Israel is known as “startup nation”. That’s because “Israel has the highest concentration of startups per capita in the entire world,” says David Blumberg of Blumberg Capital.
Stossel TV producer Naomi Brockwell went to Israel to find out why.
Blumberg tells Brockwell, Israel took “advice of economists from the University of Chicago, MIT, following in the Milton Friedman school of thought … [they] basically said ‘Israel you have to free the entrepreneurs’.” So Israel got “rid of taxes and tariffs and stupid red tape,” according to Blumberg.
The result was creation of remarkable wealth and opportunity for people in that tiny country.