Austrian high-tech companies seek contact with the world’s best innovations. New technologies provide more prosperity and stronger economic growth. Israel is seen as a new hotspot for innovative start-ups. A start-up program initially financed by the state and later supplemented by private investors acts as a turbo. Nowhere are there currently so many high-tech start-ups as in this country.
Georg Wailand reports from Tel Aviv
Getting oxygen from the ground on the moon? New types of fruit that arrive with less water? “Capture” and store climate-damaging CO2 as soon as it is formed? Using robots and drones for many new tasks? Storing hydrogen safely? This is just a sampling of the myriad of innovations that see Israel’s dynamic startups increasingly outperform America’s Silicon Valley in disruptive innovation.
A business delegation from Austria (with a record participation of 60 participants) therefore visited the most exciting companies in Tel Aviv and the surrounding area at breakneck speed. WKÖ President Harald Mahrer and Secretary of State Florian Tursky: “Israel goes full throttle when it comes to innovations. There are 7337 start-ups and small new high-tech companies, plus 428 venture capital funds that support and finance these start-ups from Microsoft to Siemens.
Afraid of cyber attacks? No problem, ex-general Daniel Bren, instead of retiring, has founded a special company called Otorio, which advises companies and institutions on how to behave professionally. After all, in 2021 there were 200 million cyber attacks worldwide. Partner is the Austrian Andritz AG. And another tech company in Israel has an exciting project with Voith, compressing water to store valuable energy.
The amazing thing is that these start-ups are initially 85 percent funded by the state, only as development progresses do private partners play an increasingly important role. The seeds are starting to grow: these many projects have already resulted in a sensational 97 so-called unicorns, ie start-ups that have exceeded the billions in a few years. No other country has achieved so much per capita.
President Mahrer: “These companies see an opportunity in the climate crisis, a good access to the challenges of our time.”
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
