We delve into Axell’s role in establishing a world-class digital health innovation ecosystem in Italy. Partnering with a forward-thinking local government, they recognised the immense potential of digital health innovation. Together, we partnered to devise a plan for a regional innovation hub.
In the face of universal healthcare challenges, such as data utilisation, research commercialisation, and attracting pioneering tech innovators and investors, this Italian region is proactively planning to transform itself into a thriving digital health technology powerhouse. By establishing an innovation hub, they aim to unite healthcare providers, government bodies, investors, academia, medical companies, global innovation hubs, and insurance providers into one collaborative ecosystem.
How did we embark on this endeavour?
Over three intensive months, Axell, led by CEO & Founder, Moshe Tamir, assembled a cross-functional team of global experts to craft an in-depth detailed strategic and operational plan. The Axell team used their proven research methodology to shape the offering distilling insights from their extensive network of global entrepreneurs, investors, and corporate partners, combined with comprehensive stakeholder consultations.
Our proposal aimed to connect the new innovation hub with Israel’s renowned innovation ecosystem. Axell, based in Tel Aviv, offered valuable insights into how Israel’s ecosystem operates, emphasising collaboration between academia, government, the medical community, and entrepreneurs. This connection contributes to the government’s ability to attract over $15 billion in annual investment. By infusing Israeli entrepreneurial expertise, the region’s digital health innovation will accelerate, establishing itself as an attractive hub for investors.
Israel’s position as a thriving hub for business innovation and startups is supported by various factors:
Strong government support: Israel’s government has provided funding and resources to foster startup growth for decades. Initiatives like the Israel Innovation Authority and tax incentives for investors have contributed to its supportive environment. Israel invests more per capita in R&D than any other country (4.2% of GDP).
Extensive ecosystem infrastructure: The country offers shared workspaces, R&D centres/labs, networking opportunities, and peer-to-peer learning events, promoting collaboration among entrepreneurs.
Strong education sector: With a significant portion of the population holding university degrees, Israel boasts a well-educated workforce, particularly in tech and high-growth industries. Academia plays a vital role in research and development, providing expertise to innovative ventures.
Culture of risk-taking: Israelis are renowned for their willingness to take risks and embrace new ideas, a key trait for entrepreneurial success. This culture is reflected in the startup ecosystem, where bold risks and out-of-the-box thinking are encouraged.
Innovation mindset: Israel fosters a culture of openness and agility, enabling collaboration and adaptability to respond to emerging trends and challenges in venture development.
Access to capital: The country has a robust venture capital industry, attracting investors seeking the next global success story. Access to capital has fueled the growth of new businesses and spurred innovation.
Proximity to global markets: Situated at the crossroads of Europe, Asia, and Africa, Israel enjoys proximity to global markets and customers. This advantageous location makes it an appealing destination for businesses aiming to expand globally.
What would this hub look like?
Picture a bustling co-working space brimming with visionary entrepreneurs, a corporate accelerator that propels ideas forward, and a data and research service that harnesses the power of the region’s information. These would be core to the hub’s service offering.
Recognising the pivotal role community plays in any successful innovation ecosystem, Axell’s plan encompasses an array of supporting services for entrepreneurs, including mentorship programs, R&D tours, and funding opportunities. All housed within a newly built, collaborative space to create an epicentre of digital health innovation in the region.
To bring this vision to life, the hub will require a team of individuals who will cultivate the community, orchestrate programs, and provide strategic guidance on investments and cutting-edge technologies while managing risk. With the creation of new job opportunities and the influx of entrepreneurs moving to the region, the local economy is positioned to benefit from the investment.
We are now in the process of transitioning the plans into action with the aim of launching the hub by early 2024. In the meantime, Axell continues to guide and support our financial services corporate clients as they embark on their own digital transformation journeys.
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