ICON became the backbone of Israeli Tech in Silicon Valley. This is how they did it

Lukatz’s path to ICON wasn't planned from the start. Born and raised in Israel, she moved to the U.S. in her 30s to attend Stanford Business School, then seamlessly shifted between startups and big corporations. Only in hindsight did the pattern become clear. “When Steve Jobs said you can only connect the dots looking backwards,” she says, “that really resonates with me. Everything I did led me here.” ICON was established in 2014, during what Lukatz calls "the height of the BDS era.” However, she opposes viewing ICON as a reaction. “There’s always something,” she notes, "there’s always a reason some dislike Jews. The only certainty is uncertainty.”

Instead, ICON was created as a positive act: promoting Israeli innovation not as a form of defense but as a contribution. “For us, it is a form of Zionism,” Lukatz states. “There are many incredible advancements in Israeli tech. We aimed to showcase that.” From its inception, ICON was designed as a nonprofit and a “pay-it-forward” community. “We never charge for what we do,” she explains, "we simply ask people to help others when possible, to pay it forward."

That philosophy is what ultimately drew Noa Topaz to ICON, though her path there began in a different kind of service. Topaz grew up partly in Silicon Valley, five minutes from ICON’s current offices, in a family of founders. From an early age, she felt what she calls “a calling” to represent Israel. “I was that kid who carried a map of Israel everywhere,” she recalls. “Summer schools, programs – I always talked about the importance of the Jewish state.”

Her plan was clear: study at Reichman University, then join Israel’s Ministry of Foreign Affairs. She did just that, spending two years in Washington, D.C., working with Congress. “It was basically BizDev for the State of Israel,” she says. But something felt off. “It was way too slow for my character,” Topaz admits. “I wanted to make impact in real time.” When she heard about ICON, she sent what she now describes as a painfully awkward cold email. “Every mistake you’re not supposed to make,” she laughs. “To whom it may concern. I hope this email finds you well.” What followed, she says, was luck, place, time, and actions all aligning. “The click was immediate,” she says. “When you connect to the mission, it’s never just a job. It’s much bigger than that.”

After October 7, that adaptability was put to the test. “Throughout the war, ICON was our first call,” Topaz says. “Our Silicon Valley partners reached out, asking, 'How can we help?'" Within a few days, ICON organized 120 senior mentors – CISOs, CPOs, founders, executives – who volunteered to advise Israeli startups. Topaz recalls: “Someone we had tried to reach for a long time, just contacted us and said, ‘Any Israeli entrepreneur who wants to talk to me, I’m here.'"

Many of these volunteers were neither Jewish nor Israeli. “They just cared about this ecosystem,” she explains, "and trusted us to make the right connections.” Lukatz considers this trust ICON’s greatest asset. "As a nonprofit, people open their hearts,” she says. “They know we’re not here to profit off them." However, nonprofit status also imposed limitations. “We could do ten times more,” Lukatz admits, "but we don’t charge for anything.” In 2021, she and Oren Zeev devised an unconventional solution: a $21 million venture fund linked directly to ICON’s network and access. Its model is remarkably simple. The fund invests in unique opportunities within ICON’s ecosystem, recycling profits into the community. “I guarantee you’ve never seen a fund like this,” Lukatz adds.

ICON’s early efforts were based on a straightforward observation: Israeli founders excel in technology but often lack access to networks. “People often say Israelis are great at tech but not as strong in sales and marketing,” Lukatz notes. “There’s less experience in those areas." However, the problem was not merely skill-based but also geographical. “In Israel, you’re just two calls away from anyone,” she says. “In Silicon Valley, that’s not the case." ICON didn’t aim to transplant Israeli startups directly to the Valley or adopt Silicon Valley culture entirely. Instead, it positioned itself as a bridge. “We’re not simply pushing startups onto investors,” Topaz explains. “And we’re not idealizing Israeli audacity either.” Instead, ICON focuses on purposeful connections. “We precisely understand our community," she states. "Founders, partners in U.S. venture funds, corporate leaders who can be design partners, buyers, or customers."

The evolution of ICON’s flagship event, Innovation Week, reflects that philosophy. What began as a one-day conference, the first in Silicon Valley dedicated entirely to Israeli tech,  quickly outgrew itself. The speakers were world-class from the start: Sam Altman, Ben Horowitz, Susan Wojcicki, Peter Thiel, and later the CEOs of Uber, LinkedIn, Oracle, Twitter, and Palo Alto Networks. But the turning point came when satellite events began forming around ICON’s conference. “At first, I was worried,” Lukatz admits. “Then I realized – founders are coming all this way. Why not give them more value?”

One day became a week. A conference became an ecosystem. Innovation Week now includes investor-founder dinners, a full Cyber Day, Women in Tech programming, sector-specific tracks, office-hour marathons, and multiple keynotes. “It’s a living thing,” Topaz says. “Every year we reassess what founders actually need.”

Earlier this year, Lukatz stepped down as CEO, handing the role to Topaz while continuing to lead the fund. “It was the right time,” Lukatz says. “We grew leadership from within.” For Topaz, the transition was daunting. “Stepping into Yasmin’s shoes is terrifying,” she admits. “There’s no other word for it.” But it also unlocked something unexpected. “When I stepped up, the team stepped up,” she says. “Leadership is contagious.”