Next47 partner Moshe Zilberstein told Eti Aflalo about the changes in Israel's startup ecosystem at the annual Enterprise Technology Summit held by "Globes" and JP Morgan. He said, "What has happened recently is that funds invested relatively hastily and there was a great deal of money that reached companies in a way that was not natural. Right now the pendulum has swung. In the coming years, companies will be involved in creating value, for their customers, growing in a normal way and adapting to the rhythms of their business.
"Historically, during periods of crisis some of the biggest companies have been born," Zilberstein said. "I think there is something terrible about this period, when money is not as liquid as it was in the past, and we have to think about what we do and how we bring value to our customers. That's why we work very hard.
"In recent years, we have seen companies trying to hire employees at almost any price, all because they needed to grow quickly, with the understanding that an up-round is almost guaranteed around the corner. We are returning to normal where it is not guaranteed. Only if you have created value, can you continue to hire and grow."
Zilberstein also spoke about the coming trends that will lead the tech industry. "There are some trends that are very clear, the data sector is constantly growing, and everything related to data management and storage, especially when it is fed into AI, is very critical. We are also moving to the cloud, corporations too. The cloud is a complex matter, both in terms of costs and in terms of security. But there is no doubt - last week we saw the significant event of the coming years, and that is chatGPT, which is going to change many world orders."
Full disclosure: The conference was held by Globes in partnership with JP Morgan and sponsored by Microsoft, Next47, and with the participation of the Israel Innovation Authority.
Published by Globes, Israel business news - en.globes.co.il - on December 15, 2022.
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