Dovi Frances Envisions Israel as an AI Powerhouse
On Monday, Dovi Frances, a founding partner of the Group 11 investment fund, articulated a compelling vision for Israel’s ascendance as a preeminent leader in artificial intelligence during the Accountant General’s Conference, hosted by the Ministry of Finance.
The Israel-based investor underscored the nation’s unparalleled potential, emphasizing the urgent need for the establishment of a dedicated artificial intelligence division within the Prime Minister’s Office, complemented by a budget aimed at developing supercomputing capabilities and critical computational infrastructure.
Frances bolstered his assertions with illuminating statistics: “Despite constituting just 0.4% of the global population, we spearhead 20% of worldwide innovation. Our landscape is punctuated by 350 international development centers, and a notable 10% of our high-tech workforce contributes between 18-20% to the nation’s GDP.”
He further highlighted that between 15 to 25 percent of CEOs in Fortune 500 companies have Jewish or Israeli heritage, alongside noting that Israel boasts 46 unicorns—companies valued over a billion dollars—representing the highest ratio globally, relative to population.
At the conference, Frances detailed the Nagel Committee’s recommendations for a national initiative on artificial intelligence, which encompasses four foundational pillars: the establishment of a national AI division with an adequate budget to offer competitive salaries for skilled professionals.
The creation of an Israeli supercomputer under an investment plan totaling 24 billion shekels; the unlocking of government databases to bolster AI development; and a transformational overhaul of the educational system to cultivate a new cadre of AI engineers and scientists.
He expressed, “Should you believe in a higher power, you must believe in superhuman intelligence. Such intelligence is already ingrained in our existence, poised to emerge imminently.”
Frances also drew a comparative perspective, observing that “the United Arab Emirates, with only 12% of its populace being native-born, has dedicated hundreds of billions of dollars to AI in recent years. In contrast, Saudi Arabia has only a handful of unicorns, a stark comparison to Israel’s 46.”
He argued that the proposed 24 billion shekel investment is merely 3% of what the Emirates has allocated towards AI recently. “This is akin to funding 2.5 F-35 squadrons—a relatively modest investment that could yield substantial returns.
It is imperative that we unite our efforts and cultivate a sustainable AI ecosystem in Israel. The nation stands on the brink of leading a global AI revolution, poised to become an unparalleled AI powerhouse,” he concluded.
Source link: Israelnationalnews.com.
