The Prime Minister of India, Mr. Narendra Modi, is currently visiting Israel and we think there are a few things that the people in India, who are leading startups, can learn from Israel and its startups. The country India, which has a popular of around 1.311 billion – the second largest after China that has 1.371 billion – can clearly learn a lot from Israel to accelerate their startup industry in India as well as across the world.
How is Israel producing more startups than India?
Dan Senor and Saul Singer – author of bestseller “Start-up Nation: The Story of Israel’s Economic Miracle” rose a question and tried to answer it: how is a country like Israel, which has a population of around 7.1 million people, is producing more startups than peaceful and stable countries like China, Canada, the United Kingdom, Korea, Japan and India? In addition to this, one cannot forget that Israel is just sixty years old and is surrounded by enemies, in a constant state of battle from other countries like Syria. Also, Israel has no natural resources so how can it produce more startups than countries like UK and India?
There are actually several factors behind the success of Israel as a startup hub. Those factors, according to a report by news site Moneycontrol are:
- A mandatory military service,
- The importance and requirement of self-reliance as there are no friendly neighbors,
- The lack of natural resources which resulted in innovation, finding new things on their own, without other countries’ help or support,
- The immigrant and the diaspora population of Israel is among the richest in the world.
Innovation, which is better – India or Israel?
When someone compares Israel to India, they would find that even though the population of India is much larger than that of Israel, it is still not as innovated as Israel. Israel is way ahead of India when it comes to better startups and technology.
Startup India, the flagship programme of the Indian Prime Minister Narendra Modi and his government which is brought to encourage entrepreneurship and innovation has not brought much difference to the scene, notes Moneycontrol. The Israeli startup industry is faring quite well, the numbers are given below:
- The Israel-based startups made USD 9.2 billion in exits last year,
- Around 150 Israeli companies are listed on NASDAQ – the third largest next to the US and China,
- More than 6,000 startups are active currently in Israel,
- Over 1,300 new startups are founder almost each year,
- Around 350 research and development centers of innovative tech companies like Facebook, Google, Microsoft, and HP are present in Israel.