Israel’s start-up industry continues to thrive despite global market challenges, according to a recent survey of 116 hi-tech companies in the country.
The survey, which screened new job openings posted in February, revealed that while the global tech industry saw mass layoffs, Israeli hi-tech companies opened 78% of new job positions in the US or Europe during the same period. Of the surveyed companies, 91% of large- and medium-sized companies, including unicorns and public firms, opened new jobs in the US or Europe.
What did the data show?
The data shows that Israeli companies are focused on expanding their reach to the US and European markets, with 75% of new job openings being created in the US, primarily in sales, marketing and customer-facing roles. This move toward global expansion is reflected in the survey’s findings that only 26% of new job openings were created in Israel, with the majority of these roles being in R&D and technical positions.
Overall, the survey recorded almost 5,500 new job openings in February, with 53% of these being in the US and 21% in Europe. The results of the survey are a testament to the resilience and adaptability of Israel’s start-up industry in the face of global market uncertainties.
Israel has long been known as the “start-up nation,” with more than 6,000 active start-ups and a high number of companies listed on NASDAQ, after the US. The country’s entrepreneurial spirit and highly educated workforce have made it an attractive destination for international investors and global companies seeking to tap into its thriving innovation ecosystem.
The results of the survey suggest that despite the ongoing challenges posed by the global market, Israel’s hi-tech industry is continuing to grow and innovate, expanding its reach and creating new opportunities for job seekers both within Israel and overseas.
Notes Ronit Kroll, CEO of Kroll Consulting: “The economic tech crisis, combined with uncertainty due to Israel’s legal reform, pushes Israeli hi-tech start-ups to accelerate establishment of operations outside of Israel, as pressure for organizational restructuring comes from concerned VCs and board of directors.”