‘Time for the Start-Up Nation to Take the Next Leap Forward’

‘I believe that the unique Israeli situation, where the country has been fighting a war for almost a year, has created the proper conditions in various fields – including high tech – for the promotion of new and original initiatives,’ says CEO of Israel’s Bank Leumi.

By Hanan Friedman, Calcalist

“These are challenging times for us,” Bank Leumi CEO Hanan Friedman said at the opening of the Mind the Tech London conference.

“Thousands of inspiring young people stopped their daily routine and joined the IDF reserves during one of the most complex wars in our history and certainly, the longest. They returned from the battlefield after many months, more determined than ever to contribute to the civil society, using the insights they gained during the war.

“The entrepreneurial spirit of these talented young people -which helped them deal with complex situations, under difficult conditions – is overflowing once again, as they return from the military to the civilian environment.

“They strongly desire to make the Israeli Hi Tech greater, much more innovative and even more successful. This is inspiring. In reality, this is the modern Zionism.

“I believe that the unique Israeli situation, where the country has been fighting a war for almost a year, has created the proper conditions in various fields – including high tech – for the promotion of new and original initiatives.

“With the great young generation we have, I recommend the leaders of the tech industry to adopt the following slogan: “Israeli hi tech will always do and create better and faster – no matter what!

“The war creates a link between the technology and the product, precisely because real-time solutions must be found for a wide range of problems. The war creates an extreme situation, in which technology can sometimes reduce the risk to human life. Therefore, it is essential to find groundbreaking solutions, that can solve severe problems, all within short and limited time frame.

“Let’s face it: the main reason why Israelis are experts in solving problems is because we don’t have a choice. So, the chance for start-ups that seek to solve a true need to succeed – despite of the war – is significantly higher.

“The war has brought a vast wave of innovation that solve many needs. not only in the high-tech industry and not only in the creation of new technologies, but sometimes in the shape of a wider and more intelligent implementation of existing technologies.

“Take as an example the technologies implemented within a matter of few months in order to fight inside the Gaza tunnels. It’s mainly existing technologies with innovative implementation. The Israeli tech industry develops technologies that save lives of soldiers in the battlefield. This is the reason why we at Leumi decided recently to look for investments in technologies that could save lives in the battlefields.

“Let me tell you about a close friend of mine. He and his team in elite unit assimilated a special secret system into the fighting in Gaza, which was developed by a team member who is an engineer. They are using this system to operate various weapons.

“About three months ago they decided to operate the system remotely, instead of risking their own lives. Now they are located far away from Gaza, operating the system with great success. This friend recently implemented the same technology in his own company and achieved significant impact. And that’s just one example among many.

“Dear friends, in spite of the dark predictions, the Israeli economy and Israeli high-tech are alive and kicking.

“In the last year, Israeli tech companies and start-ups have raised 8 billion dollars of venture capital. 600 new start-ups have been established. If we look at foreign investment in Israel – more than 800 VC’s are active in Israel, out of which 60% are international, non-Israeli companies.

“I believe that this is the time for the Start-up Nation to take the next leap forward. I would like to invite entrepreneurs in the finance field, to join our tech journey at Bank Leumi. we will create the right collaboration that could help your company to develop rapidly. SDuch collaborations are the foundation of the next unicorns that will push the Israeli economy forward.

“The State of Israel is important to all of us. Let’s help continue acting as the home of innovation. I call on you, leaders of the high-tech industry: Serve as ambassadors for Israel, and above all, for the future of the Israeli economy the day after the war. Help us show the world the beautiful face of Israel. Help us reveal the vast opportunities in the Israeli economy, so that it can flourish as soon as we overcome the challenges we are currently facing. And we shall overcome them – because we have no other choice.”