536 multinational firms run innovation activities in Israel: report

536 multinational firms run innovation activities in Israel: report

JERUSALEM, (Rahnuma):  A total of 536 multinational corporations from 35 countries currently have innovation activities in Israel, an Israeli report said Tuesday.

The report was jointly issued by the Israeli non-profit organization Start-Up Nation Central (SNC) and PwC Israel (PricewaterhouseCoopers Advisory), a leading professional services provider.

According to the report, 55 percent of the 536 companies in Israel are headquartered in the United States, 27 percent in Europe, and 15 percent in Asia-Pacific.

In addition, 38 percent are technology companies, followed by pharmaceuticals and healthcare companies with 11 percent, financial services with 10 percent, industry products with 10 percent and telecommunications and media with 8 percent.

The most common innovation activities of these companies in Israel are the running of proof of concepts with startups, balance sheet investing, corporate venture capital, R&D centers, and academic and research collaboration.

The report stated that the key drivers for the companies to establish innovation activities in Israel were open innovation for core capabilities, access to unique talent profile and disruptive business models.

According to the survey, 80 percent of the multinational corporations cited incremental innovation on existing products and services as a key benefit of their Israeli activities.

“Israel is emerging as a leading innovation destination for a growing number of multinational corporations looking to the country’s 6,000 plus startups for new ideas, quick prototyping ability, and infectious entrepreneurial culture,” the SNC said.

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