{"id":102270,"date":"2023-02-19T17:05:11","date_gmt":"2023-02-19T15:05:11","guid":{"rendered":"http:\/\/www.reunion68.se\/?p=102270"},"modified":"2023-02-19T15:12:57","modified_gmt":"2023-02-19T13:12:57","slug":"25-05-79","status":"publish","type":"post","link":"https:\/\/www.reunion68.se\/?p=102270","title":{"rendered":"Gov’t should prevent economic decline caused by judicial reforms – editorial"},"content":{"rendered":"
\"\"<\/a>Gov’t should prevent economic decline caused by judicial reforms – editorial<\/a><\/strong><\/span><\/h5>\n

JPOST EDITORIAL<\/strong><\/span><\/p>\n

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Just as Israel\u2019s tech sector was built into the formidable force that it is today, it can be ruined by wrong Knesset decisions.<\/strong>
\n.<\/h5>\n

Israelis gather to protest the judicial reform at the Knesset<\/em><\/span>
\n(photo credit: MARC ISRAEL SELLEM)<\/em><\/span><\/p>\n

A lot has been written in recent weeks about the impact the continued legislation of the coalition\u2019s judicial reforms might have on Israel\u2019s economy.<\/span><\/p>\n

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A number of high-profile hi-tech companies have announced that they are pulling their money and some of their operations out of Israel and media reports last week claimed that NIS 4 billion has already been moved out of Israel by clients concerned that the reforms will lead to a decline in Israeli economic growth.<\/span><\/p>\n

<\/div>\n

And Israeli economic growth is not something to take for granted. On Thursday, the Central Bureau of Statistics revealed that Israel\u2019s economy grew by 6.5% in 2022<\/a> and that despite the economic slowdown that is expected to impact the country in the coming year, the forecasted growth is expected to be nearly 3% in 2023.<\/span><\/p>\n

Is it possible that the judicial reforms will undermine that? Yes. Should the government take steps to prevent that from happening? Of course.<\/span><\/p>\n

OurCrowd summit<\/strong><\/h5>\n

A positive sign was seen in Jerusalem this week where 6,000 people gathered to attend the annual OurCrowd summit at the International Convention Center. The day event \u2013 during which the global venture investing platform showcased Israeli tech \u2013 coincided with OurCrowd\u2019s recent announcement that it had received investment commitments crossing the $2 billion mark at the end of 2022.<\/span><\/p>\n

OurCrowd CEO Jon Medved (credit: OURCROWD MANAGEMENT)<\/em><\/span><\/p>\n

OurCrowd CEO Jon Medved told The Jerusalem Post<\/em> that as far as OurCrowd is concerned, the narrative surrounding the event is exclusively on investment, and not engaging in the currently boiling political narrative which surrounds it. \u201cWe\u2019re not talking about Israeli internal politics\u2026 we\u2019re focused on investment and not legal reform,\u201d he said.<\/span><\/p>\n

<\/div>\n

The success of OurCrowd is hard to ignore. In 2022, more than $250 million dollars were raised through OurCrowd, and over 116 investment rounds in start-ups and funds closed. Every year since its founding in 2013, the platform has been awarded the title of Israel\u2019s \u201cmost active investor\u201d by Pitchbook, with over 60 recorded exits to date from 370 portfolio companies and an additional 410 companies held via partner funds. Among those exits are several stock market listings, including Beyond Meat, Lemonade, Innoviz and Hub Security.<\/span><\/p>\n

The participation of people from 80 countries was a sign that Israel\u2019s tech sector \u2013 which makes up 50% of the country\u2019s exports \u2013 is stronger than ever. The Post<\/em>\u2019s tech reporter Zachy Hennessey reported how last week\u2019s event<\/a>, which marked the summit\u2019s 10th anniversary, was charged with excitement generated by the latest groundbreaking developments in AI technology.<\/span><\/p>\n

<\/div>\n

\u201cWe have over 50 AI companies in our portfolio that we\u2019ve invested in so far. It\u2019s gonna affect everything, really everything,\u201d Medved said. \u201cWe have companies in agtech and insurance-tech, automotive and mobility, and all kinds of healthcare applications. It\u2019s just everywhere.\u201d<\/span><\/p>\n

<\/div>\n

At the conference, there were 1,700 investors spanning 35 countries, some 631 venture capitalists from around the world, and nearly 2,000 delegates from more than 400 multinational corporations. As Aaron Katsman wrote in Friday\u2019s Post, \u201cThat sounds to me like there is still \u2018just a bit\u2019 of interest in Israeli ingenuity and creativity.\u201d<\/span><\/p>\n

\u201cWe have over 50 AI companies in our portfolio that we\u2019ve invested in so far. It\u2019s gonna affect everything, really everything.\u201d<\/b><\/p>\n

OurCrowd CEO Jon Medved<\/p><\/blockquote>\n

<\/div>\n

OurCrowd and particularly Medved should be celebrated for the work they have done to \u201cdemocratize\u201d hi-tech<\/a> investing, by creating a platform that allows private investors to get involved in the tech sector and lowering the minimum investment required. This was revolutionary when it was launched and has allowed private investors access to technology being developed in Israel.<\/span><\/p>\n

<\/div>\n

But this does not mean that concern is not warranted. Just as Israel\u2019s tech sector was built into the formidable force that it is today, it can be ruined by wrong Knesset decisions, government intervention, or an atmosphere that makes it seem as if Israel is turning away from its liberal democratic values and system of government.<\/span><\/p>\n

<\/div>\n

The OurCrowd summit should serve not just as an example of the amazing progress Israel\u2019s tech sector has made over the years but also as a type of warning of what could be lost if the government goes too far with what it is planning to do.<\/span><\/p>\n

<\/div>\n

Judicial reforms are important. They need to be done in a way that strengthens and does not weaken Israel\u2019s economy.<\/span><\/p>\n

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Gov’t should prevent economic decline caused by judicial reforms – editorial JPOST EDITORIAL Just as Israel\u2019s tech sector was built into the formidable force that it is today, it can be ruined by wrong Knesset decisions. . Israelis gather to protest the judicial reform at the Knesset (photo credit: MARC ISRAEL SELLEM) A lot has […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[26,24],"_links":{"self":[{"href":"https:\/\/www.reunion68.se\/index.php?rest_route=\/wp\/v2\/posts\/102270"}],"collection":[{"href":"https:\/\/www.reunion68.se\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.reunion68.se\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.reunion68.se\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.reunion68.se\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=102270"}],"version-history":[{"count":7,"href":"https:\/\/www.reunion68.se\/index.php?rest_route=\/wp\/v2\/posts\/102270\/revisions"}],"predecessor-version":[{"id":102282,"href":"https:\/\/www.reunion68.se\/index.php?rest_route=\/wp\/v2\/posts\/102270\/revisions\/102282"}],"wp:attachment":[{"href":"https:\/\/www.reunion68.se\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=102270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.reunion68.se\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=102270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.reunion68.se\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=102270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}