This city is growing in the global marketplace.
Founded in 1992, the Maryland/Israel Development Center works both locally and abroad to bring Israeli investors and businesses to the United States. Based in Baltimore in the same building as the Department of Business and Economic Development, the MIDC has helped to establish an instant infrastructure for potential companies.
And these companies have money. In the latest study by Globes, Israel?s business newspaper, only California and New England outrank Israel in stateside venture capital.
“The maturity of Israel?s high-tech industry positions it in third place worldwide, after only the U.S. and Canada,” Yoram Tietz, a partner with Ernst & Young Israel said in a statement.
Last year, about $3.36 billion was invested in U.S. Information Technology companies. About $264 million came from Israeli companies.
Trying to get in on these investment dollars, MIDC?s Executive Director Barry Bogage helped launch the MarketReach America program. Over the last four years, MIDC created a variety of programs and networking efforts in both Israel and Maryland through this program. The most recent event was held in Israel in January, drawing nearly 100 companies.
“Israel is a very bright country, very energetic and creative, but the market there is very small;so for Israeli companies to grow, they need to [relocate],” said Abba Poliakoff, chairman of MIDC.
Stateside, MIDC has an event coming up on July 25 and 26 at Johns Hopkins University to help link companies together for the fourth year in a row. Locally, area firms like Novation, Martek, Boulder Ventures, MedImmune and Red Abbey Ventures will attend.
It is hoped these events will support a network of local experts in real estate, insurance, health care and economics to give companies a soft landing when they come to the United States.
“Face-to-face is the only way to do it,” Bogage said. “It?s all about people and we have representatives in Israel on the ground, really pushing the market toward us, letting people know what we do and are very effective as business consultants.”
