Many times over the past few months, I've been asked about where I'll be working and what I'll be doing this summer. After I explain, the question I get again and again is, why Israel? I wasn't sure about it at first either. To many - especially to students in business school - it's easy to be enamored by the economies of China and India - as well as the many other fast growing nations of the developing world. However, in a time when our economy is slowly recovering from one of the worst recessions in modern times, it is the nation of Israel that may in fact provide a model for how to get back on track.
Israel is a nation of survivors and is one of the world's greatest breeding grounds for entrepreneurs. This should honestly come as no surprise. Surrounded by enemies, lacking any significant natural resources, and made up of the cast-offs and refugees of a hundred other nations, Israel has not allowed any of its so-called deficiencies to hold back development. Indeed, Israel has made its perceived weaknesses strengths and has subsequently achieved an economic growth rate over the past 62 years rivaling that of any other nation.
Israel has become a leading exporter of new patents and technology. Further, Israel is now second to America in the number of companies listed on NASDAQ. Most impressively, Israel attracts more venture capital investment (in full dollars, not adjusted on a per capita basis) than the whole of Europe! Nevertheless, as I've come to find out, Israel's economic successes have too often been overshadowed by the ever present political and military threats to Israel and the Middle Eastern region. This seems staggering, as their economic story is unparalleled in modern history. That being said, the Israeli's haven't seemed to mind the lack of attention or accolades. They've just kept on working.
