Tel Aviv: Heartbeat of Israel’s Economy
Tel Aviv-Yafo is a multicultural city and the main driver of the nation’s economy. Well known sectors of the city’s economy include, banking, real estate, finance and insurance and high tech. This contributes to Tel Aviv being the largest economy per capita in the Middle East.
Embedded within the economy is one key factor behind the city’s financial growth, and that is innovation. Tel Aviv-Yafo’s reputation as one of the world’s leading startup capitals is backed by the fact that it has the highest startups per capita across the globe.
The startup scene itself is fun, high-energy and very driven. Part of this is because of the entrepreneur ecosystem that is set up by many institutions. Universities (Tel Aviv University) play their part with educational programs that encourage students to start their own business. Venture Capital firms also recognize the patience needed to give young tech companies more time to mature and grow.
Foreign talent that enters the local business environment will also find that working in Israel is slightly less formal than in other countries. When it comes to face-to-face interactions, Israelis are known for their straightforwardness and assertiveness. On top of that, business is run at a fast pace by a community that values personal connections, honesty, and ambition.