Tel Aviv ranked second in research firm Startup Genome’s latest report on the world’s best clean-tech ecosystems, behind famed Silicon Valley in Northern California. Clean-tech is the abbreviation for clean technology, it refers to various technologies that aim to improve environmental sustainability. It’s the first time Tel Aviv has ranked this high since 2012, overtaking both London and Los Angeles, both of which are among the top five clean-tech ecosystems.
“Tel Aviv may be modest in size, but Israel’s hi-tech capital is one of the world’s leading cities for innovation and technology,” underlined Startup Genome. In addition, the city of Tel Aviv has the highest ratio of startups to residents in the world, with one startup for every 154 city residents, and 2,750 startups in total.
The Global Startup Ecosystem Report by @startupgenome is here!
— ClimAccelerator & Climate Innovators (@climatetalent) February 9, 2022
Startup Genome highlighted Israel’s innovative track record in sustainability, including agriculture, waste management, clean energy and water treatment. Israel is the only country in the Middle East and North Africa (MENA) to feature in the top 25 countries.
“Tel Aviv has shown tremendous growth and maturity, with many startups evolving into scale-ups, unicorns and public companies,” said Yifat Oron, head of the Tel Aviv office of major investment firm Blackstone, in remarks to Startup Genome. Oron leads Blackstone’s growth and technology investments in Israel. “As a leading global investment firm, we are excited by the opportunities in one of the world’s most dynamic and innovative markets.”
Israel’s Startup City is home to 115 foreign research and development centers with a variety of multinational companies using Tel Aviv as a base for innovation. The well-known tech giants like Google, Microsoft, Facebook, Amazon and Apple–as well as Nike, Mastercard, Ford, booking.com and Bosch–come for Israeli talent and entrepreneurship. They benefit from the country’s high spending on research and development – the second highest rate of R&D spending per capita in the world.