Transforming Tragedy into Innovation: Israel’s Response to the October 7 Attacks
Written by Naomi Miller, MIBA Director of Israel Partnerships
Just over a year has passed since the murder of over 1,200 civilians in the October 7 terrorist attacks, the deadliest massacre in the history of the State of Israel. In the ensuing war, “Swords of Iron,” approximately 750 soldiers have died in defense of the country.
In the spirit of Israeli innovation, many are asking, in light of this tragedy and the enormous sacrifice of so many Israelis, what can be done in their memory to contribute to the country’s resilience?
The war has had a huge effect on this small Start Up Nation. While the tech sector makes up about 12% of the workforce, its representation in the IDF Reserves is much greater. The absence of these workers, along with the instability of war, has made investment more challenging and less attractive.
In response, Iron Nation, an emergency impact fund run by volunteers, waives all fees and commissions in the hope of attracting investors. Its first round raised $20 million and has invested in 18 companies.
Another initiative, Next October, is a project headed by Izar Shay, a former Minister of Science and prominent Israeli entrepreneur and investor. It is dedicated to honoring the memory of those lost in the war, including his 21-year-old son, Yaron, through innovation. As Izar stated, “When someone dies, sometimes you plant a tree.Instead of trees, we are going to plant companies.” They aim to fund at least 1,200 early-stage companies.
With Iron Nation and Next October, just two of several initiatives, the iron will and creativity of Israel is transforming tragedy and loss into progress and innovation.
