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so um hi everyone and welcome to this edition of the interconnection webinar series sorry for the problem that just occurred but it's not a problem actually it's a good way to introduce you to the interpretation because you can press the button interpretation if you need an interpretation in french in spanish or in portuguese anyway good afternoon good evening everyone depending on where you are located shalom my name is julian and i am a business and political journalist living and working in brussels for various media outlets i am also the translator into french of the italian jewish poet franco fortini whose latest book will be published in april this year by le bellet paris it's great to have so many so many of you joining us from around around the world hello and it's great to have interpreters with us merci interpreters gracias obrigado so for those of you who are joining us for the first time the interconnection webinar series is an initiative spearheaded by our young leadership division ahead of the coronavirus crisis a year ago we set out to create a webinar series that would connect young leadership from all over the world with engaging content from israel's leading policy makers and researchers now unfortunately many of us are still working and doing everything from home um but it's great that this initiative has continued with such momentum for a year now um i am thrilled to have you joining us for today's lecture as it is incredibly this lecture is incredibly let's say timely and important as well important so we have the horner of being joined by professor eugene candel the ceo of startup nation central now between 2009 and 2015 professor candel served at the head of the national economic council of the prime minister's office and as economic adviser to the prime minister playing then a central role in all major economic policy decisions professor kenzel is the emil spy professor of economics and finance at the hebrew university of jerusalem he holds a b-a-n-m-a from the ebro university an mba and a phd from the graduate school of business at the university of chicago professor kendall thank you thank you very much for taking the time to be with us today it's a pleasure it's an honor the floor let's say the screen is yours before addressing the absence of a budget in israel and economic issues in israel which is crucial actually can we maybe first explain what startup central is actually thank you julian let me let me put this a few slides i'm going to try not to bore you with too many slides uh uh good evening good afternoon whatever time of the day that you are at i'm very honored to be here with this great organization we've collaborated when i was in the government we've collaborated with karen i saw quite a lot and still have very fond memories of establishing all kinds of programs with with you so startup nation central is an eight-year-old organization it's a non-profit that was founded based on a philanthropist from new york reading the book startup nation and deciding that this is an exciting part of the israeli economy and he would like to actually help support it through his philanthropic activity and his team joined him one of the people on the team is actually one of the co-authors of this book dan sinor and so it was founded in the early 2013 i joined in 2015 after leaving the the government this is quite an unusual organization because what what it does it tries to help israeli economy and israeli uh making israel more sustainable through direct impact on israeli economy but also direct impact on israelis israel's positioning in the world through the focus through the very very narrow prism of technological innovation ecosystem so we basically do three things we connect the innovation israeli technological innovation to the world through the business lands but also through the impact lands we empower israeli innovation ecosystem in israel to make it more sustainable through a very wide variety of activities from policy strategy human capital development community development etc and we do a significant data collection research and disseminate these these insights and this information to everyone so one of our products is something that you can all look at it's free it's uh very user-friendly it's called startup nation finder uh it basically takes the entire ecosystem and puts it under one roof uh so you can see that there are over 6500 companies almost 600 investors all kinds of incubators accelerators etc 370 multinationals and a lot of academic technologies that are ready to be scaled so everything is interconnected easily searchable and easily connectable to so this is something that we we've been doing for the last six or seven years and we have about hundred and ten thousand visits per month more than almost half of them from abroad uh we even started uh giving this away to um to other countries and basically helping them connect their own ecosystem so this platform under the brand of global uh global finder network exists in new zealand in thailand in taiwan in michigan and texas and we are moving to africa and to south america in the next couple of months so this is something that can be can be scaled it's a it's an ecosystem with a hub in israel so this is what we do and we're happy to help you if you interested in connecting to israeli innovation please talk to us look it up and we will be happy to to discuss it with you on how we can help uh by the way we're completely um known we'd never charge for our services we don't take money from the government we hundred percent philanthropically funded so we we have no no financial interest in anything we do so uh you might might have heard in the recent weeks that the israeli economy shrunk uh by only 2.4 percent uh during corona which is quite below the uh anticipated the rate of over five percent if we were talking three months ago i would have suggested that five percent would be about the right number so this was a pleasant surprise but uh i want to claim that israel doesn't really have an economy it actually has two economies more than any country in the world it has two economies and they are very very separate and to illustrate these differences i've coined the term zeppelin economy about five years ago and today it's used by many people to uh to articulate this this feature this unique feature of israeli economy let me explain what it what it means so zeppelin economy means that in basically any aspect of what these two economies do and need they are very very different they need different talent they have different markets they have different attitudes they have they need different financing they need different regulation they need different taxation policies they are very very different but the the reason that i've chosen um a zeppelin image is that the zeppelin economy which is the technological the the high-tech or technological innovation economy is highly movable as opposed to the main economy so let me give you some numbers the zeppelin economy why why do we think that that israel more than let's say us or any other country um has two economies it's for the simple reason that israel has the largest part of its economy both in terms of people employed and in terms of gdp involved in this zeppelin over nine percent of the workforce is employed in the zeppelin and it generates close to fifteen percent of gdp uh us which is uh undisputed world leader in technology development these numbers doesn't get even close to these numbers in relative terms of course i mean in absolute terms u.s is much much bigger than israeli tech economy but in relative terms israel is number one in almost any parameter i'll i'll talk about this a little bit a little bit later so the the big um the the the main economy has suffered greatly uh under the uh under corona and the reason is that it's mostly domestic economy it is uh less than half in terms of productivity on hourly productivity relative to the zeppelin economy less than half so these are very very different it's very local and it's actually heavily regulated and very much dependent on the government in the following sense i always give this example if we uh if we if if a company um i'm trying to keep track of time if a company in the main economy goes bankrupt it's all over the news and everybody is screaming why did the government allow this to happen if a company in the zeppelin economy goes bankrupt with the same number of people it basically never gets to the news because these people find a job within three weeks and that's and that's the end of it so these are these are very very different economies and so the main economy suffered greatly because a lot of people employed in this economy in in sectors they've been hit very hard whether it's travel food entertainment airlines tourism and the related supply industries lots of young people lots of lower lower paid unskilled workers in that field and so when they get fired or furloughed they they you know the employment suffers much more than the gdp the the problem the additional problem that why don't these people get reallocated to other areas of those other sectors of the economy here we had some political issues because the furlough that was imposed in the very early stage exactly a year ago so that people could go on unemployment without being fired actually became a pretty attractive thing for many many people so i lose 20 of my wage and i don't have to go to work i mean that sounds pretty cool and so a lot of people are basically get hooked after a year to this state of the world and so um this was a mistake and should have been changed already maybe after two three months but unfortunately israel as you know was undergoing in two weeks its fourth election in two years and so political instability prevented more coherent effective but less popular measure to to be undertaken just to give you an example we don't you still don't have a budget the last time the government approved the budget was in 19 2017 okay which is almost four years ago so the the the the main economy is in in trouble on the other hand uh ah and and there is there is a particular challenge of having two economies question is how do you grow each economy while maintaining one society because they are very very different but we still live in one country and we have to figure out how do we maintain these two economies without alienating each other and driving each other nuts so one thing that we continuously try to to argue to the to the government is that to grow fast each economy needs different uh regulation and taxation and so the government needs to clearly set different standards in different regulatory environment for these two economies because in one economy they're competing with the rest of the world and then the other one they're not the other issue that is challenging is increasing inequality which is inherent in the system not only the zeppelin economy is twice more productive uh the difference is growing so the zeppelin economy is growing faster on a per capita basis than the rest of the economy and so that creates growing inequality which is hard to tolerate in in in israel and so that is something that we need to figure out and the only way to figure out how to deal with that is by actually bringing more and more people into this economy and bringing the tech not only into people into tech but also tech into people's lives making our government our municipalities our services etc much more efficient so now we move yeah sorry go ahead no no because we understood that the the zeppelin economy is really movable but i just wanted to ask you something about the point you made just before what are the consequences of a no budget in israel i mean the point i'd like very much you to make is does it freeze the economy well no and like the united states there's no freeze out of of the activity actually in israel what happens is that the economy goes into 1 over 12 budget so instead of the budget department goes to the accountant general and basically every expense of the government becomes audited by the accountant general and the total budget is 1 12 of the original budget the one that was passed in 2017. so that basically does not allow any long-term planning because you cannot commit to anything you can it's it's basically nightmare for for everyone including a lot of ngos uh that work with the government as well as a lot of companies that built on government contracts and built on government regulation and built on on various programs that were supposed to be funded so that's that's the danger on the other hand the government without a budget passes all kinds of special budgets to basically give money away to the to the to the people to offset their hardship in some smart ways some less smart ways and that is basically has no limit and so you on the one hand have a limitless spending on the other hand you have a complete lack of planning abilities so that's that's a really really bad combination so let me let me move to the uh to the tech economy so there are very various uh features that are quite unique to israel first of all it's deep tech driven we're not particularly good at making sort of lightly light apps uh we it's much more deep tech driven because um it comes from a deep tech environment in the military and the universities it is much more startup based than larger companies although it's starting to change and it's much more b2b focus so business to business focused than most of other ecosystems for example california ecosystems silicon valley is much more uh b2c business to customer in israel because we're far from the markets much easier to deal with the business to business environment so there are four core competencies in in israel so software data and ai both universities but mainly the military generate huge amount of talent as well as um as technology in that space sensors robotics and drones again this is mostly military and the associated industry life sciences is mostly universities and research centers as well as hospitals and then plant water and soil sciences it's again its universities and um vulcani institute which many of you may may know so if you take these four core competencies and you connect them um you get all kinds of uh innovative clusters so for example software data and i create cyber security which of course is also driven by the demand uh because israel is one of the most attacked countries in the world if not the most attacked the same one creates fintech even though israel does not need such an extensive fintech industry turns out that these that these core competencies are perfect for for developing fintech industry if you combine software with sensors robotics and drones you get industry 4.0 even though it's advanced manufacturing even though israel doesn't really have big industry and smart mobility even though israel doesn't really have automotive producers 10 years ago when i started in in in the prime minister's office and they established the fuel alternatives which together by the way with karen i saw it uh there were basically no companies in smart mobility or fuel alternatives today as you see there are 520 companies and basically every car manufacturer and tier one supplier are present in israel other in investments in r d centers in another way similarly combine life sciences sensors and data and you get digital health medical devices biotech combine plant water soil and sciences with sensors and software and you get incredible second wave of precision agriculture which is now conquering the world israel is and is considered one of the pioneers in that space and and companies are uh gaining prominence all over the world so this is the space and in that space you can see how it evolved over the last two decades okay you can see it in two ways uh and if we and i'm deliberately put it on to until 2019 so it's still the sort of the normal world you can see that in 2000 there were 50 r d centers uh of multinationals large multinationals companies in israel uh today there are almost 400 it dropped a little bit in during corona but we're still in 370s range so these are all of these came in the last in the last decade and a half uh beca se they understand that israel has a lot of human capital a lot of companies that can be acquired this has been for a while it's been a blessing but after a while it became a problematic issue because we now uh now almost half of the all people who are generating technology working for multinational companies so everything needs to be done in moderation uh looking at vc investments these are out out-of-pocket investments into israeli companies you can see that there was a basically stagnation between one and two billion dollars until about 200 2012 and then it basically took off and in 2019 there were almost nine billion dollars invested in in israeli tech most of these increase was due to maturity of israeli companies and so later and later mega rounds were were accounted for for that and then came corona so initial fears and we were very vocal about that is that we thought the funding the vc funding will evaporate given that 85 of israeli vc funding comes from abroad now there is a there was a standard operating procedure that vc investors do not invest long distance you have to look into people's eyes before investing we luckily i'm happy to announce that we were completely wrong there were three pieces of good news that made us wrong first of all there was very high demand for tech corona broke multiple barriers many psychological many many operational that said that you now can do education long distance work long distance health long distance uh we are now routinely attending weddings and funerals long distance i mean everything all of that requires technology so you can see by valuations of traded companies the tech is tech prices and valuations through the roof the high demand for israeli tech was specific to sectors that we're good at so cyber is very important digital health is very important ai is very important big data is very important so israeli tech and i'm happy to announce that even though 2019 was the record year uh 2020 uh increased vc funding by 25 relative to 2019. our growth rate in terms of funding was the highest in the world it was it was quite amazing we went over 10 billion dollars in in this year and the first two months of 2021 promised to be even better because just in the first two months we've already seen 2.6 billion dollars of investment and the last part was the new found ability by vc investors to invest remotely it was another psychological barrier gone and so suddenly they were investing through zoom like there's no tomorrow so we had record uh financing year but for many companies was also record sales year so we now see companies valuations uh their companies are going public or growing specs on on nyc and nasdaq at valuations of several billion dollars companies that were only valued at less than a billion a year ago so that that has been and the reason is again the demand for technology so this industry unlike or this sector this zeppelin economy unlike the main economy is coming out of the crisis strong which also amplifies inequality because all these people are sitting at home and working i mean we've worked we never closed this shop we worked throughout we probably been to the office maybe a month and a half in the last year so that creates even bigger inequality and we need to to address that this is the reason that startup nation central came up with a renewed call for a new social contract between uh between the tech uh ecosystem and the rest of israeli society this is a very important point that i cannot under under stress and the last thing is interesting is that uh at the very beginning about a year ago we said well corona is interesting thing let's look through our database the finder that i was talking about and see how many companies are relevant for fighting corona in march we found about 60 companies it turned out that by july august there were over 200 companies in israel that were utilizing tech to fight corona many of them were doing incredible job around the world so in remote monitoring and home care was for example early sense is a company that has been doing extremely well uh title care is another one uh protection and diagnostics and decision support for example this company edus can basically distinguish what type of virus or bacteria you don't have just by knowing where you live and the having access to the data in your in your neighborhood uh from there from the labs a variety of companies k health is now uh valued at several billion dollars and it's coming uh for the for the last round of investment uh site diagnostics you all remember that lady that was promising to do full blood count whose company was i forget her name whose company was valued at several billion dollars and then it turned out to be fraud site diagnostic actually did that and has an fda approval for that process and is now valued over close to a billion or over a billion dollars so all of these all of these companies have pivoted some of them pivoted their technologies some of them created new technologies and so if you want to go and look for covet related companies you can go on our finder and just uh write coronavirus and you will get a full list of those of those companies you can maintain your own list it's quite quite an easy way to do it so basically what i wanted to to finish with is that uh we had good time good part of the economy was very very robust this explains why the economy shrunk only by 2.4 percent and not by five or more uh at the same time the unemployment is still high very high uh and there is some structural issues that we have to figure out how to do but you know we we're open for that and the last thing i want to reiterate that we would be very very happy to work with any of you who is interested in connecting either personally or or for by uh connecting uh large corporates in your countries or governments in your countries who are interested in learning more about this whether about technologies that they can deploy whether about creating their own ecosystems we are definitely open for business thank you very much uh professor candel thank you very much for that incredibly insightful speech so i just wanted to say that there is a chat button a q a button and so the audience can ask questions we will be pleased to ask those questions i've got maybe a first question for you professor kenzel um you made a pawn point just before about inequalities and social matters what does israeli take and start of nation central in terms of let's say impact of unsdgs okay so there i would split this this the the answer into two points one point and they driven by different considerations of different reasoning so one point that i mentioned is that the average israeli citizen today does not see um the benefits of having this entire incredibly dense innovation sector in in his uh in his neighborhood uh in fact uh sometimes it's really annoying because um these people are constantly being profiled in the newspapers is extremely successful selling companies for hundreds of millions of billions of dollars they are they are considered their articles about how spoiled their workers are and how they're getting massages and all kinds of uh fancy food and and entertainment etc uh and so the average citizen says why do i need and to to give them various to favorite tax treatments etc they they're rich they spoiled what what's the story and so there we have to create an environment in which uh this does not translate into political pressure to stop for israel to stop being competitive as a home for these uh for for this sector because this sector like i said is very mobile and many many countries would pay a lot of money to have it move to pieces of it move to to their domains and actually many of them are already trying to so that part is different so there what we're trying to do is to connect the social needs and the government efficiency municipal efficiency local industry efficiency so that the average citizen will see that the services that they get because of technology much better that the wages they get paid are much higher etc then there is a different story about sort of the world it turns out that israel we mapped the the ecosystem and found many many companies whose products and technologies are very relevant for achieving sdg goals now israel is a small country so it cannot do big impact because it just has a very small population very small market we can all stop using uh fuels completely we're still not going to make a dent in the in the climate issue it doesn't mean that we shouldn't be trying but i'm just saying that in terms of the impact it will be negligible but where we can make a huge impact is by deploying technologies that we do have and do develop and make them count on the impact stage and this is something that startup nation central has been actively doing in in several regions in the world in asia and india we're starting in africa and we're working with the inter-american development bank to to introduce israeli impact technologies in latin america and caribbean so these are these are the two areas where i think we can be sustainability small farmers access to small farmers improving food security improving sustainability of agriculture et cetera et cetera thank you very much thank you very much indeed i've got a question from nira vorkman thank you very much nera what about the development of vaccines how is it going in the beginning of the panzeri one israeli company said it was almost there what is the status now do you know something about this yes uh thank you i think we've met my last trip to outside of israel was to brazil and i think that's where we met if i'm not mistaken so um and there were actually two vaccines that are being developed in israel uh right now one is called migvax the company it comes from miguel institute in the north of israel they actually at the beginning of the pandemic they had a fully functioning vaccine against corona except that it was aimed at poultry rather than people and so um chickens were safe from corona but people weren't and so their company decided to um to try to to to catch up well it took longer than they thought to move from from chickens to people but they're still doing it there is uh i understand that they now doing a round of investments um the second the second organization that been doing this was a biological institute this is an institute of the israeli government that in usual times works on prevention of biological attacks and how to deal with them not particularly pleasant uh thought but they actually have incredible expertise in all of these things and so they developed a vaccine which is now being tested in adasa hospital maybe in other hospitals as well i don't really know how it works i'm unfortunate i'm just an economist um but uh but apparently you know odessa is pretty excited about this so that's that's the status of vaccines as far as i know uh about thank you very much a second question from dan do you envisage generic or project related collaboration collaborations uh it's about startup nation central obviously how should one apply for you services is the second question in this second question okay so we what we do is we basically uh work with very large corporates uh we work with everybody through finder so finder is a self-sustaining platform that allows you to identify technologies and connect to the companies on the platform uh create lists that will be uh that will follow you will you'll get push notifications this is this is basically a working tool and it's going to get an upgrade the significant upgrade in the next couple of months so uh for for large corporates uh governments and large ngos so the big big somebody who brings big problems that can be if solved can generate a big impact what we do is um we create something that we call an engagement okay you before the corona we would do we would basically work with the organization and try to understand its challenges and it's what it tries to accomplish and create a very customized and tailored solutions and then the organization senior management of this organization would come to israel and we would spend two three four days basically breakfast to dinner all included all work exposing you to the exact companies people technologies government academia peers etc that would explain and it as well is explaining how you can connect to to this ecosystem we actually written a extensive report together with pwc on how multinationals can connect to israeli innovation in a variety of forms so this is now to what we do today is we we created a sequence of events we usually create also a similar first steps of business development trying to figure out what are the challenges and how we can address them usually that follows by a webinar or or a zoom with a few relevant people where we explain sort of what is it that that that is happening here and how we can help and then if there is interest and from both sides because we are usually pretty well booked so we're looking for really um really um large opportunities for the israeli ecosystem and for making impact and then we create either online info engagement or uh face-to-face engagement just like i explained before there's a variety variety of ways for us to do it and our biz dev team is extremely well prepared to address very very wide variety of situations in which we can help i have a very broad and timely question israel slowly reopens its coronavirus closed economy after three lockdowns are you confident am i confident that we're going to have another lockdown about the economy and the well-being yeah no i think that i think that the economy uh there is a reasonably high probability that we're going to have another round before our immunity is achieved even though israel is now around 55 or close to 60 percent of population that had at least one shot and almost 40 percent of the population had two shots so uh by far the the the furthest in the world but um but it's still not enough to to get hurt immunity so the the the health issues will dominate the the economy if the health issues are not you know there's no eruption of infections and there's no new variant i'm pretty sure that israeli uh israeli uh economy or both of the israeli economy actually well the traditional the main israeli economy will rebound because there's a huge pent-up demand yesterday i was driving to the north to with with my daughter to to to to go for a track and there was a huge traffic jam going that way and back uh people people are just very very um eager to to go and resume their their lives and since they don't go can't go abroad much more demand will be focused on israel so much more sort of these hospitality systems etc all those systems that have been locked uh from from for a long time the the effect of the furlough as i mentioned will need to be uh removed forcefully because it's not popular so i don't believe that it will happen before the elections but after the elections it has to happen because it has very damaging effect overall the predictions are between four and a half and five plus percent growth rate in 2021 uh which which is not going to cover the losses of of last year of course but but it's going to get pretty close okay thank you very much i've got maybe a last question about the uae the uae the united arab emirates are new friends officially when you do business you get to know each other in the flow of investments coming into the uae from israel for example these days what are we learning about the cultural differences between these two neighbors well let me let me tell you the following i mean i don't want to travel and i was very hesitant but i couldn't pass this opportunity so i went with the first delegation to uh dubai in september so on the day when the abraham accord was signed on the lawn of the white house i was actually in dubai and we were talking to ministers and and and high-ranking officials as well as businessmen i was a i was very very surprised i mean i was uh you know you're going to a country that never had diplomatic relations you starting basically today from from from nothing we've seen peace agreements between egypt and in jordan and israel it wasn't you know i've been to jordan negotiati g around gas exports uh quite a few times they're gorgeous they they they nice to you but but there's no there's no warmth in there what i found is quite something quite astounding first of all i found people of very very high caliber very high caliber it was like wow this was they they were many of them were most of them actually were western educated high degrees and top schools very very uh pragmatic and they truly wanted to get to know us i mean this was very interesting it was not politeness it was not i mean they were very polite of course but it was it was clear that they were doing business with israelis behind the scenes for the last 15 years and so unlike in egypt and jordan where the peace started and then economy didn't follow here the economy started and then peace followed 15 years later and now they really want to be um to be engaged and so what they wanted to it seemed to me to us is that they what they wanted are quite a few things from it from connection to israel one of them they have their uh strategic plan they are very very strategic and programmed so they wanted as much technology that can help them to achieve their strategic plan as possible and so they were they were very they're very much interested uh in in getting that the the newly appointed ambassador of uae whom i'm supposed to meet like in 10 days um uh already put a a target a very high number of israeli in uae emirati companies that he expects to see doing business i mean that's his personal target to achieve that's that's that's incredibly impressive the second thing that they are interested in is they want israel's help to advance their uh evolving innovation ecosystem their innovation ecosystem is the largest in the in in the in the middle east after israel but it's orders of magnitude smaller than israeli one and so they want to be in technology they are already in fintech quite significantly they started moving into space they want to have a very high level of technological [Music] achievements in leadership and in order to have something to go on after the oil runs out so this is the only the first and the only country in the world that has the minister for ai i interviewed him uh for our conference and this was this was quite amazing because he said look you know it was just there was no minister for energy or electricity when the electricity just started it was a mistake because if they were better organized they could have figured out that you don't need 10 electric lines running uh in parallel you can do it in one and then so the whole system would have developed much faster so we are not trying to we try not to make the same mistake with ai now interestingly if you look at ai it's it's very clear how complementary israel and uae are if you take if you take world rankings on ai economies israel is about number 12 ua is in 20s somewhere but there are six or seven parameters in three of these parameters israel is in top three or top five in another three of these parameters uae in top three are top five but these are not the same so if we take uae and israel and combine them you're getting number three that you're getting the country that is number three or number four in the world after uk us china and uk and the fourth is uae israel combination so that is that is incredibly complementary which needs to be utilized and so finally i'm not sure that they figured that they really thought it through but they are really eager to have israeli tourists i don't know how many israeli tourists you've met but some of them are not uh you know you you may not want to to have too many numbers of them as a group uh because they may be a bit too loud and but still in the last five months they have been already i think under the lockdowns they've been on 60 or 70 000 israelis that visited the dubai and abu dhabi and and the rest of the emirates so uh israel is looking for long-term partnership we are not some people in israel thought that they will get quick inflow of cash the emiratis are much more sophisticated than that the interested investments they are looking carefully we're working with some of them but it will take time until they feel comfortable and will will get will get to to to to engage sounds very promising thank you professor kendall thank you for that incredible insightful conversation we are thrilled and honored to have had the opportunity to speak with you this evening thank you to you thank you to everyone for joining us thank you to the interpreters merci obregado gracias please join us on march 21st just a few days before israel heads to the polls in its fourth election in two years we're going to have a conversation with jakov katz editor-in-chief of the jerusalem post who will talk with us about the upcoming election the link to register in the chat thank you and looking forward forward to having you join us again soon thanks bye for you in two weeks and thank you thank you very much professor kendall thank you so much was uh was a pleasure you