Business
Finally, A Bank
That Actually
Wants
To Work Hard
For You.
Scott J. Seligman, Chairman
and Stephen H. Adams,
Banking d' Commercial
Lending Officer
Most people know that Sterling Bank & Trust
has a history of paying consistently competitive
Annual percentage
yield accurate as of
2/2/98 and subject
to change without
notice. $2,500
minimum balance
required on money
MONEY MARKET
4.60%
interest rates. But do you also know that Sterling
is a full-service bank, and can help you with your
Elam's stay at Har Hotzvim was
particularly beneficial because it
enjoyed the support of leading high-
tech firms like Intel and AVX.
"Our initial prototype was devel-
oped on Intel equipment," says Yoel
Ganor, Elam's operations manager.
Many Elam staff worked at Intel
before joining the company.
"The incubator made it easier to
find investors and to link up with the
chief scientist," says Ganor. "We
learned how to present ourselves and
draw up a business plan. The whole
process was quicker than it would
•
have been if we'd done it alone."
In June, Ms. Pridor announced
that in the next few years, the incu-
bators would be reduced from 26 to
about 20, mostly through mergers.
She gave many reasons for her deci-
sion, but the two main ones are
declining Russian immigration and a
leveling off of ideas. When the incu-
bator program began it received
thousands of ideas a year. Over the
past three years that figure has stabi-
lized at 100 a year.
Ms. Pridor insists that this is not a
failure on the part of the program.
"In the past we received many appli-
cations which weren't workable. They
were theoretical essays rather than
business ideas. Today we get less, but
the quality is higher.
"We don't have a budget prob-
lem," she adds. "We want to merge
incubators in the same city or town
to strengthen them."
But not everyone believes incuba-
tors are good for business. Some crit-
ics complain that too many start-up
companies divert resources from larg-
er companies with more potential.
Ms. Pridor denies this. "People
involved in the incubator program
often wouldn't have had a chance to
be absorbed or employed elsewhere.
"No one else would look at these
proposals," agrees Rubenstein, waving-
a recent two-page application in the
air. "Venture capitalists want big busi-
ness plans with figures and market
predictions. They want projects close
to capitalization in sexy fields like bio-
medicine, medicine, Internet and
Intranet. They aren't risk oriented.
"The program definitely gives
Israel's high-tech industry a head
start," says Uzia Galil, chairman and
CEO of Elron. "By allowing entre-
preneurs to develop their ideas, it
gives the industry a chance to see
what they have to offer. This would-
n't have been possible otherwise. The
program is absolutely necessary."
market accounts. Statement fees may reduce
earnings if minimum balance is not maintained.
©1998 Sterling Bank & Trust, F.S.B.
business banking needs, and help you plan your
Sterling®
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These days, you need more than a different
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We Create Solutions ,'
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Visit us on the web at vvwvv.sterlingbank.com
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6/26
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1-800-914-3524
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111411
el E3
MICHIGAN HERITAGE
a
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(ENDER Insured
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