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Private sector starts up Jerusalem's economy

StartUp Jerusalem, an organisation that aims at creating an economic future for Jerusalem, launched a comprehensive plan for transforming the city into a major international center for industry in the health and life sciences.

StartUp Jerusalem started with identification of a geographic cluster of biotech, pharmaceutical and medical device companies.

Harvard Business School professor Michael E. Porter lent his support to the initiative as its honorary chairman, and was present at the launch on October 18.

Jerusalem based Hebrew University and Hadassah hospital have some of the best R&D facilities in Israel. Among them is Yissum, the country's most experienced technology transfer organisation. The city is also home to a variety of biotech, medical and pharmaceutical companies as Teva, Medinol and Oridion.

The city's private sector initiated StartUp Jerusalem to address the unemployment problem and halt the exodus of young, educated people. It colaborates with the Ministry of Finance, the Ministry of Industry and Trade, the Jerusalem Development Authority and the Jerusalem Business Development Center.

Sources:
Only Punjab
The Jerusalem Post