Israeli Hi-Tech Companies Suffer As Conflict Continues
Date
10/24/2023 11:04:05 PM
(MENAFN- Famagusta Gazette) Over 80 percent of 507 Israeli hi-tech companies that participated in a survey, reported being harmed by the ongoing Israel-Hamas conflict, according to a survey issued by the Israel Innovation Authority (IIA).
The survey, jointly conducted by the IIA and the Israeli Start-Up Nation Policy Institute (SNPI), reported the most significant damage to 70 percent of the surveyed companies was operational continuity disruption, caused by the recruitment of important employees who are reservist soldiers to the Israeli army in emergency call-ups.
Twenty-seven percent of the affected companies reported facing a dual challenge, damage to both human capital and funding, including issues like the cancellation and delay of investment agreements, as well as difficulties in reaching out to investors.
The IIA warned that the ongoing conflict exacerbates the uncertainty within Israel's innovation ecosystem and poses a threat to the stability and economic resilience of the country as a whole.
Last week, the IIA announced a fast-track grant channel with an initial allocation of about 100 million shekels (24.6 million U.S. dollars) for startup companies struggling to sustain financial backing during the current conflict.
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Author
Famagusta Gazette
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