Cheap money is a curse for early stage startups.

There's a story the Israeli MedTech ecosystem tells itself.

1,400+ companies. $3.4 billion in exports. The Startup Nation.

Here's what the story leaves out.

Strip out multinationals selling into Israel, strip out companies already acquired and reporting under US parents, and the independent Israeli MedTech revenue base looks like this:

→ Novocure: $605M (Swiss HQ, R&D in Haifa) → InMode: ~$364M trailing (declining) → Brainsway: $41M (growing but small) → Nano-X: $11M (still burning cash)

Four companies. One real revenue generator.

The rest of the ecosystem either hasn't commercialized, already got sold, or is running on government grants and investor optimism.

The science advances. The commercial ecosystem stays stunted.

This week I published a full breakdown on Clear Thinking