New business training program abroad in Israel, focused on business

UGA Entrepreneurship Students Study in Tel Aviv, Looking for Secrets to the Success of Starting the City

Situated on the edge of the Mediterranean, Tel Aviv is a beautiful place to visit or live. It turns out that this is an even better place to start a business.

The city has become one of the world’s technological startup capitals, with 154 start-ups per capita. These numbers mean that no matter where you go, you will definitely meet someone with an attempt to come up with a new idea.

This entrepreneurship ecosystem is what attracted the first group of students from the University of Georgia’s Entrepreneurship Program more than 6,000 miles from Athens to Tel Aviv this May. They spent weeks studying the social and institutional infrastructure that maintains one of the busiest startups in the world.

“I was struck by how reluctant everyone is to rely on support systems and the communities around them,” said Laura Neely, a rising third-year student studying management information systems. “Despite the competitive business environment, the community of entrepreneurs was eager to help each other and challenge each other.”

Neely was one of 28 students who completed their master’s course in a study course in Tel Aviv Abroad, Exploring the Diverse Ecosystems of Entrepreneurship and Innovation. While the majority of students come from Terry College of Business, the trip attracted students majoring in engineering, fashion merchandising, communications and international relations. They shared an interest in start-up culture and technology companies, said Don Chambers, a senior lecturer at Terry College and associate director of the Entrepreneurship Program.

The course covered the theoretical foundations of creating a healthy business ecosystem. Chambers discussed the process of turning an idea into a business by developing business models and market development.

The students met with dozens of entrepreneurs, including people working in small booths in start-up centers and those who made companies public and now run technology incubators.

Don’t be afraid to fail

One outstanding speaker, according to the students, was Yuval Tal, founder of the Nasdaq Payoneer listed and managing partner of the Team8 Fintech incubator. His key message was that people need to feel that they will survive and learn from failure in order to commit to creating something new.

“It was as if every speaker and company we met consistently told us that their best advice was not to be afraid of failure,” said Benjamin Abrams, a second-year financial and economics student. The Israeli ecosystem was promoted through the government, which created an environment that encompasses failure, and the thinking created by these policies is embedded in its entrepreneurs through “I understand” thinking… I think seeing the results of this way of thinking was undoubtedly the most most of our trip. ”

The city’s 500,000-strong city energy attracts young people from around the world and creates synergies that fuel the entrepreneurial ecosystem, Chambers explained. He wanted the students to leave Israel, able to describe the secret sauce to the success of the launch of Tel Aviv.

Government tax incentives and investment in research and development help entrepreneurship there. But the Tel Aviv community has also developed its own specific entrepreneurial characteristics, said Amelia Milam, a rising fourth-year student studying management information and marketing systems. It is the pursuit and expectation that projects sometimes fail that make the difference.

“Features such as relying on your network and striving to move are factors you can apply in your own company or as you move into the corporate world of your teams,” Milam said. “Understanding them and how to cultivate a culture around them allows you to create a mini-ecosystem like the Israeli one within the walls of your company.

The UGA Entrepreneurship Program plans to once again host a study abroad trip to Tel Aviv in 2023. For more information on the programs offered through the UGA Entrepreneurship Program, please visit www.terry.uga.edu/entrepreneurship.

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