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3 mentions found


☆ Israel's tech hub is a crucial part of its economy. Now, startups could face tougher funding rounds amid the war, experts say.
  + stars: | 2023-10-11 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +3 min
Getting overseas funding could become difficult for Israel's tech industry amid the war, experts told Reuters. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementIsrael's tech startups have already been facing a tough year attracting funding amid the implosion of a major lender for start-ups, global recession fears, and rising borrowing rates. Investment in Israel's tech startups has already been falling for seven straight quarters even before the war started, according to a report by the think tank Startup Nation Policy Institute, released on September 30. AdvertisementAdvertisementTech insiders also express optimism for the industry, citing Israel's reputation as an established tech hub.
Persons: —, Jon Medved, Avi Hasson, Catalyst, Hasson Organizations: Reuters, Tech, Silicon Valley Bank, Service, Nation Central, Investment, Nation Policy Institute, Israel ., Insight Partners Locations: Israel, Silicon, Tel Aviv, Europe, Israel . New York
☆ Israel’s economy will see a recession next year as protests persist, says former central bank deputy governor
  + stars: | 2023-07-14 | by ( Lee Ying Shan | ) www.cnbc.com   time to read: +1 min
Protesters attend a demonstration on Kaplan Street against the Israeli government’s plan to overhaul the justice system on July 11, 2023 in Tel Aviv, Israel. Fresh protests in Israel over a controversial judicial overhaul will deliver a significant slowdown to the country's economy, according to former central bank Deputy Governor Zvi Eckstein. It has also led to a "huge reduction" in investments in Israel's high technology sector, which is a linchpin of the Israeli economy, he said. "Most of the growth of the Israeli economy, about 40%, was generated by the high tech sector," said Eckstein, highlighting that there is currently an 80% decline in investment in the country's startup and growth companies. Israel's fintech sector, as well as enterprise IT, posted the biggest declines, plunging more than 80% year-on-year, the report also showed.
Persons: Zvi Eckstein, Eckstein, CNBC's, SNPI, Viola, Israel Organizations: Kaplan, Tiomkin School of Economics, Policy Institute Locations: Tel Aviv, Israel
☆ Israel tech firms to continue job layoffs in 2023 -report
  + stars: | 2023-05-16 | by ( Steven Scheer | ) www.reuters.com   time to read: +2 min
JERUSALEM, May 16 (Reuters) - Israeli high-tech firms have largely halted job hiring and many are expected to continue layoffs this year, a report on the country's tech sector showed on Tuesday. Israel's tech sector is a key growth driver, accounting for 15% of economic output, 10% of jobs, more than 50% of exports and 25% of tax income. On the heels of slower growth, tech firms raised $15 billion last year, down from a record $27 billion in 2021. In 2022, the number of employees in the high-tech sector increased by just 7.4%, versus 12% in 2021, the SNPI report said. Along with layoffs, one-third of companies do not plan salary raises in 2023, according to the report.
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