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Abstract
This study explores the mechanisms behind the successful venture capital (VC) financing in Israel. Known as the most successful Silicon Valley-style economy, Israel presents an interesting case of effective institutional setting and policies that make the country a high-tech miracle. The analysis was done based on the competitive Diamond model. The results show that the thriving Israeli high-tech clusters are the result of Triple Helix interactions and government-led policies in creating the VC industry, with the financial support of the Yozma program as well as foreign funding. Importantly, government financing did not crowd out, but rather crowded in, private investments. The article provides lessons on Silicon Valley-style management that can be applied to other emerging nations.
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