A whopping 30 Israeli-established unicorns currently call New York their home, according to the United States – Israel Business Alliance (USIBA), an organization dedicated to strengthening bilateral business ties between the two countries.
A unicorn is defined as a privately-owned business valued at least one billion USD. The new figures place the Big Apple NYC as the city with the largest number of Israeli-initiated tech unicorns outside of Tel Aviv.
Aaron Kaplowitz, the president of USIBA, explained that New York is an attractive eco-system for emerging Israeli tech companies.
“New York remains a financial and international hub that offers Israeli entrepreneurs a concentration of resources to build global companies,” said Kaplowitz.
At the same time, he stressed that the Israeli-established unicorns also contribute greatly to the local economy in New York.
“When we talk about Israeli-founded unicorns, we’re talking about economic dynamos that contribute to local innovation ecosystems, create jobs and drive revenue.”
In recent years, Israel – the start-up nation – has emerged as one of the world’s leading centers for technological innovation. A recent study revealed that Tel Aviv is the world’s fifth-largest producer of unicorn companies.
However, economists and entrepreneurs in the Jewish nation and abroad have warned that the Netanyahu government’s judicial overhaul risks undermining the local Israeli economy by weakening investors’ confidence in robust and independent Israeli institutions.
“We in Tel Aviv-Yafo will continue to be committed to the democratic values that underlie our existence, while strengthening the local hi-tech industry," vowed Tel Aviv Mayor Ron Huldai.
Israeli Prime Minister Benjamin Netanyahu recently said that the Israeli economy remains robust despite growing investor concerns.
The All Israel News Staff is a team of journalists in Israel.