#BDS: Study: Israeli innovation contributes $2.4B to Massachusetts economy

Economic minister to North America says, 'When Israeli entrepreneurs look to globalize, they seek out places where there is an abundant workforce with higher education degrees'

A groundbreaking study released recently at the New England-Israel Business Council’s 2010 Life Sciences Summit at Brandeis University in Waltham, Massachusetts revealed the scope and impact of Israeli related businesses on the Massachusetts economy.

The new study, “The Massachusetts-Israel Economic Relationship,” conducted by Stax Inc., an independent global strategy consulting firm, shows the impact of Israeli innovation and entrepreneurship on the Commonwealth’s economy, and underscores the importance of Israeli relations to the state, especially in the area of life sciences and high-tech.

Highlights of the study include:

• Nearly 100 companies in Massachusetts are founded by Israelis or offer products based on Israeli technology.

• These businesses generated $2.4 billion in direct revenue in Massachusetts in 2009.

• In total, the direct and indirect revenue impact on the Massachusetts economy was $7.8 billion.

• From an employment perspective, these businesses directly generated 5,920 jobs in Massachusetts.

• Some 50% of these businesses focus on information technology, 29% are in life sciences, and the remainder in other industries.