New Israeli Reform Opens Doors Wide For Entrepreneurs. It seems the Government of Israel is serious about attracting more investors and entrepreneurs. The Ministries of Finance and the Economy have announced reforms that are aimed at promoting entrepreneurship and innovation. The Ministries has announced that a national technology innovation authority will be established and will be based out of the Office of the Chief Scientist. The aim is to allow for a shorter process and fewer delays and improve the conditions for doing business in Israel.
The overall goal of this new reform is to attract new innovative businesses to the country by making these kinds of businesses in Israel easier to do. This is a very welcome move and anything that can be done to enhance Israeli innovation and growth is an excellent thing. It is speculated that a more modern suite of economic tools to choose from will be a big part of this upcoming reform. Most certainly it is a welcome move and represents the first big change in this area in the last twenty years.
It is believed that this new reform, alongside the changes to the market as a result of the Angels Law, will release a burst of energy into many different industries. This will be great for companies that in the past were hesitant of moving to Israel due to the lack of assistance from the government. Now the state will be able to offer an entire host of expanded options to innovative companies. It is believed that many of these firms will be from the hi-tech industry. In the past, all that was offered was in the form of grants. In the very near future, support will be via innovative ventures such as equity investments, guarantees, and loans.
A big reason for the sweeping reform is the current slowdown in the homegrown hi-tech market. Having a government office cognizant of the ups and downs of the industry and the ability to adjust quickly to changes will offer great promise down the road. All of this will mean increased confidence in foreign companies looking to invest and operate in Israel. Add this all together and it could be similar to pressing the restart button on the hi-tech industry.
