Most Israeli Startup Founders Work up to 15 Hour Per Day, Survey Finds

A new survey by Axis Innovation and Tel Aviv University's Coller School of Management questioned 200 startup founders in more than 20 tech fields

Tech jobs are some of the most lucrative in Israel, but it turns out that being a startup founder is not as glamorous as one might think. According to a new survey released by Axis Innovation in conjunction with Tel Aviv University's Coller School of Management, 57% of startup founders work between 10-15 hours per day, much more than the typical 8.5-hour days that constitute the standard Israeli workday.

 

Approximately 200 startup founders representing more than 20 tech verticles were interviewed for the survey. The majority of the founders, 70%, identified as repeat entrepreneurs. Asked about their startup’s expected valuation, 14% of founders said they are aiming at unicorn status, and expecting to reach above $1 billion in valuation.

Tel Aviv's skyline. Photo: Bloomberg

 

On average, founders said it took them six months to raise their latest funding round. Each founder pitched to an average of 30 investors before closing their rounds. The majority of the founders, 60% of them, raised their rounds at the valuation they had expected, while 23% raised at a valuation lower than they anticipated. Most of those surveyed identified fund-raising as the issue they are most concerned with, as well as the most challenging aspect of building a company.