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Digital payments leader <keyword id="6357940" type="CITY" weightage="100" keywordseo="Paypal">PayPal</keyword>’s fifth edition of the Incubator Challenge is back and the company is inviting application for early-stage financial technology companies, including <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword> across the country specializing in loyalty, machine learning, big data and logistics, among others to compete for a spot in the PayPal Incubator.<br />
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The challenge was launched in 2013 in partnership with The Indus Entrepreneurs (TiE).<br />
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“Enabling and co-creating with our ecosystem has been core to PayPal’s presence in India. The PayPal Incubator, with its state-of-the-art facilities backed by our 17 years of global experience and expertise in the sector, will help budding start-ups compete in a very competitive business environment,” said Guru Bhat – GM Technology &amp; Head of Engineering– PayPal.<br />
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Interested startups can apply for the PayPal Incubator at https://www.paypal-incubator.com/india/apply/. Applications will close on January 31, 2017. Successful applicants will be contacted to undergo two rounds of pitching before the final companies are selected by a jury panel. The panel will include senior leaders from PayPal as well as prominent venture capitalists and entrepreneurs in India.<br />
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To date, the PayPal incubator has hosted ten startups and provides access to global mentors, angel investors and venture capitalists.<br />
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(Image: Thinkstock)<br />

Shout out to fintech startups! PayPal incubator challenge is here

Five new financial technology <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> –Finbox, Neoeyed, Paymatrix, Scalend and <keyword id="4966455" type="ORGANIZATION" weightage="20" keywordseo="tybo">Tybo</keyword> are new entrants into <keyword id="3979043" type="ORGANIZATION" weightage="20" keywordseo="paypal-incubator">PayPal Incubator</keyword> in Chennai. They have been selected by the company for its year-long incubation program, after the final round of pitching during <keyword id="6357940" type="UNKNOWN" weightage="100" keywordseo="PayPal">Paypal</keyword>'s 5th Incubation Challenge which concluded recently. <br /><br />Initially, 10 startups were shortlisted from among 250 applicants who presented to a panel of judges including Guru Bhat, GM Technology &amp; Head of Engineering – PayPal, Anupam Pahuja, MD – <keyword id="284992" type="ORGANIZATION" weightage="20" keywordseo="paypal-india">PayPal India</keyword> and Rama Bethmangalkar, Venture Capitalist, formerly with Ventureast.<br /><br />"In its 5th year, the PayPal Incubator has received an overwhelming response with over 250 applications from early stage FinTech startups – a 150% growth from last year, reflecting both the need for an incubation program, as well as the FinTech industry’s potential," says Guru Bhat, GM Technology &amp; Head of Engineering – PayPal. <br /><br />During the one year of incubation, the winning startups will get technology counsel and mentorship, infrastructure support and networking opportunities with both investors and customers. PayPal will also be picking up an undisclosed stake in each of the selected startups this year.<br /><br />"Our incubation program is designed to help our newly incubated startups script their own success stories by facilitating access to PayPal’s expertise in cutting-edge technology and by enabling them to leverage PayPal’s market leadership around the world,” says Mr Bhat.  <br /><br />As of now, PayPal's India incubator is aiming to drive innovation across the FinTech industry with a focus on startups in financial technology as well as adjacencies like loyalty, machine learning, big data and logistics among others. <br /><br /><strong>Here's are the services being offered by PayPal's 5th Incubation Challenge winners:  <br /></strong><br /><strong>FinBox</strong> - A software-as-a-service lending platform that enables lenders to digitise the user’s journey and underwrite. The startup’s application programming interface enables lenders to validate identity, underwrite using data from traditional and non-traditional sources, and cross-sell financial products to their customers. <br /><br /><strong>NeoEYED</strong> - A US-headquartered startup that helps businesses simplify the login and registration processes on mobile applications, enabling them to generate more revenues and improve user security. <br /><br /><strong>Paymatrix</strong> - An analytics-driven property rental management platform that streamlines rent payments and collections. The platform’s dashboard provides solutions for end-to-end rent management including tenant screening, credit facilitation for rent deposits, rent documentation, rent automation, renters and landlords insurance, and also facilitates interaction between tenants and landlords. <br /><br /><strong>Scalend</strong> - A ready-to-use, artificial intelligence-enabled customer insights platform for financial services companies. The platform combines proprietary AI models with big data Hadoop’s unlimited storage and computes power to help BFSI and fin-tech companies generate actionable insights around omni-channel customer journeys and back-office optimisation. <br /><br /><strong>TYBO</strong> - A cloud-based omni-channel e-commerce platform designed for home-based and small-sized businesses. It provides the merchant with a single view of their evolving business across multiple sales channels. The platform also enables end-to-end integration with the supplier system and saves time by importing products directly into their store.<br /><br />Only last month, PayPal had set up two innovation labs at its Chennai and Bangalore tech centres - both its first such facilities in India and third globally after the US and Singapore. In a bid to strengthen its position in the Indian market, it is believed PayPal has reportedly sought a wallet (prepaid payment instrument) licence from the Reserve Bank of India.<br />

Meet the top 5 Indian Fintech startups which will be incubated at PayPal's Chennai Lab

<p>Hello, </p><p>Welcome back to Trending, the newsletter where we highlight BI Prime's biggest tech stories of the week. I'm Alexei Oreskovic, Business Insider's West Coast bureau chief and global tech editor.</p><p>If this is your first time reading Trending, <a href="http://newsletter.businessinsider.com/join/4np/trending">here's how you can get it in your inbox every week.</a></p><h3>This week: Microsoft's cloud crew is getting ready to rumble, but Amazon is squaring off with Trump</h3><p>By now there's nothing novel about Donald Trump's twitter attacks, which have targeted political rivals, critics, and companies that, for one reason or another, have earned his ire.</p><p>But Amazon's recent challenge to the Pentagon's JEDI contract decision shows how the President's personal version of call-out culture has become part of the industry's competitive landscape. In this case, Amazon is citing Trump's comments as evidence that the Pentagon's process for awarding the $10 billion contract was inherently biased, given <a href="https://www.businessinsider.com/amazon-blames-trump-touts-technical-superiority-over-microsoft-2019-12">the commander-in-chief's very public antipathy</a> toward Amazon and its founder.</p><p>As Julie Bort writes, Amazon argues that its experience providing <a href="https://www.businessinsider.com/amazon-says-cloud-objectively-superior-microsoft-nitro-chip-2019-12">cloud services to the CIA and its proprietary Nitro smart cards</a> made its technology "objectively superior." The only explanation passing Amazon over must be Trump, the company says. But as Bort points out, Amazon's claims to technological supremacy aren't as convincing as they once might have been. Microsoft also has its own smart-card technology and has worked on a smaller cloud project with the CIA.</p><p>While Microsoft's Azure cloud still lags considerably behind Amazon Web Services in market share, the company is prioritizing its cloud business. Check out Rosalie Chan and Ashley Stewart's report on <a href="https://www.businessinsider.com/microsoft-azure-cloud-power-players-2019-11">the team of high-powered execs and technical hotshots</a> that Microsoft assembled to lead its assault on Amazon's cloud. From AI to security and sales, the Azure A-team is broad and deep.</p><h3>Read the full story here:</h3><h3><a href="https://www.businessinsider.com/microsoft-azure-cloud-power-players-2019-11">Here are 19 of the most important executives leading Microsoft's cloud business as it takes on Amazon Web Services</a></h3><h3>What does Adam Neumann have to do with your 401(k)?</h3><p>If you thought that only WeWork insiders and venture capital investors felt the impact of the office-sharing company's <a href="https://www.businessinsider.com/inside-weworks-all-staff-meeting-after-softbank-deal-2019-10">fizzled IPO attempt</a>, Troy Wolverton's lastest report makes for sobering reading. </p><p>Mutual funds, in their quest for better returns, have been adding investments in private tech startups to their portfolios in recent years. <a href="https://www.businessinsider.com/mutual-fund-investments-in-startups-wework-pose-risks-average-investors-2019-12">And that includes WeWork,</a> which until recently was one of <a href="https://www.businessinsider.com/top-ad-agencies-pitched-for-wework-account-before-failed-ipo-2019-12">the most-hyped startups.</a></p><p>The funds' stakes in these startups are relatively small, in part because regulations cap so-called "illiquid investments" at 15% of a portfolio. One of the funds with the most exposure to WeWork was the John Hancock Mid Cap Stock fund, for which WeWork comprised 0.77% of its investments.</p><p>As Wolverton points out though, even such small investments come with a special risk. The lack of liquidity in private company shares means that funds have an easier time swapping out holdings in public companies, and that can amplify a fund's exposure to sputtering startups. </p><p>Mutual funds don't make it easy to find out which private startups they invested in. But if you're wondering about your 401(k)s recent performance, you might want to roll up your sleeves and see if you have any WeWork exposure.</p><h3>Read the full story here:</h3><h3><a href="https://www.businessinsider.com/mutual-fund-investments-in-startups-wework-pose-risks-average-investors-2019-12">WeWork's meltdown was supposed to leave everyday investors unharmed. It didn't, and you probably don't even realize if your 401(k) took a WeWork hit.</a></h3><h3>Google's curious disappearing act from Area 120</h3><p>While we're on the subject of transparency and fine print, Rob Price has a look at some <a href="https://www.businessinsider.com/google-area-120-apps-dont-clearly-disclose-ownership-2019-12">popular smartphone apps with a secret.</a></p><p>These apps, with names like Pigeon and Rivet, are focused on job-hopping, transportation, and education, and they are made by Area 120. If you're reading this, you're more likely than most to know that Area 120 is a Google incubator for new apps. </p><p>But people who don't follow the tech industry closely - who are among the target audience for these apps - likely have no idea that Area 120 has anything to do with Google. And they wouldn't be enlightened when downloading the apps. As Rob notes, there's no mention of corporate ownership when users download or boot up the apps on iPhones. The Google relationship is disclosed on the apps' standalone websites, but how often do people check out websites for apps they download?</p><p>As Rob writes, Google's lack of transparency raises important questions just as Big Tech is under scrutiny:</p><p><em>"Should established firms have a responsibility to make clear when they're behind buzzy new products? How much onus is on ordinary users to thoroughly research apps before installing them? And if tech companies know their users won't read the fine print, do they have an obligation to do more to keep them informed?"</em></p><p>As <a href="https://www.businessinsider.com/big-changes-sundar-pichai-can-make-at-google-alphabet-2019-12">Sundar Pichai takes over as CEO</a> of Google parent company, Alphabet, these might be some good questions for him to think about. </p><h3>Read the full story here:</h3><h3><a href="https://www.businessinsider.com/google-area-120-apps-dont-clearly-disclose-ownership-2019-12">Google has built a handful of buzzy new apps to help kids read and make commuting easier, but it doesn't clearly disclose it owns them</a></h3><h3>Here are some other tech highlights:</h3><ul><li><a href="https://www.businessinsider.com/erin-valenti-death-remains-mystery-2019-11">A 33-year-old Utah startup founder went to Silicon Valley on business and was found dead in her car a week later. Erin Valenti's family searches for answers following her mysterious death.</a></li><li><a href="https://www.businessinsider.com/palantir-took-over-from-google-on-project-maven-2019-12">Palantir grabbed Project Maven defense contract after Google left the program: sources</a></li><li><a href="https://www.businessinsider.com/bluejeans-network-startup-employee-layoffs-profitability-push-2019-12">The Derek Jeter-backed startup BlueJeans Network, last valued at over $700 million, just cut 40% of its workforce as Silicon Valley's focus on profitability grows</a></li><li><a href="https://www.businessinsider.com/honey-pitch-deck-before-paypal-4-billion-acquisition-2019-12">Honey, a coupon company that got acquired by PayPal for $4 billion, used 8 essential slides to raise money from venture capitalists when it was a startup</a></li><li><a href="https://www.businessinsider.com/oracle-manager-lawsuit-university-education-practices-2019-12">A former employee is suing Oracle, alleging the company sold customers phantom products and forced him out when he complained</a></li></ul><h3>And more good stuff from across the BI newsroom:</h3><ul><li><a href="https://www.businessinsider.com/all-the-big-digital-media-deals-that-happened-in-2019-2019-12">2019 was one of the most tumultuous years in media history, when thousands of jobs were lost and subscription models grew like wildfire</a></li><li><a href="https://www.businessinsider.com/retirement-savings-advice-annuities-richard-thaler-nobel-winning-pimco-economist-2019-12">Richard Thaler won a Nobel prize for calling out irrational financial behavior. He explains what most people get wrong about saving for retirement.</a></li><li><a href="https://www.businessinsider.com/dna-testing-business-strategy-23andme-ancestry-helix-2019-11">The DNA-testing 'fad' is over, and one company just halted operations. The CEOs of Ancestry and 23andMe reveal how they're fighting back.</a></li></ul><p>Thanks for reading, and remember, if you like this newsletter, <a href="http://newsletter.businessinsider.com/join/4np/trending">tell your friends and colleagues they can sign up here to receive it</a>.</p><p>- Alexei</p><p class="tagline"><a href="https://www.businessinsider.com/intelligence/40-big-tech-predictions-for-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=wework&amp;itm_campaign=40-big-tech-predictions-for-2019-2"></a></p>

Microsoft's cloud crew is ready to rumble but Amazon is squaring off with Trump

<p><em>Welcome to <strong>The Fintech Briefing</strong>, a morning email providing the latest news, data, and insight into disruptive fintech in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> and Ireland, the Continent, and beyond, produced by <a href="https://intelligence.businessinsider.com/" target="_blank">BI Intelligence</a>.</em></p><p><strong>Want to receive The Fintech Briefing to your inbox? Enter your email in the box below.</strong></p><form action="http://e.businessinsider.com/s/The+Fintech+Briefing" method="post"><p><strong><label for="email">Email:</label></strong>  <br /> </p></form><p><strong>WHAT'S HOLDING SWITZERLAND BACK IN FINTECH: </strong>Financial services is an integral part of Switzerland's economy at <span>£57 billion </span>(<span>€73 billion, </span>$82 billion) or 13% of the nation's GDP. Further, about 5% of the country's workforce is employed in the industry. The problem is that the country has thrived historically as a place where people can store money in secrecy. But now countries like the US are cracking down on this practice and making it more difficult for foreigners to use the Switzerland's banking system to hide their assets. For Switzerland's financial services industry to succeed in the long term it must reinvent itself, according to a <a href="https://www.finextra.com/finextra-downloads/newsdocs/Swiss-FinTech-Report-2016.pdf" target="_blank">report</a> from Ernst and Young.</p><p>Bolstering fintech could be the answer to Switzerland's financial services problem. The digitisation of financial services is improving the user experience as well as opening up new markets that have historically been difficult to monetise. And institutions that don't innovate will fall behind. Switzerland boasts a number of features that make it a fertile environment for fintech innovation - economic and political stability, a highly educated population, and significant cash holdings. In fact, the country tops the <a href="https://globalinnovationindex.org/userfiles/file/reportpdf/gii-full-report-2015-v6.pdf" target="_blank">Global Innovation Index</a> published by WIPO.</p><p>But Switzerland also faces unique challenges as a fintech hub:</p><ul><li><strong>Burning through capital:</strong> Starting a business in Switzerland can be particularly expensive. Salaries, rent, insurance, and cost of living are all very high relative to other markets. And because of Switzerland's location in Central Europe, startups are often expected to launch in many markets throughout Europe almost immediately.</li><li><strong>Engaging young entrepreneurs: </strong> Despite being a global leader in innovation, Switzerland has the smallest percentage of young entrepreneurs (ages 18-24) in comparison to other countries competing in the fintech landscape, according to data cited by Ernst and Young.</li><li><strong>The offshore money isn't going to fintech: </strong> While Switzerland benefits from troves of cash that could potentially be used for venture funding, the incubator and venture community is relatively undeveloped in comparison to other fintech hubs like London and New York.</li></ul><p>The Swiss government could overcome many of these hurdles by taking a more proactive role in developing a fintech community modeling London. Tax breaks and other incentives could help reduce the expense of starting a fintech business in Switzerland while a more permissive regulatory environment for startups would enable fledgling companies to compete with legacy players nationally and globally. </p><form action="http://e.businessinsider.com/s/The+Fintech+Briefing" method="post"><p><strong>LLOYDS MAKES FINTECH HIRE: </strong>Lloyds Banking Group has hired Han Veldwijk as its "head of fintech discovery," according to the <a href="http://www.efinancialnews.com/story/2016-02-08/lloyds-appoints-head-of-fintech">Financial News</a>. Veldwijk <strong>, </strong>who began his new role in January, was previously head of digital transformation at Dutch lender Rabobank. At Lloyds he'll work on developing new fintech products and services and building relationships with London's fintech community. While at Rabobank, he held a similar role, primarily structuring fintech partnerships and starting digital ventures, like a millennial-oriented banking service.</p><p><strong>Lloyds is working to improve its digital assets. </strong>The firm announced plans in October 2014 to invest £1 billion (<em>€</em>1.2 billion, $1.4 billion) to develop its digital presence across divisions, according to the Financial News.</p><p><strong>In the face of disruption from challenger banks, it's becoming crucial for UK high street banks to upgrade digital technology and build relationships in the fintech community. </strong></p><ul><li><strong>Challengers are well-funded. </strong>Atom Bank recently closed an £82 million (€105 m<span>illion, </span>$118 million) funding round led by Spanish bank BBVA, bringing its total to £135 million (€174 m<span>illion, </span>$194 million) before its launch. And Starling Bank, another millennial-focused challenger, recently closed a <span>£</span>40 million (<span>€</span>62 million, $70 million) funding round - indicating that investors view this as a promising industry,</li><li><strong>Brits are using fintech.</strong> <a href="http://www.ey.com/GL/en/Industries/Financial-Services/ey-fintech-adoption-index?utm_source=Triggermail&amp;utm_medium=email&amp;utm_campaign=Post%20Blast%20%28bii-payments%29:%20Amex%20reinstates%20steering%20provision%20%E2%80%94%20Fintech%20firms%20could%20increase%20bank%20partnerships%20%E2%80%94%20Early%20success%20for%20PayPal%20OneTouch&amp;utm_term=BII%20List%20Payments%20ALL">14%</a> of digitally active UK adults have used at least two fintech services in the last month, and that number rises to 25% in London.</li></ul><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/56b9b8a2dd089567618b4720-960/bii-top fintech adoption rates_12.23.15.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>BI Intelligence</span></p></div><p></p></div></div></p><p><strong>Enjoying The Fintech Briefing? Enter your email to receive it directly to your inbox. </strong></p></form><form action="http://e.businessinsider.com/s/The+Fintech+Briefing" method="post"><p><strong><label for="email">Email:</label></strong>  <br /> </p></form><form action="http://e.businessinsider.com/s/The+Fintech+Briefing" method="post"><p><strong>UK TECH FIRMS WANT SETTLEMENT ACCOUNTS: </strong>Major tech firms that operate in the UK are reportedly in talks with the Bank of England to gain proprietary access to the country's payments system infrastructure, according to <a href="http://www.telegraph.co.uk/finance/bank-of-england/12145293/Fintech-firms-want-to-open-accounts-at-the-Bank-of-England.html">The Telegraph</a>. As it currently stands, fintech firms are forced to pay major banks for secondhand access to the system.</p><p>That's extremely expensive for the tech firms, and also forces companies building disruptive technology to rely on the country's major banks - as of now, <a href="http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11920354/Payments-system-to-be-smashed-wide-open-for-challenger-banks.html">400</a> smaller firms pay 10 large players for access to the system. Current talks are expected to lead to wider industry discussions, with a decision coming by the end of 2016.</p><p><strong>Small banks are about to gain access to the UK's Faster Payments Scheme. </strong>10 banking firms have signed letters of intent indicating interest in building systems that allow smaller banks direct access to the UK's payment rails, according to <a href="http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11920354/Payments-system-to-be-smashed-wide-open-for-challenger-banks.html">The Telegraph</a>. But fintech firms are still restricted since many do not have banking licenses.</p><p><strong>Giving fintech firms access to payment infrastructure will open the door to competition. </strong>These firms, which include regulated, low-risk companies like PayPal, could pass on the money they save from direct settlement access to their customers in the form of lower rates for services like wire transfers. That could make them more appealing to customers looking for the cheapest possible payment option, and thereby make digital-oriented firms increasingly competitive in the eyes of major banking institutions.</p><p><strong>FINTECH AROUND THE WORLD...</strong></p><ul><li><strong>Istanbul banks are seeking to grow fintech.</strong> In partnership with Istanbul University and Ozyegin University, Turkish banking consortium BKM has launched Fintech Istanbul, an industry group that "seeks to nurture the emerging ecosystem through the provision of training and the sharing of ideas and information between banks and startups," <a href="http://www.finextra.com/news/fullstory.aspx?newsitemid=28431" target="_blank">according</a> to Finextra.</li><li>US-based <strong>Fifth Third </strong> bank <a href="http://www.digitaltrends.com/cool-tech/samsung-patents-vein-identification-sensor-on-smartwatches-to-trigger-payments-playlists/" target="_blank">will add</a> Touch ID to its iOS app. The technology will allow users to use their fingerprint to log in and authenticate a variety of transactions. The bank, which added Touch ID in response to customer requests, saw mobile banking use increase by 43% from 2014 to 2015.</li></ul></form>

THE FINTECH BRIEFING: How to grow Swiss fintech - Lloyds hires former Rabobank Exec - UK startups want BOE accounts

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Kacper Pempel</span></p></div><p></p></div></div>The New Yorker once called Stanford "a giant tech incubator with a football team."</p><p>Although the publication clearly intended this as an insult, it's also an ode to the dominance that Harvard and Stanford have held over Silicon Valley in the last few decades.</p><p>Alumni of these institutions have founded an impressive list of companies including Facebook, Instagram, PayPal, Google, Netflix, LinkedIn and Snapchat.</p><p>In fact, according to Pitchbook, companies led by graduates of these two organizations garner almost 50% more funding than their closest competitors.</p><p>So does that mean that Harvard and Stanford are the best training ground for entrepreneurs? Maybe not.</p><p>Although these schools may dominate Silicon Valley, it's helpful to remember that there's more to "tech" than the Bay Area, and as innovation infects traditional fields such as agriculture, healthcare, banking, government, transportation, etc… the relevance of local and international tech clusters - and therefore tech feeders - can only grow.</p><p>One such region worth examining is Israel, a country that produces more startups per capita than any other nation in the world:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Nasdaq</span></p></div><p></p></div></div></p><p>Once we account for the relative success of "Startup Nation" two new contenders for "Startup U" begin to emerge - Israel's elite 81 and 8200 units; military intelligence detachments responsible for signal intelligence, code decryption and tech-enabled ordnance. In other words: cyber spies.</p><p>Richard Behar provides an excellent analysis of these units in Forbes, detailing how they have emerged as legitimate heirs to Silicon Valley, founding notable companies such as Waze, Wix, ICQ, CheckPoint, Palo Alto Networks, Mirabilis, NICE, Outbrain, AudioCodes, Gilat, Leadspace and Ezchip.</p><p>So why are graduates of the 81 and 8200 so successful?</p><h2>The Cauldron of Entrepreneurship</h2><p>The units can attribute their inimitable success to a host of factors including selection bias, training, culture and dedication. First, the 81 and 8200 have access to the nation's best and brightest. Every country yields a handful of technological savants each year, and Isreal is no exception: The Financial Times tells the tale of a 19 year old applicant that reverse engineered a USB drive to become a hacking tool and two 17 year old hopefuls that built a working cellphone from scratch.</p><p>But unlike the United States, where top students have the option of attending Stanford, Caltech, Harvard or MIT, military conscription is compulsory in Israel. Although only half of conscripts eventually serve, this still gives the units their choice of the "top 1% of the 1% of the country."</p><p>Given that the entire 8200 numbers fewer than 5,000, that yields a level of selectivity greater than Harvard, Yale, Princeton, MIT, Caltech or Stanford. Furthermore, while exact figures are unknown, Unit 81 is reported to be even more discerning.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Tiller Partners LLC</span></p></div><p></p></div></div></p><p>Second, new recruits have access to some of the best training in the world. While the official syllabus is confidential, interviews with 81 and 8200 alumni describe a curriculum that is a mix of academics (e.g. physics, mathematics, computer science), practical knowledge (e.g. big-data, IT infrastructure, machine learning, natural language processing) and "tradecraft" (e.g. hacking, virtual spying).</p><p>Perhaps more importantly, however, are the critical-thinking skills fostered by the program. In a piece in Forbes, Israeli VC and 8200 alum Inbal Arieli calls the unit a "boot camp for the mind" where students are "put into small teams where [they] study, brainstorm, train, analyze [and] solve problems, from early in the morning to very late at night". The fact that most entrepreneurs spend at least half of their time problem-solving makes this instruction particularly germane. Third, the embedded entrepreneurial culture of the 81 and 8200 (and some would argue Israel as a whole), is very similar to that of a startup.</p><p>In general, the Israeli Defense Force (IDF) tends to be much less hierarchical than other militaries. But even in that relatively flat structure, the 81 and 8200 enjoy a special place. Unlike most military units, disruptive conduct and challenges to authority are not only tolerated - they're encouraged. As alum and serial entrepreneur Rami Efrati says, "in intelligence, you can't work only by rules."</p><p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><p class="source"><span>Richard Heathcote/Reuters</span></p></div><p></p></div></div>The democratic cultures also foster a leadership style that is conducive to launching a startup. 81 and 8200 officers are often forced to lead their peers, which means that they can rarely rely on antiqued authoritarian management methods. To be successful, leaders must develop a transformational style - one that emphasizes long-term aspirations, shared challenges and inspires team members with a sense of purpose and excitement. This is a powerful trait for young CEOs, who often need to attract capital, talent and customers solely on the strength of their vision.</p><p>Finally, the units have a unified sense of purpose - an esprit de corps driven by ample resources and a resolute motivation to stay on the vanguard of technological development. While becoming the next Mark Zuckerberg or Evan Spiegel may serve as strong motivation for a California-based entrepreneur, many would argue that it pales in comparison to the responsibility of national security. Military intelligence officers believe that they serve a critical function in the protection of the nation. The 8200 was created as a response to a massive intelligence failure - the surprise invasions of Egypt and Syria that led to the Yom Kippur War - and Israel has dedicated a significant amount of its budget to support its overall mission through intelligence and R&amp;D. </p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>OECD</span></p></div><p></p></div></div></p><p>These shared goals undoubtedly catalyze the development of grit and "hustle" - essentials for entrepreneurial success - and also give alumni an extremely strong support network to lean on through challenging times. Reunions and networking events are common, and soldiers grow strong friendships that lead to lasting business contacts for years to come. If the maxim "you are the average of the people you spend the most time with" holds any merit, then 81 and 8200 graduates are in good company.</p><h2>Where are the Israeli Unicorns?</h2><p>Although the 81 and 8200 get most of the press, they are by no means the only relevant unit in Israel. There's also Matzov (part of the communication corps), Unit 9900 (visual intelligence division) and Air Force Intelligence. And many believe the umbrella of "Startup Nation" spreads even further: Moran Bar and Reut Shechter of Geektime argue that military service of any type is conducive to producing strong entrepreneurs.</p><p><div class="KonaFilter image-container display-table float_left float_right"><div><div class="image on-image"><p class="source"><span>AP</span></p></div><p></p></div></div>But there may be one glaring flaw to the highly specialized background of these soldiers - the fact that "tech" is just one piece of the complicated puzzle of building a successful business. Indeed, history is littered with examples of technically superior products failing spectacularly, which reminds us that many other elements are just as, if not more, important to building a lasting enterprise. </p><p>Early-stage entrepreneurs must not only focus on their product, but also on design, branding and user experience; recruiting and management of key employees; budgeting and capital allocation; and, of course, marketing and distribution. After all, it was Reid Hoffman who taught us that, "having a great idea for a product is important, but having a great idea for product distribution is even more important."</p><p>Unfortunately, interviews we conducted with several 81 and 8200 alumni reveal a potentially endemic problem among Israeli entrepreneurs - many continue to hold the view that "technology is king" and tend to build technology-based features rather than complete products or companies. And even the founders that don't fall into this trap may find it difficult to receive the commercial expertise they need in the Israeli startup ecosystem.</p><p>While I won't opine on the quality of 'business' talent coming out of Tel Aviv, I will say that Silicon Valley is still a hot bed of expertise in these areas, with alums from Facebook, Apple and Google producing a steady stream of aptitude in the fields of growth hacking, branding, customer relations, strategy and business development. There's also the question of leadership at scale.</p><p>While 81 and 8200 graduates get a lot of experience leading small, agile teams - which is undoubtedly vital to the success of a fledgling enterprise - many alumni report that they're much less comfortable operating in highly structured and rigid environments. And since, almost by definition, bureaucracy increases with size, many of the strengths noted above may turn into weaknesses at scale.</p><p>Indeed, the scourge of "Startup Nation" has been its inability to scale and penchant for early (and relatively modest) exits. </p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>IVC Research Center, NVCA Yearbook</span></p></div><p></p></div></div></p><p>Despite having several strong advantages, CB Insights only lists two Israeli unicorns on its list of 169. As The Times of Israel points out, "traditionally, foreign investors have snapped up Israeli companies while they are still in their infancy and at low valuations."</p><p>Given that we've previously shown that at least 3 unicorns have been created each year for the past 20 years, what can 81 and 8200 graduates (and Israeli entrepreneurs as a whole) do to increase participation in this list? Should founders relocate to Silicon Valley to have access to top commercial talent? Should they expand into China and take advantage of the massive consumer market? Should they be patient and stay in Israel and benefit from the maturing startup scene? </p><p>Would love to hear your thoughts!</p><p><em>Tory Green is a principal at Tiller Partners, a Los Angeles-based VC (<a href="http://www.tillerpartnersllc.com/" target="_blank">www.tillerpartnersllc.com</a>). </em><em>Special thanks to Csaba Konkoly for advice and input, Kamil Zarychto for in-depth research and analysis and Liron Azrielant for her superb insight into the startup ecosystem in Israel.</em></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-you-shouldnt-pick-your-nose-2016-8">Forget the gross factor: There are serious health reasons for why you shouldn't pick your nose</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="1pazFjNTE6buJprUTtYVUNrTwOKhWrwa" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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