ANL 31.50 Decreased By ▼ -0.37 (-1.16%)
ASC 19.80 Decreased By ▼ -0.69 (-3.37%)
ASL 23.96 Decreased By ▼ -0.26 (-1.07%)
BOP 8.27 Decreased By ▼ -0.02 (-0.24%)
BYCO 10.42 Decreased By ▼ -0.37 (-3.43%)
FCCL 22.73 Decreased By ▼ -0.12 (-0.53%)
FFBL 27.10 Decreased By ▼ -0.30 (-1.09%)
FFL 20.40 Decreased By ▼ -1.30 (-5.99%)
FNEL 8.78 Increased By ▲ 0.04 (0.46%)
GGGL 28.10 Decreased By ▼ -0.80 (-2.77%)
GGL 46.55 Decreased By ▼ -1.67 (-3.46%)
HUMNL 7.35 Decreased By ▼ -0.18 (-2.39%)
JSCL 22.65 Increased By ▲ 0.02 (0.09%)
KAPCO 39.92 Decreased By ▼ -0.38 (-0.94%)
KEL 3.98 Decreased By ▼ -0.01 (-0.25%)
MDTL 3.75 No Change ▼ 0.00 (0%)
MLCF 45.75 Decreased By ▼ -0.81 (-1.74%)
NETSOL 166.06 Decreased By ▼ -2.69 (-1.59%)
PACE 8.15 Increased By ▲ 0.40 (5.16%)
PAEL 34.45 Decreased By ▼ -0.20 (-0.58%)
PIBTL 11.45 Decreased By ▼ -0.19 (-1.63%)
POWER 9.36 Decreased By ▼ -0.03 (-0.32%)
PRL 23.89 Decreased By ▼ -0.50 (-2.05%)
PTC 11.80 Decreased By ▼ -0.30 (-2.48%)
SILK 1.83 Increased By ▲ 0.01 (0.55%)
SNGP 56.25 Increased By ▲ 3.53 (6.7%)
TELE 14.75 Decreased By ▼ -0.10 (-0.67%)
TRG 167.26 Decreased By ▼ -0.99 (-0.59%)
UNITY 44.20 Decreased By ▼ -0.60 (-1.34%)
WTL 3.56 Increased By ▲ 0.03 (0.85%)
BR100 5,205 Decreased By ▼ -23.75 (-0.45%)
BR30 26,756 Decreased By ▼ -198.15 (-0.74%)
KSE100 47,793 Decreased By ▼ -80.19 (-0.17%)
KSE30 19,161 Decreased By ▼ -31.94 (-0.17%)

Coronavirus
HIGH Source: covid.gov.pk
Pakistan Deaths
22,971
3224hr
Pakistan Cases
1,001,875
1,84124hr
4.89% positivity
Sindh
363,101
Punjab
352,153
Balochistan
29,451
Islamabad
85,351
KPK
141,495

OCCUPIED JERUSALEM: The number of new start-ups in Israel is in decline, a publicly funded agency said Wednesday, raising concerns for the future of the country’s much-vaunted technology sector and the wider economy.

While 1,400 new firms were founded in 2014, approximately 850 were founded in 2019 and only about 520 in 2020, the Israel Innovation Authority (IIA) said in a report.

The swift growth of Israel’s high-tech sector a decade ago earned it the monicker “start-up nation”. But as young companies have matured and in many cases thrived, the drive to go out on a limb and launch new start-ups has diminished, the IIA report found.

“The number of new start-ups established in the last two years is similar to the levels recorded in Israel a decade ago, despite the subsequent growth and development of the local innovation ecosystem,” the report said.

“This decline raises the question as to whether Israel is at the end of the start-up nation era,” it warned.

Israel’s technology sector employs 10 percent of the country’s workforce, but accounts for 15 percent of the country’s gross domestic product, generates 25 percent of its income tax and constitutes 43 percent of its exports, according to IAA figures.

In an inaugural speech on Sunday after his “change” coalition won a confidence vote in parliament, Prime Minister Naftali Bennett said he would aim to increase the sector’s share of the workforce to 15 percent by 2026.

Before entering full-time politics, Bennett made his fortune by founding and subsequently selling a technology start-up.

Last week, the Start-Up Nation Central NGO said that investments in Israeli technology companies reached an all-time high of $10.5 billion in the first five months of 2021, a 137 percent growth that reflected a “maturing ecosystem”. But “seed” investment in new companies was dropping, the IIA report said. According to the agency, the rise in salaries in the high-tech sector “creates an incentive for employees to continue working in senior managerial roles rather than taking a risk in the world of entrepreneurship”.

The recent mushrooming of international development centres offers another path for talented Israelis to secure incomes higher than those on offer in the local high-tech sector, the report said. IIA head Ami Appelbaum called on the state to “develop a robust response” to the decline in new start-ups, pointing to a number of proposed legislative changes and government incentives to that end.