Israeli high tech cautiously optimistic for 2013Dec. 26, 2012
The end of the year is a good opportunity for an interim summary of Israel's high tech, writes Yizhar Shay, general partner in Canaan Partners. All in all, 2012 was a good year for financing by start-ups; according to IVC, start-ups raised $1.8 billion from venture capital funds.
Belying bleak forecasts, hundreds of new venture were founded during 2012, and thousands of talented entrepreneurs took the huge risk of embarking on a new road. This is one of the healthy signs for Israel, which wants to be known as the “start-up nation”.
There were also exits during 2012. Without going into the interminable and irrelevant debate whether exits are good or bad for Israel's high-tech industry, the wave of acquisitions of Israeli high-tech companies continues, big time. XtremeIO, Amobee Ltd., and Retalix Ltd. were among the noteworthy exits, which contributed to the impressive total of $5 billion in exits for the year. In addition, there was the acquisition of NDS by Cisco Systems Inc. for $5 billion, to make 2012 a record year.
It is impossible to summarize the past year without referring to the serious crisis at electric car venture Better Place Inc.. I am happy to praise its former CEO, Shai Agassi, a courageous and visionary entrepreneur, was not afraid to assume the huge challenge and found a company that is trying no less than to change the world. Only people with vision, guts, and chutzpah like Agassi, or, if you want, like Mellanox Technologies Ltd. chairman and CEO Eyal Waldman, Check Point Software Technologies Ltd. chairman and CEO Gil Shwed, and serial entrepreneur Dov Moran can assume such a great challenge and try to realize it. Let's tip our hats to these men and their peers in Israeli high tech.
For the full column by Yizhar Shay, see:
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