Miami 2024"There is nothing that Israeli high-tech cannot withstand"
Miami 2024
"There is nothing that Israeli high-tech cannot withstand"
Rinat Zilberstein, VP R&D at AT&T and GM at AT&T Israel R&D Center, was speaking at the Calcalist and Bank Leumi conference in Miami; Nili Shalev, CEO at the Israel Export Institute, clarified that leading international organizations are strengthening ties with Israeli companies; Bruce Taragin from Blumberg Capital: "I strongly believe that Israeli companies worth over $10 billion will emerge in the near future."
Navigating Israel's Tech Economy Through Turbulent Waters panel
(Tomeriko)
The participants of the panel discussing the challenges of Israeli high-tech expressed confidence in its resilience, especially following the difficult year the industry has endured since October 7. "There is nothing that Israeli high-tech cannot withstand. If it survived the war and the pandemic, it can handle anything," said Rinat Zilberstein, VP R&D at AT&T and GM at AT&T Israel R&D Center, during the Calcalist and Bank Leumi conference in Miami.
Rinat, how do you respond to the question that likely comes up daily: why should AT&T continue operating in Israel and employing hundreds of workers there?
"I think the past year needs to be divided into two phases: the first months and the rest of the year. In the early part of the year, I wasn’t asked this question at all. We had a lot of responsibility for the products we were developing, and there were doubts about whether Israel was the right place to build such a strategic product. However, after two months, it became clear that we could continue to develop it successfully.
"There is a saying that Israel will always provide the technology. People often wonder how Israel evolved from a nation struggling for survival to one that far exceeds expectations. We’re developing a critical component of artificial intelligence for the company and receive significant support and encouragement for achieving such high-quality leadership."
Ilan Twig, as a co-founder of Navan, what has it been like to grow from an Israeli company into a global one during these challenging times?
"We started in the U.S. and opened an office in Israel three years ago. It’s important to emphasize that two Israelis founded the company. In the first two months of the war, it was a unique situation. Our primary goal was to support Israel through our technology. I’m not aware of anyone leaving the company because of our stance on Israel. If anyone did, I’m actually happy they left.
"We were able to assist Israel using our credit and card technologies. For example, we canceled our Christmas and New Year’s party and redirected those funds to support Israel’s needs. With the board of directors' approval, we also donated a significant additional amount. Many of our employees serve in the reserves, and despite that, we’ve directed even more projects to Israel. This situation has shown us that we have the strength to endure and contribute meaningfully."
Nili Shalev, Israeli technology companies often tell the government, ‘Just don’t interfere.’ How has this perspective shifted over the past year?
"Israel has faced many wars throughout its history. Yes, this one is longer, but we know how to maintain business continuity. We operate here in Miami and in various locations around the world. Israeli businesses are functioning well, and, above all, there are ongoing meetings between leading global companies and Israeli firms."
Bruce Taragin, as Managing Director at Blumberg Capital, what has activity in Israel looked like over the past year?
"I’ve been investing in Israel for many years, and the main reason is the incredible talent here. In the past year alone, we’ve sold two Israeli companies in the fintech sector for a combined $1 billion. Fintech is becoming a significant area of growth in Israel.
"I was in Israel on October 7, and I chose to stay. I strongly believe that Israeli companies worth over $10 billion will emerge in the near future."
Ilan, is a Nasdaq IPO in Navan's future?
"Naturally, I can’t discuss specifics about a potential IPO. However, we are aiming in that direction. When the time is right—and provided there isn’t another major global crisis—we’ll move forward."
Watch the full exchange in the video above.
