New York, Israel partner on tech

Gov. Andrew Cuomo’s trip to Israel yielded more than a show of solidarity, as the governor signed an agreement Thursday for New York to enter into a $2 million partnership on tech and other economic development with Israel. One aspect of the agreement will focus on a smart cities initiative to share ideas between cities in New York and Israel, while another will direct focus of New York’s Hot Spot and Incubator programs to Israeli companies that want to invest in the state.

But partnership between Israel and New York seems to already be quite strong. A report released by the New York-Israel Business Alliance found that Israeli-founded businesses generated $18.6 billion in New York in 2018. The report also highlights five Israeli-founded unicorns in New York: Compass, Lemonade, WeWork, Taboola and Payoneer. The companies, while headquartered in New York, have Israeli-born or -raised founders.

“The economic relationship is there, and it is strong,” Cuomo during his visit. “We want to make it even better. The future for us in New York is going to be growth in the tech economy. We're also doing very well in tech right now, but we want to do better.” 

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