The Monaco Economic Board (MEB) has reported that its economic mission to Tel Aviv from June 19 to 22 was a considerable success. Twenty-six people representing 19 companies from the Principality made the trip in search of new opportunities. Multiple meetings, conferences, and networking sessions allowed the entire delegation to discover the “Startup Nation”.
Work began in the conference rooms of the Royal Beach Hotel, where the MEB organised a business forum in partnership with the Federation of Chambers of Commerce of Israel (FICC). After the bilateral presentations and the signing of a cooperation agreement between the MEB and the FICC, participants took part in an intense B2B appointment session that lasted almost three hours.
In total, no less than 160 contacts were established, 42 percent of which were described as useful, which is a very promising ratio, the MEB said. A total of ten projects were initiated during the mission.
The next day, Wednesday, June 21, delegates witnessed the extraordinary dynamism of the new economy in Israel, the country that has the most startups per capita in the world and which has seen the birth of many unicorns.
A session hosted on the Google Campus saw entrepreneurs from the Principality attending a conference in which several high-quality speakers outlined the recipes for their success, such as Zvi Limon, partner in the venture capital fund Magma VC, specialising in ICT investments. According to him, the success of the country is explained by its corporate culture with a true taste of risk and the excellence of training.
With this positive image, access to capital is relatively easy. Investment in ICT in Israel has gone from €339 million ($385 million) in 2010 to nearly €4.4 billon ($5 billion) in 2016.