A Big Chunk of Israel's Tech Scene is Actually Based in New York
Erel Margalit, founder of Jerusalem Venture Partners, speaks during a Bloomberg Television interview in New York in 2016.
Photographer: Michael NagleLast year, Ben Fried pitched a fintech startup to Israeli investors -- and got nowhere. The venture firms wanted to see if he could sell the idea in the U.S. first. “I’ve heard it from many investors,” says the former Israeli Air Force captain. “They push you out the door as soon as possible.”
Fried’s experience is common. So is his reaction. Fried hopped on a plane to New York, joining a growing number of Israeli tech founders who are thriving in America’s second-largest tech hub. Fried now splits his time between Tel Aviv and New York, and it has paid off. He has received committed funding from American and Israeli investors and a project in the works with a U.S. bank.