Stax Inc. Study Sizes Impact Of Israeli Business Innovation On Massachusetts Economy
Contributions of $2.4B in revenue and 5,920 jobs help drive the local MA economy; Competition from other states to lure Israeli-related businesses grows
Boston, Massachusetts (I-Newswire) October 19, 2010 - Stax Inc., a global strategy consulting firm, revealed today the findings of a new study: “The Massachusetts-Israel Economic Relationship”. The study analyzes the far-reaching impact of Israeli businesses and innovation on the Massachusetts economy. It also details the key drivers that generated and sustained the long-standing relationship between the Commonwealth and Israeli business leaders, as well as outlining the growing competition from other states to attract Israeli innovation.
According to Stax’s new study, Israeli business innovation contributes to Massachusetts through the revenues and employment opportunities it generates for the local economy. For example, in 2009, Israeli-founded businesses and technologies in Massachusetts generated $2.4 billion in direct revenue. Using government multipliers, this results in $7.8 billion in direct and indirect revenue throughout the local economy. These same businesses directly generated 5,920 jobs in Massachusetts, with 50% of those focused on information technology, 29% on life sciences, and the remainder on other industries such as healthcare and pharmaceuticals. Including the indirect impact, using multipliers, brings total job creation to 21,500 in Mass.
According to Stax’s CEO, Rafi Musher, “The data shows successful partnering between U.S. and Israeli companies in tech and healthcare industries with considerable end-market growth. U.S. executives like how bright and resourceful the Israeli teams have proven to be, especially given how much innovation they produce with limited resources. U.S. companies, and those with capital, are increasingly investing in Israeli R&D and products, distributing them globally, and generating domestic import income for the U.S.”
The new Stax study, which was commissioned by the Combined Jewish Philanthropies, surveyed Massachusetts business executives who work at companies built on Israeli innovation and entrepreneurship. Additional key findings in the report include, but are not limited to:
• Nearly 100 companies in Massachusetts are founded by Israelis or offer products based on Israeli technology.
• Israeli entrepreneurs chose Massachusetts over other U.S. destinations to launch or grow their enterprises due to the deep talent pool, opportunity to be part of an industry cluster, historical relationship, and outstanding business infrastructure (research-heavy companies and those that support them).
• California and Massachusetts remain the most popular choices for Israelis due to its industries and historical relationship. However, some less established cities like Atlanta are competitively seeking Israeli business.
• Most executives who participated in the study saw other states as having potential to compete with Massachusetts for their business. (e.g., tax incentives, relocation expense subsidies, and trade missions from states such as California, Georgia, Virginia, New York, New Jersey and Maryland.)
About Stax Inc.
Stax Inc. is a global strategy consulting firm with offices in Boston, Chicago, New York, and Colomb More..o, Sri Lanka. Stax provides clients with actionable answers based on deep research and analysis. Founded in 1994, Stax works with clients ranging from the Fortune 500 and ten of the top global LBO firms, to middle market private equity firms and their portfolio companies. Stax applies a nimble, collaborative approach to drive well-informed decisions and tangible results. Projects include business and market strategy, customer analyses, marketing analytics and commercial due diligence, with targeted engagements around revenue generation, ROI maximization, and M&A. For more information, visit www.stax.com.Less..
28 West 44th Street, Suite 817
Phone : 212-299-7500
Published On:October 19, 2010
Print Release:Print Release
If you have questions regarding information in this press release contact the company listed above. I-Newswire.com is a press release service and not the author of this press release.The information that is on or available through this site is for informational purposes only and speaks only as of the particular date or dates of that information. As some companies and PR Agencies submit their press releases once per week,month or quarter, make sure to check the official company website for accurate release dates as our site displays the I-Newswire.com press release distribution date only.We do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for or omissions in that information or for actions taken in reliance on that information.
WPP Completes Successful Emergency Maintenance Intervention for Cushman & Wakefield of Texas
Focus Pointe Global Appoints Robert Stephens as Chief Technology Officer
Step In and Cash More – ESalesData Glorify Memorial Day With $500 Cash Back On Purchase Of $5000 And Above
Grab Thomson Data Memorial Day Offer - 20% Off on All B2B Purchase List
GlacialPower Announces Two New DC Input LED Drivers: the GP-LD Series For12V and 24V DC Input Devices