As part of our initiative to put the spotlight on startups in Korea and beyond, the Startup Radar Team recently traveled to Israel where we were fortunate enough to meet some of the countries most innovative startups. The Spotlight on Israel series will focus on the most promising talent we met. As well as this, we want to share some of the lessons that we learned from these businesses for you to use in your startup strategy. Therefore, this episode of ‘From Seoul to Tel Aviv’, will feature some of the most innovative startups in Israel, the Tel Aviv startup ecosystem and Blockchain startups in Israel, and how to bridge the connections.
Startup Ecosystem in Tel Aviv
Israel is referred to as the ‘Startup Nation’ and Tel Aviv is the engine that propels the nation’s innovations. Like the City of Seoul, innovation rest in the bellies of these cities. With new technologies and the 4th Industrial revolution drive, it is crucial to build bridges across these cities and share knowledge that will inure to their respective future growths.
A lot has been touted about Tel Aviv’s startup ecosystem and engine of growth by global tech experts and influencers. This, however, has a lot of similarities to the startup scene in Seoul. Therefore this was why we visited Tel Aviv to meet with some of the best in the industry out there. Experts say that there are over 1,000 startups clustered in the city.
Startups from Tel Aviv ‘invaded’ most of the events organized during the Korea Blockchain Week last July, notably, Beyond Blocks Seoul Summit. As early adopters of new technologies, Tel Aviv’s startup ecosystem continues to explore new and ripe markets to expand their services and also initiate growth partners. Because of this, it is important to understand the strategies behind the thriving startup ecosystem in Tel Aviv while encouraging Korean startups that aims to go global target Israeli startups and their network.
What We Learned From Tel Aviv Startup Ecosystem
For newbies, here are a few pointers about Tel Aviv’s successful startup ecosystem, with focus on the blockchain.
- Unparalleled government support ‘Yozma’ programs that served as a catalyst for companies to receive funding for growth, as well as public-private partnerships.
- A culture of innovation and community which is manifested in the trait of ‘chutzpah,’ and endears everyone to take up audacious challenges. They implement ideas faster than anywhere else.
- R&D is the backbone of Israel’s innovation. The reason why Fortune 500 companies like Google and Intel have pitched camp for years.
- Robust technical infrastructure that has led to the success of fintech, big data, blockchain, Cybersecurity, Internet of Things, Machine Learning and EdTech.
- There is no shortage of venture capital firms, angel investors, accelerators, incubators, private equity investors and working spaces.
Blockchain Startup Companies In Tel Aviv
Episode 2 of our series will focus on STOX. STOX is a blockchain predictions market platform. We will also focus on SIRIN Labs, producers of blockchain-enabled consumer electronics (decentralized smartphone).
Stox is an open source, Ethereum based platform for prediction markets. Therefore people can trade the outcome of events in any imaginable category, using STX, a cryptocurrency. The platform is powered by invest.com. It has been designed to allow mainstream people to easily enter into the Crypto space with the STX tokens.
The STOX predictions platform are categorized into tech, politics, crypto and many others in the offing. Furthermore, they will expand the trading landscape and be a useful tool for tapping into the wisdom of the crowd.
Blockchain is actually disrupting many industries and we were impressed with the products at SIRIN Labs in Tel Aviv.
SIRIN Labs envision to become the world’s leader in secure open source consumer electronics. Thereby bridging the gap between the mass market and the blockchain economy. They are looking to offer consumers “free decentralized smartphones”. How will they do this? Through blockchain education. A consumer buys their decentralized smartphone called FINNY for around $1,000. On FINNEY, there will be educational videos from Blockchain startups that will allow the users to learn about the startup and broaden their understanding of Blockchain technologies. By doing this the user gets rewarded. So, in the end, they get their money back and then some, making purchasing FINNY free.
SIRIN Labs’ Products: FINNEY Devices
FINNEY’s state-of-the-art smart products include the FINNEY Smartphone and FINNEY PC. These are consumer electronic products made completely of Blockchain and for blockchain operations. Therefore, they are the first cyber-protected, blockchain-enabled mobile phone and personal computer. They function on Android OS and a suite of cybersecurity technology, offering users a safe and secure access to the blockchain.
SRN is the default currency for FINNEY and the ecosystem encompasses the SIRIN OS (P2P resource sharing micropayments), D-APP service, and the FINNEY products. The FINNEY smartphone will have a built-in cold storage wallet which supports major cryptocurrencies and tokens. What makes the product outstanding is the 3-factor authentication (biometric, lock pattern and behavioral) as well as a physical security switch to protect your crypto wallet.
On the other hand, the FINNEY PC, an All-in-one device will have a thin interface and additional computing power through the SIRIN Labs P2P sharing protocol.
These are consumer products for the future and it feels enlightening to know about them. I guess it won’t be long to see other sectors popping up with similar devices. But for now, the Tel Aviv based SIRIN Labs is on a sprint to launching these secured products into the crypto market soon. Their spokesman is none other than legendary football stars Lionel Messi!
As of now, interested consumers can pre-order the FINNEY products here through the SRN tokens.
What do you know about the Tel Aviv Startup Ecosystem? Share with us in the comments below.
Watch out for the next Episode.