As discussed in the article from our August newsletter entitled, “Intel Buys Out Israeli Tech Firm in the Hopes of Creating Self-Driving Cars!” Intel’s $15.3 billion acquisition of Israeli firm Mobileye was one of the greatest auto-tech transactions this year! The impressive sum of the transaction may not come much as a surprise as Intel’s innovation reputability in conjunction with Israeli technological skill is sure to be a recipe for success in developing what both companies together intend to design: an autonomous car.
As both companies continue to work toward this end, the nation of Israel is beginning to consider the legal and regulatory changes that will need to take place should a self-driving car become a viable option for Israeli drivers in the years to come. Such legal changes will need to consider new manufacturing standards for the companies that create autonomous cars as well as new guidelines that pertain to traffic and insurance laws. In addition, regulations must also be implemented for the commercialization and marketing of such cars. The Israeli government is already planning to begin discussing the regulatory framework that will need to be in place in order for such technological innovation to continue to flourish and for Israeli infrastructure to best be prepared to manage the presence of self-driving cars on the road.
The Israel Innovation Authority explained in its annual report released on Monday (10/9), “there is profound importance in developing local infrastructure to serve Israeli companies in the development and commercialization of technologies and enable them to implement innovative business models.” This determination by the government to create an environment that is conducive to technological success explains why Israel is known as the “Startup Nation,” and demonstrates to other U.S. businesses the commitment that the Jewish State has in ensuring that its companies are able to attain the utmost economic success.