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The Michigan Israel Business Accelerator (MIBA) is excited to announce that we’ve fully resumed hosting corporate delegations from Israel to Michigan! This March, we welcomed a delegation of senior leaders from one of Israel’s largest companies. With this multi-billion dollar company actively exploring expansion opportunities in the United States for 2024, Michigan has emerged as a significant state of interest. Our primary objective for this delegation was to facilitate connections between the leaders of this company and over 25 small to medium-sized businesses from our state’s vibrant ecosystems and government. It was truly an exciting week of connections, during which we cultivated new partnerships and sparked discussions around the evolving innovation landscape.
As matchmakers, our successes wouldn’t be possible without the collaboration of key partners from the economic development ecosystem from around the state who are equally committed to supporting Michigan’s economic growth. Together, we strive to attract top innovations and talent, fostering not only more jobs and economic activity but also enhancing our state's competitiveness. We extend a heartfelt thank you to our partners for this event: the Michigan Economic Development Corporation, Detroit Regional Partnerships, Macomb County, Oakland County, Pure Michigan Business Connect, and The Right Place!
MBN recently spoke with MIBA CEO, Scott Hiipakka, in case you missed it:
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Investor Confidence in Israeli Tech Amidst Adversity: 2024 Survey Highlights |
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Despite the war and the difficult state of Israel’s technology industry, 85% of investors who have previously invested in Israel do not plan to reduce their levels of investment in 2024, according to a survey of 100 investors by research platform, Startup Snapshot. The report was collaboratively compiled by Deloitte Catalyst, the Zell Entrepreneurship Program at Reichman University, FinSec Innovation Lab, and startup advisory firm Consiglieri. Investors, from Israel and overseas, were surveyed regarding the attributes of the Israeli high-tech industry and the impact of recent conflict, economic shifts, and political events over the past year. Remarkably, 80% of respondents said that Moody's decision to downgrade Israel's sovereign rating would not sway their investment intentions toward Israeli startups in 2024. |
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When it comes to risk mitigation amid the uncertainty surrounding the duration of the war, only 17% of investors suggest hiring workers from overseas, only 13% advocate for Israeli startups to register as US corporations, and a negligible 2% recommend startups to transfer their cash outside of Israel. The investors saw how entrepreneurs were coping with the crisis and the strength of the Israeli ecosystem, and this gave them confidence in Israel’s resilience. This is evidenced by the fact that 49% expressed their intention to increase investments in Israel in 2024 compared to last year, which is highly encouraging. The survey covers investors in 30 industries, and almost all of them - 92% - believe that Israel has a significant competitive advantage in cybersecurity. |
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March Madness |
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March 2024 in Israel marked a particular peak in the cybersecurity field, with three Israeli companies being sold for approximately $900 million in total. Flow Security was purchased by CrowdStrike (NASDAQ CRWD) for approximately $200 million. Last week, two more young Israeli cyber companies were purchased for approximately $350 million each: Gem Security and Avalor. Additionally, Israeli VC Team 8, with its origins in cyber security, has expanded its focus to add data infrastructure, financial technology, AI, and digital health. On the consumer goods front, two international chains started operating in Israel: Shake Shack, the US hamburger chain, with 520 branches in 20 countries, with annual sales of $1.7 billion opened its first branch in Tel Aviv. The chain plans to open 15 branches in Israel by 2033 with the next two outlets at the Tel Aviv Port and Rishon Lezion. In recent years, the hamburger industry in Israel has grown rapidly, and estimates are that it generates about NIS 2.5 billion annually (~$680 million). SPAR, the Dutch supermarket chain with more than 13,900 stores operating in 48 countries, announced its first branch in Israel this month. The store will sell 750 of SPAR-branded private label products alongside local brands as well as goods produced for the chain by Israeli manufacturers and farmers. Over the coming months, 10 more branches of SPAR are expected to open across Israel, with 35 in total planned over the next five years. |
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MIBA’s New Israeli Staff Member Visits Michigan for First Time |
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Esther Loewy, the MIBA’s new Israel-based Senior Director of Market Expansion, visited Michigan at the end of February, her first visit to the state. We asked her to share her impressions of Michigan. — Having joined the MIBA team December 2023, I was excited to visit Detroit this past February, meet welcoming Michiganders, and proudly represent Israel. The highlight was finally meeting each MIBA team member in person. Each embodies purpose, passion and professionalism. City Sight and Sounds From the magnificent view of Detroit from The Highlands, to observing Canada from the Waterfront, Detroit represented an eclectic hub of architectural styles, colors and sounds - an amalgamation of old-world charm and modernity. I was intrigued by the range of downtown attractions all within walking distance from The Elevator. Engaging with Startup Nation’s Best to Accelerate Michigan’s Economy During meetings with professionals representing Michigan initiatives in mobility, healthcare and sustainably, I was impressed with the business opportunities available in the state. There was genuine interest in gaining a competitive edge by tapping Israeli innovation. Moreover, there continues to be admiration on Israeli tech’s ability to deliver #NoMatterWhat. A warm welcome was also extended to my fellow American-Israeli, Levi Shapiro, who joined me for a day in Detroit. As the founder of m-Health Israel & Triage Health Tech Ventures, Levi provided insights on future collaborations between Michigan, Japan, and Israeli health tech innovations. Finally, interest was sparked regarding potential “Innovation Challenges” as a fruitful channel for identifying groundbreaking Israeli technologies to better serve Michigan companies. These industry proven challenges appeared to resonate among executives ranging from mobility to healthcare to sustainability. |
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Every month we share just a couple of the many unique and innovative Israeli innovations we’ve come across. Israel is a leader in HealthTech innovations, and we’ve recently encountered two different companies with innovative HealthTech solutions. Exero Medical – Post Surgical Healing Monitoring xBar is a temporary implant that uses data collected directly from the surgical site to analyze recovery real-time and alert if immediate intervention is required. The xBar sensor is designed to monitor physiological processes directly at the surgery site in real time by converting healing information into tangible data that is relayed to the physician. This early detection means lower mortality, fewer follow-up surgeries and shorter hospital stays. The xBar sensor continuously records inflammation and motility markers to monitor the healing process. Electrical inflammatory markers indicate if there is mild, local inflammation, normal for properly healing tissue OR severe inflammation that needs additional attention and possible action. The first generation of xBar is currently in clinical development for gastrointestinal procedures. The next generation xBar will be absorbable by the body after the patient has healed. PatenSee – Contactless Stenosis Detection for Dialysis Patients PatenSee is an emerging, clinical-stage, startup company with a novel, contactless imaging device for the early detection of vascular access complications in hemodialysis patients. The technology uses a unique data stream to mimic a best practice, physical examination. The fistula is the lifeline that connects a dialysis patient to the dialysis machine. It must always be kept clear. For this reason, the fistula must be monitored regularly. The PatenSee System addresses these challenges with its contactless, optical, fistula monitoring system. The system simulates the look, listen, feel and the clinical assessment of the patient’s vascular access by the nurses in the dialysis clinic, but is non-contact, speedy (1 minute instead of 7) and more objective since it is data driven, AI learning analyses, and reports results promptly. If stenosis is found, a real-time alert will be sent to Interventional Radiology (IR) and other staff as needed. |
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Innovation Events in Michigan
Opportunities in Michigan
Other Opportunities
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