Study: Israeli innovation generates $2.4b to Mass.
Nearly 100 companies in Massachusetts that are either founded by Israelis or offer products based on Israeli technology generated $2.4 billion in direct revenue in Massachusetts last year, according to new study.
The study, which surveyed Massachusetts business executives of companies based on Israeli innovation and entrepreneurship, was conducted by Stax Inc., a consulting firm. The study was commissioned, in part, by the Combined Jewish Philanthropies and released today at the New England-Israel Business Council's 2010 Life Sciences Summit at Brandeis University.
According to Stax, the study is an analysis of the economic impact of Israeli companies coming to Massachusetts and Israeli technologies imported to and licensed to companies in Massachusetts. The impact was measured in direct and indirect jobs created and revenues generated.
One study finding: Israeli entrepreneurs have gravitated to Massachusetts because of the state's "deep talent pool of educated workers, the opportunity to be part of an industry cluster, world class universities, and outstanding business infrastructure.".
"Massachusetts is a natural fit for Israeli businesses looking to expand, due to the our common focus on life sciences, IT, and clean technology," Yair Shiran, Israel's economic minister to North America, added in a statement.
The study also found that other states are aggressively pursuing linkages with Israeli businesses.