Business Analyst Explains Why ‘You Will Work for Israel One Day’
A column published by business magazine Inc. noted that Israel’s investment in tech research and development is giving it an edge over other countries.
The Jewish state is among the three countries that “understand the connection between today’s R&D investment and tomorrow’s economic success,” wrote contributor Erik Sherman on Thursday.
Indeed, said Sherman, because the US is investing less in R&D these days, and Israel, China and Korea are doing the opposite, we are all liable to be working for one of those countries eventually. “Maybe that’s… why kids might think about learning Chinese, Korean, or Hebrew rather than Spanish, French, or German,” he wrote.
According to Sherman, who also writes for CBS MoneyWatch and Fortune among other publications, Israel’s R&D accounts for 4.1 percent of the country’s Gross Domestic Product. China’s stands at 9%, while Korea’s is at 4.3%. He said other countries, such as the US, say they recognize the connection between R&D investment and success in business but do not act on it.
“Businesses depend on innovation to anticipate the needs of old markets and to meet new markets,” Sherman explained. “And while, of course, you can waste money in R&D and efficiencies can be had, there’s a strong correlation between what you spend and what you get.”