Abstract
AbstractThis chapter documents the emergence of the Israeli venture capital (VC) industry. The process is divided into three phases that spread out over three decades and it is also a vital part of Israel's innovation and technology policy. There was a deliberate policy that targeted VC — besides the importance of bringing in foreign expertise at an early stage, is the importance of designing policy in a way that reassures the existence of a sufficient knowledge base. Moreover, the successful launching of a VC industry hinges on a critical mass of technology-based start-ups for a robust demand side. A truly innovative part in Israel's policy was the inclusion of a mechanism from the very start for the government to withdraw and privatize the venture capital funds.
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