Israeli technology entrepreneur Shlomo Kramer says in an article in “Fortune” magazine that he and thousands of Israeli entrepreneurs invested thirty years of their lives in turning Israel into a global technology power, and that the judicial overhaul being introduced by the Israeli government threatens to destroy their life’s work.
“The legislation will deprive investors of the necessary protections against government abuse. Without those protections, investors will be more cautious about putting their money in Israel, depriving Israeli startups of the fuel they need to succeed. In short, it will set us back 30 years,” Kramer writes.
Kramer, one of the founders of veteran Israeli cybersecurity company Check Point (Nasdaq: CHKP), who went on to found data security company Imperva and cloud computing company Cato Networks, relates how he and his peers have gradually gone over the past thirty years from having to disguise the Israeli location of their businesses and register intellectual property in the US, to being able base businesses entirely in Israel, thanks to the trust US investors have acquired in the country’s skills and legal structure. He contends that giving the government greater control over the legal system will undermine this trust. “We’re in a dangerous position where we could quickly lose everything we worked for,” he concludes.
Published by Globes, Israel business news – en.globes.co.il – on April 23, 2023.
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