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Co-evolution of risk capital, new firms and the emergence of the new cluster of high technology in Israel


  • Teubal, Morris

    (The Hebrew University)

  • Avnimelech, Gil

    (The Hebrew University)


This paper provides an account of the emergence and development of a Venture Capital Industry in Israel, and the role it played in the recent successful growth of Israel’s high tech cluster. The paper discusses the co-evolutionary and dynamic process involving the business sector, technology policies, vanture capitalists, individuals and Startup companies, and foreign linkages.We attempt to show that VC emergence is part and parcel of the reconfiguration of a pre-existing Electronics Industry one involving large amounts of SU and new and powerful links with global capital markets. The main conclusions and policy lessons of the paper are that specific technology policies targeted to the Venture Capital sector can be effective only to the extent that favourable background conditions exist or are created.

Suggested Citation

  • Teubal, Morris & Avnimelech, Gil, 2007. "Co-evolution of risk capital, new firms and the emergence of the new cluster of high technology in Israel," Revista de Economía Política de Buenos Aires, Universidad de Buenos Aires. Facultad de Ciencias Económicas., issue 1, pages 37-64, December.
  • Handle: RePEc:ake:repba1:y:2007:i:1:p:37-64

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