Wendy Singer Warns of Vulnerabilities in Israeli Tech Sector
In recent news, Wendy Singer, the outgoing executive director of Start-Up nation Central (SNC) has said that though the tech ecosystem in the State of Israel is vibrant and strong, it is facing some difficult challenges. In her words, the industry has some vulnerabilities that could have a lasting impact on the economy of the country as well. Singer said that this particular industry in the country does have an abundance of talent. Moreover, it needs additional resources to develop skills of the workforce, in order to bridge this gap in the sector. According to her, it is a blue ocean that needs to be explored.
Every year, SNC publishes a report on the tech ecosystem of Israel, calling for the implementation of additional programs to connect with the underrepresented proportion of the populations in the country, such as Arab and ultra-Orthodox communities. The tech-focused organization has also encouraged women to participate in programs and develop their potential. In the 2021 annual report, the CEO of SNC, Eugene Kandel, went on to say that it is vital for the large-scale integration of ultra-Orthodox and Arab populations, as well as women. In his words, the economy will be left without fuel and take a hit to its main growth engine if these populations are not brought on board.
He stated that the Israeli economy will suffer a blow that will exceed the relative size of the tech industry in the country. Singer further talked about how the people of Israel are resilient and possess chutzpah, as well as grit. She believes that such abilities need to be channeled for problem-solving, otherwise the vulnerabilities in the tech sector will only grow with time. As of now, Singer is taking her exit from SNC, where she has worked for the last nine years, serving as a big-shot executive. The organization itself was established late in the year 2012 and has been a gateway to innovative Israeli tech since then. According to the company, it is the connective tissue that brings innovative solutions to the global markets.
Before taking on the position of an executive director for SNC, Singer had been working as the director of the offices of AIPAC Jerusalem. After being employed there for 23 years, she decided to join the tech-focused organization, which is a nonprofit, nongovernmental, and philanthropic endeavor, being bankrolled by a man named Paul Singer. A billionaire hedge fund manager from the US, Paul Singer is the one who founded Elliot Management, an investment firm. In the last decade, Singer has been instrumental in the transformation of the organization from a start-up to a tech powerhouse.
It is a company that brings in prominent and large multinationals and houses industry leaders, as well as the best international venture capital funds. Moreover, SNC is known for being the go-to tech organization for various billion-dollar companies and newer firms entering the capital markets. It has also acquired a number of smaller operations. The outgoing executive director has been at the front of the best-seller ‘Start-up Nation: The Story of Israel’s Economic Miracle’.
