Getty Images
Israeli prime minister Benjamin Netanyahu at the opening of Google's R&D center in Israel in 2012.
Israeli prime minister Benjamin Netanyahu at the opening of Google's R&D center in Israel in 2012.
Israeli prime minister Benjamin Netanyahu at the opening of Google's R&D center in Israel in 2012.
Israeli prime minister Benjamin Netanyahu at the opening of Google's R&D center in Israel in 2012.
Israeli prime minister Benjamin Netanyahu at the opening of Google's R&D center in Israel in 2012.

Google Chief: Israeli Tech Second Only to Silicon Valley

June 14, 2016
Israel has long self-styled itself as the "start-up nation", encouraging entrepreneurship–-especially in the technological sector.

TEL AVIV—A top Google official on Tuesday hailed Israel's tech sector, saying it trailed only Silicon Valley in the United States when it comes to "initiatives".

Eric Schmidt, formerly Google chief executive and now executive chairman of its parent company Alphabet, said Israel, a country of only around 8 million people, was punching far above its weight in technology.

"For a relatively small country, Israel has a super role in technological innovation," he told an audience at Google's offices in the commercial capital Tel Aviv.

"I can't think of a place where you could see this diversity and the collection of initiatives aside from Silicon Valley," he added. "That is a pretty strong statement."

Israel has long self-styled itself as the "start-up nation," encouraging entrepreneurship–-especially in the technological sector.

However, companies have often been sold to larger investors in the United States, rather than remaining in the Middle Eastern country.

Schmidt said he had seen a "maturation" of the "start-up nation" in recent years.

"(Previously) it seemed like many of the initiatives were not fully thought out," he said.

"But now I am beginning to see companies that are on their way to being worth a billion dollars."

Google acquired Waze, an Israeli real-time traffic application, for more than $1 billion in 2013 and has also bought other smaller Israeli firms.

The company develops many of its technologies in research and development centers in Tel Aviv and Haifa.

Schmidt said the small population and therefore limited local market was one of the main factors constraining Israel's tech sector.

Copyright Agence France-Presse, 2016

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!