{"id":1510,"date":"2019-09-08T09:07:04","date_gmt":"2019-09-08T09:07:04","guid":{"rendered":"https:\/\/forbes.co.il\/e\/?p=1510"},"modified":"2023-02-10T08:21:26","modified_gmt":"2023-02-10T08:21:26","slug":"forbes-10-under-30m","status":"publish","type":"rankings","link":"https:\/\/forbes.co.il\/e\/rankings\/forbes-10-under-30m\/","title":{"rendered":"Forbes 10 Under $30M"},"content":{"rendered":"\t\t
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\n\t\t\t\t\t\t\t\t\tNoa Oron | September 9, 2019\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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Forbes 10 Under $30M: The Most Promising Young Israeli Startups in New York <\/h1>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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NYC has been a symbol of success for centuries, a fact that has not been overlooked by the Israeli startup scene. Representatives of the startup nation are setting up shop in the big apple – some following a huge success, some seeking it – all enjoying the benefits of the greatest city in the world. For the first time: Forbes Israel presents: 10 Under $30 million – the most promising Israeli startups in New York<\/p>

The 10 Under $30M list is comprised of fast growing Israeli startup companies who chose New York as their first (or second) home, in order to bring their innovative promise to the U.S. market. Each company has a unique value proposition in its own field, whether it is cyber security, fintech, retail or any other industry in need for new technologies.<\/p>

Our decision process included deep research, conversations with industry leaders, and discussions among Forbes Israel\u2019s editorial committee. We limited our range of choices by looking only into relatively young companies, who have raised no more than $30M in funding (by August 25th, 2019, when the prize was announced to the winners). However, we chose those who have a proven track record of customer engagement and have shown fast growth and success in the U.S. market.<\/p>

Another criterion was that at least part of the founding is either Israeli-born or based in Israel. In fact, most of the chosen companies on the least have their entire R&D centers in Israel, while business units are based in New York.<\/p>

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The chosen companies on the list are part of an interesting industry-focus shift in New York in recent years. \u201cWe used to see mainly B2C companies in the fields of Ad-tech and video in New York, but now we see more new companies in fields such as enterprise software, fin-tech, cyber and retail, focusing on big data and artificial intelligence\u201d, says Guy Franklin, General Manager of SOSA NYC innovation platform. Sosa was recently chosen to build and operate the official Global Cyber Center, as part of the Cyber NYC initiative, one of many tech initiatives of the NYC Economic Development Corporation (NYCEDC) which attract tech companies to the big apple.<\/p>

Big City Life<\/strong><\/p>

Hundreds of Israeli startups are currently operating in New York. Starting an office or operations in the city makes sense, as the startups\u2019 clients and investors are here. New York City is the financial capital of the world, with the biggest financial institutions and banks, as well as leading players in retail and e-commerce.<\/p>

Moreover, New York is becoming a strong hub for tech giants, with Google planning to double its size in the city, and Facebook expanding their offices. Other industry leaders such as Salesforce and Spotify chose New York as their HQ location, as well as many up and coming direct-to-consumer (DTC) brands.<\/p>

One of the hardest things for Israeli startups who move to New York, or to the U.S. in general, is understanding the different ways in which business is done in this market. The cultural differences between Israelis and their American counterparts are huge, especially when trying to close deals. \u201cIsraeli business dealings are very direct and abrasive. If you don’t want to make a deal, you’ll just say so. However, Americans are initially always polite and nice. 99% of Israeli’s can’t tell if the other side really wants a deal, or is just being nice\u201d, says Guy Poreh, founder of Playground accelerator for high growth tech startups in New York, \u201cThis often leads not only to missed opportunities, but creates feelings of frustration and resentment\u201d.<\/p>

One way to overcome cultural differences is hiring local talent. \u201cThe less diversity you have at the get-go, the more difficult it is to create that culture later on, and hence companies should hire local talent as early as possible\u201d, explains Lior Prosor, General Partner at Hanaco Venture Capital, a New York and Tel Aviv based venture capital fund that invests in startups from the Israeli ecosystem, \u201chiring locals that have worked within Israeli companies or foreign companies in the past, who know how to manage the cultural differences, is a big plus\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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THE LIST: 10 Under $30M<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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