making its prosperity crucial to Israel\u2019s economy.\n <\/p>\n

\n Some in the industry think the war will ultimately strengthen the sector as it will likely draw support from investors keen to help the country rebuild.\n <\/p>\n

\n \u201cSeasoned investors with experience backing Israeli startups are not backing away due to the war,\u201d said Samid of TechAviv. \u201cOn the contrary, they are being very supportive at this time, as they have in the past.\u201d\n <\/p>\n

\n As of Friday, a \u201cStatement of Support\u201d for Israeli startups, entrepreneurs and investors had attracted signatures from more than 500 VC funds from around the world.\n <\/p>\n

\n \u201cIsrael has been an enduring partner to the global innovation ecosystem, fostering groundbreaking technological advancements and startup innovation,\u201d the statement said, adding \u201cit is now our time to step up to the plate and to support Israel and the Jewish people.\u201d\n <\/p>\n

\n Tech companies themselves have also rallied to the war effort, setting aside their beef with the government over planned judicial reforms <\/strong>to procure vital equipment for soldiers, locate missing individuals and offer expertise in areas such as AI and cyber security.\n <\/p>\n

\n \u201cThe fact that we are unifying is extremely significant for the tech ecosystem,\u201d said Hillel Fuld, a columnist and adviser to startups. \u201cThe country is more united than it\u2019s been in a very long time.\u201d\n <\/p>\n

\n It\u2019s an \u201call hands on deck situation,\u201d added Hasson of SNC.\n <\/p>\n

\n Some of the world\u2019s biggest tech companies, such as Microsoft (MSFT) and Alphabet\u2019s Google (GOOGL), are also stepping in to provide help, such as digital services to first responders.\n <\/p>\n

\n For many in Israel\u2019s tech industry, the devastating circumstances have only served to underscore the sector\u2019s famed resilience. \u201cIsraeli [tech] hasn\u2019t stopped,\u201d Hasson noted.\n <\/p>\n

\n \u201cCustomers are being served, code is being coded, new ideas are being formed\u2026 the engine is working. It\u2019s very, very strong.\u201d\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Israel\u2019s vast tech sector has seen its fair share of crises, from financial downturns and the Covid-19 pandemic to periodic flare-ups in the Israeli-Palestinian conflict. Each time, the industry has bounced back, demonstrating why the country of just 9 million people is known as the world\u2019s \u201cstartup nation.\u201d But the war sparked by the Hamas assault last weekend that killed more than 1,300 people in Israel has upended daily life in a way that presents a unique challenge to the country\u2019s most important industry. Schools have been ordered to close, once-bustling streets in Tel Aviv, the center of business, have<\/p>\n","protected":false},"author":1,"featured_media":1262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[],"class_list":["post-1261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\n\u2018All hands on deck.\u2019 How Israel\u2019s vital tech sector is navigating the war | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"Israel\u2019s vast tech sector has seen its fair share of crises, from financial downturns and the Covid-19 pandemic to periodic flare-ups in the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/connectwithfund.com\/?p=1261\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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