At the Jerusalem Post 2023 Annual Conference in New York on Monday, a panel provided insights into the future of innovation in the United States, particularly New York City, and Israel's significant role in this trajectory.
Prominent figures such as Lynn Martin, President of the New York Stock Exchange Group, Andrew Kimball, President and CEO of the New York City Economic Development Corporation (EDC), and Mark S. Levenson, Co-Chair of the New York-New Jersey Israel Commission, came together for an engaging discussion on innovation, the future prospects of New York City and Israel. Leading the conversation was Guy Franklin, founder of Israeli Maps and New York Ventures, who interviewed the panelists to delve into their insights and expertise.
Speaking about the innovations
According to Kimball, "New York City has experienced a remarkable resurgence in entrepreneurship and innovation following the challenges of the COVID-19 pandemic.
"Under Mayor Eric Adams, the city is open for business, with a focus on key sectors such as life sciences, green tech, clean tech, deep tech, cyber AI, advanced manufacturing, film, television and gaming."
Kimball highlighted positive indicators, stating that the city has recovered almost one million jobs lost during the pandemic and currently boasts its highest workforce participation rate since 1976.
He also mentioned that Manhattan now surpasses San Francisco in the number of tech start-ups, with 400 Israeli tech startup companies in the city, 30 of which have achieved unicorn status.
Martin discussed the impact of market conditions on companies considering an initial public offering (IPO). She stated, "While the past year witnessed volatility, resulting in limited IPO activity, companies are now becoming more streamlined and focused on articulating clear strategies and profitability."
She emphasized the backlog of companies preparing to go public and highlighted the opening of sectors such as energy and consumer goods, with the tech sector expected to follow suit.
She also mentioned the efforts of the New York Stock Exchange to attract Israeli startups, including the appointment of a head for the Tel Aviv office and collaboration with the Tel Aviv Stock Exchange to promote cross-border commerce and standards.
Levinson underscored New Jersey's attractiveness as a destination for Israeli startups, stating, "New Jersey offers strategic advantages, including its proximity to New York City, strong infrastructure, a pro-Israel governor and business-friendly administration, a large Jewish population and robust education institutions."
Levinson highlighted ongoing projects that foster collaboration between Israel and New Jersey entities, such as research collaborations between Rutgers University and Tel Aviv University, partnerships in cyber energy and cybersecurity between Ben Gurion University and the New Jersey Institute of Technology, collaborations between New Jersey City University and the Port of AASHTO, and innovative medical approaches at the Liberty Science Centre.
When discussing the initiatives led by EDC, Kimball stated, "Our focus is to create an environment conducive to business growth and development. We aim to convert vacant commercial spaces into residential areas, upgrade underperforming buildings and offer tax incentives to landlords who transform their buildings into Class A spaces for innovation sectors."
Kimball further mentioned that the EDC manages significant real estate startups. He also emphasized the importance of career pathways in sectors such as cybersecurity and the challenge of developing a skilled workforce.