Startup Genome published The Global Startup Ecosystem Report 2022 during the London Technology Week. This report contains a summary of the global ecosystem for startups and the most comprehensive research based on data from more than 280 entrepreneurial innovation ecosystems, as well as analyzed data from three million companies analyzed.
For the first time, Palestine was able to compete with other countries after Palestinian talent was largely isolated and succeeded in getting ahead of its peers to be mentioned in the global ecosystem of startups, especially those companies that are supported by the Innovative Private Sector Development Project (IPSD) and funded by The National Bank, which is implemented for the benefit of the Palestinian Ministry of National Economy through the Developmental Alternatives Company (DAI).
The most important things mentioned in the World Startup Ecosystem Report for 2022 regarding the entrepreneurial ecosystem in Palestine are the following:
- The value of the Palestinian startup ecosystem was estimated at $66 million, with a total investment of $9.5 million.
- The Palestinian ecosystem is dynamic, with entrepreneurs benefiting from various programs of support organizations as well as through networking with regional and international networks, particularly in the Middle East, North Africa and the United States.
- The level of education is particularly high among Palestinian founders, with more than 55% of them holding a university degree, and more than 19% holding graduate degrees. At the time of incorporation, 61% of funded founders hold a university degree. Palestine is also home to a very high percentage of youth, and the pool of talent is expanding, with increasing numbers of women and youth participating in the ecosystem.
- Several startups focused on educational technology emerged after the establishment of EdTech Hub in Palestine, including developing online Arabic programming skills for children through the Jill Code and Coachwhizz and Hessa training platform that connects university teachers with school-age children.
- Several tech startups in Palestine are addressing healthcare issues, including telemedicine (Tebfact and Tanaffas), appointment booking systems (Doctor On Time), and companies focused on chronic disease prevention (Wikaya and Dawsat). Jerusalem-based SynergyMed is also dedicated to developing non-invasive solutions for the treatment of cancerous tumors.
- The Palestine Monetary Authority formed the Financial Technology Advisory Group in 2021 and the regulators launched the strategic framework for Islamic financial services to encourage digital transformation and the integration of financial technology among Islamic banks. The PMA also launched a campaign to raise awareness of electronic payment services and e-wallet. As a result, several programs were launched to support startups in the financial technology field, including initiatives from the Intersect Innovation Hub supported by the Bank of Palestine and the Flow Accelerator in partnership with the National Bank.