How Israel is growing its economy with entrepreneurs?
Israel is considered a developed economy. It is highly advanced and is a free market. An economy that is based on the knowledge and expertise of people. Where anyone from any corner of the world can be a part of it and can bestow in the development of the economy. As we have very much indicated in the introduction of this article, these are the vital factors playing a major role in the growth of the economy of Israel.
According to the statements of UNDP, it ranks 22 in the position of highly developed countries. People enjoy a higher standard of living. They are not only meeting their needs but also celebrating access to all luxuries. It is considered as a welfare commonwealth that has modern infrastructure, higher graded technology not only that but it is par with Silicon Valley.
The scenarios were really different before the 1920s where Israel’s people who are mostly Jewish were more of a peasant worker, even if there were a professor or fruit vendors, they all use to minimal fixed wages. There were a couple of protests against it. All of them together raised voices against the injustice and then a shift in the economy was seen. Jews who formed the major part of Israel’s demographic structure were not allowed to pursue studies related to Commerce. Initially, they all were mostly into different crafts and gradually they paved their way into the subject of Economics.
In the 1930s-the 1940s was the onset of the horrors of the holocaust and Nazism. Later came the industrial revolution and then eventually Privatization marked its footing. Now Israel is being regarded as Start-up Nation. The GDP Of the country is boosted majorly by the service sector. The country has an excellent tourism department and the medical sector. The infotech sector is at its high. The economy has hired entrepreneurs to broaden their business. These entrepreneurs are the ones who generate more livelihood and openings for themselves and for all. Giving rise to new commodities, techniques, and production methods into the market which boosts production activity and competition in the broad spectrum. Hence there is the perfect entrepreneurship ecosystem environment in Israel.
In September 2010, OECD a free trade pact with the European free trade association. Start-ups like We Work, Fiver, Waze, Magio, and many such have come up. The country of Israel is getting a backup of the government and the policies are being framed which are entrepreneurial economy driven. Where incentives are being given from the governments and even funds are being raised by the private sector.
The Israel Innovative Authority creates a demand for the creative personals who can collaborate with them and can come up with innovative ideas to alter the older techno with something new. Israel is being considered as a launch for the economic activities making the hiring of capital possible from the private sector. There are three kinds of incentives being given to the entrepreneurs to propagate the economy of Israel for instance innovation visa pilot program where entrepreneurs from around the globe can work with the start-ups in Israel staying there for the duration of 24 months. Giving them the opportunity to directly form a link and start their work. Then there is an ideation incentive program that promotes budding entrepreneurs to come up with new ideas to develop products with new techniques. Incubators incentives programs to develop products on the line of those ideas. The early-stage company incentive program is there to boost the new start-ups to start working with the technical tools provided to pitch the business and at the same time promoting the business work. This is the entire innovation package being offered from Israel, which is giving a wide platform to the new entrepreneurs.
The country is already rich in technical know-how and hi-tech technology and by hiring entrepreneurs from all around the world they are raising their capital formation. Hence generating a higher rate of growth in the economy. The culture has played the biggest role in the development of this economic structure where people are always united and their solidarity counts. Where they have stood together and that is the secret sauce for such an advanced economy.
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