Israel Tech Challenge adds $31.5M to the economy after training 400 new engineers from 20+ countries
The recent global ransomware attack, WannaCrypt, made the world quake with a single piece of malware in the last few days. But not in Israel. It already has the secret weapon to such future scenarios — highly-trained human capital.
The world under constant threats and in dire need for innovation, seeks more engineers. According to the American Bureau of Labor Statistics, by 2020 there will be 1.4 million computer-science-related jobs available in the US and only 400,000 computer science graduates with the skills to apply for those jobs. Even Israel is short of at least 10K engineers according to government officials, and the problem is getting bigger worldwide.
ITC’s goal has been from day one, to foster talent and a community, to open the door for talented young professionals in tech by training them in the most in-demand skills, like cyber security, data science and full stack coding, to help them unlock their potential and bring about technological advancements.
To date, we introduced 400 developers to the industry in the last 3 years alone. The contribution of a new high-tech employee to the Israeli industry is estimated, $210,000 USD a year on average (GDP plus exportation) according to the Israeli Statistics Bureau in 2012. 100 ITC graduates stayed to work in Israel long term, averaging 1.5 years to date. When you do the math, ITC contributed over $31.5M USD to the Israeli economy.
How did we do it?
This all comes down to a simple formula — recognize, grow and place talent in meaningful tech careers in cyber-security, data-science, automotive and many other industries experiencing radical disruption through technology.
And engineers are seeking unique high-level specialization training in fields like cyber security and data science. Israel, the Start-up Nation, can contribute of its world leading expertise in these fields and thanks to its audacious approach to innovation. That is where we stepped in.
Sourcing students from top technology schools including Carnegie Mellon, Brown, Cornell, Princeton, Stanford, Oxford, CalTech, and others, is our specialty.
Companies like Checkpoint, Microsoft, PayPal, Intel and others provide hundred of hours in training, workshops, and hackathons to make an impact on these elite and select groups of engineers later hiring them for their companies.
Hired by over 50 technological companies, international corporates, and Israeli start-ups, industry leaders recognized their worth, offering competitive salaries to junior developers, data scientists and cyber researchers.
The Key to Talent.
Bottom line, we hacked the formula to provide a two-way solution — for the industry, and for our tech enthusiasts. Our students come from varying backgrounds but share core principles in common: they are keen on setting the bar high.
Along with technical abilities, our students display a deep passion for learning and a motivated mindset that allows them to quickly delve into new skills, codebases, and environments — like the Israeli hi-tech scene. They form a real community, a network of young technological professionals in influential positions in Israel and abroad.
They see a promise to learn as well as an opportunity to put these new skills to practice after their training; Like Shimon, a cyber security expert from India working at Sentinelone, or Allie, a full stack UI/UX expert from Silicon Valley working for WalkME Tel Aviv, and Mathias a data scientist researcher at Israel’s Microsoft’s cyber security department.
400 developers is just a highlight for 2017. We’re thinking big and aiming for over 1K engineers by 2021.