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Start-up nation, book summary
Transcript of Start-up nation, book summary
The Story of Israel’s Economic Miracle
by: Dan Senor and Paul Singer
Book Summary &
Takeaways for Women
Part 1: The Little
Nation that Could
Part 2: Seeding a
Culture of Innovation
Israelis get perspective and maturity at a younger age
Chutzpah - culture of questioning authority
Compulsory service in small military builds camaraderie and entrepreneurial skills
Israelis have a natural urge to travel and seek adventure, due to isolation and military service
Military service transforms young people into “mission oriented leaders and problem solvers” (jack of all trades)
Business world connects with and understands military service in a way America does not
"Rosh gadol" thinking is valued (emphasizes improvisation over discipline, and challenging the chief over respect for hierarchy)
Part 3: Beginnings
Important events include: (1) the story of Ben-Gurion, Israel’s first national entrepreneur; (2) the 1965 invention of drip irrigation, fostering agriculture; (3) Israel’s "lost decade" (high public debt, decrease in immigration)
Then, the turnaround of the 1990's: new wave of immigration, new war, and new venture capital industry
Israel encourages immigration: "A nation of immigrants is a nation of entrepreneurs”
Much success is owed to the Israel's Diaspora network
Israel has separated its security issues from its commercial health
"Yozma" was formed (means 'initiative’) - the government invested $100 million to create 10 new VC funds; each fund represented by 3 parties: Israeli VCs, a foreign VC firm, & an Israeli bank.
Part 4: Country
with a Motive
Foreign alliances fell through (France), forcing Israel to develop technology for security on their own, proving to themselves and the world their status as a world leader
Specializing is frowned upon and multitasking is rewarded—both in the people and in products
Israel has made a cultural commitment to the success of economic clusters
Important to remember: Israel is over-dependent on foreign VC and is under constant security threat from nations like Iran
The government was treated like an entrepreneurial creation, a special start-up, with a strong appreciation for technology and innovation
Every new technology that came to Israel was tinkered with, changed and challenged
Israel has a relatively unusual combination of cultural attributes encouraging buy-in and drive to succeed
The military service component exposes young Israelis to incredible technology and responsibilities at a young age, giving them more and more relevant experience than older people in the private sector
Our awesome team:
Mariane Maier Nunes
Don't miss out on opportunities by being over-compliant
Don't be afraid to challenge opinions, authority, and the status-quo
Be a part of a community; build camaraderie
Step out of your comfort zone
Be a "jack of all trades"
Have a "rosh gadol" or can-do attitude
Experiment, evaluate, and improve
Chutzpah - if you don't have it; get it!