Entrepreneurs and founders of leading high-tech companies in Israel have united and sent a scathing letter to Prime Minister-designate MK Binyamin Netanyahu, in which they demand that he maintain the status quo in Israeli society and stop the ever-increasing snowball which, according to them, will ultimately severely damage the Israeli economy and drive away investors from Europe and from the USA.
"We, entrepreneurs and founders of start-up companies in Israel, investors and managers of venture capital funds, turn to you with concern in view of the devastating consequences for the economy in general, and the high-tech industry in particular, that may arise from the legislative moves taking place these days in the Knesset," the entrepreneurs wrote in the letter.
"As citizens, we respect the results of the recent elections that reflect the will of the people and believe that you as Prime Minister will act in the interest of all the citizens of Israel. However, harming the status of the court, as well as harming the rights of minorities based on religion, race, gender or sexual orientation - will be A real existential threat to the magnificent high-tech industry that has been built in Israel with great effort, over the past three decades.
Haifa Science and High-Tech Park, photo: Moshe Tzur Architects, City Builders (visualization)
Legal stability - a necessary condition for investors
The letter was signed by, among others, Erez Shahar, Co-Director of Kumara Capital, Nir Tzuk, founder of Palo Alto - the largest cyber company in the world, Shlomo Kramer, founder of Kato Networks, Orni Petrushka, high-tech entrepreneur, Hami Peres, founder and CEO of Pitango, Ilan Shiloh, partner Director of First Time Ventures, Alan Feld, founder and co-director of Vintage Investment Partners, Noam Kaiser, partner in venture capital fund Intel Capital, Eyal Waldman, chairman of Waldo Holdings and more.
"In recent years, the local high-tech industry has flowed billions of dollars, every year, from international investors, who come overwhelmingly from the US and Europe.
These investors are of course looking for financial returns on their investment.
but also share significant fundamental values with the countries and industries in which they invest.
Legal stability is a necessary condition for international investors and helps them invest in certain countries.
On the other hand, the lack of such stability drives them away to other countries.
"The undermining of trust in the Israeli justice system and, as a result, in Israeli democracy, and legislation that calls into question the basic and fundamental rights of every individual, may discourage those investors who have driven the growth of this wonderful industry."
Netanyahu.
Will stop the snowball?, photo: Dodi Vaaknin
The entrepreneurs also added in their letter and said that "following the potential flight of investors, we may also see an influx of technology companies, all of which are essentially international companies, outside of Israel, as well as their tax payments. Someone like you understands and knows that this could have devastating consequences for the economy and society in Israel .
"As citizens whose country is important to them, we must not allow this to happen. Do not allow a hand to harm Israel's position in the world and the continued growth of the Israeli economy for the benefit of all the citizens of the country. We demand that you stop the intensifying snowball, steady the ship and maintain the status quo between all parts of Israeli society ".
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