Other parts of the world often envy Israel for their ability to create technology companies and raise venture capital from both US VC and home-grown investors.

However, Daniel Cohen of Gemini Israel Funds asks why, in spite of "great brand recognition, a growing investor base, and high quality entrepreneurs" there are "no examples of great Israeli break out companies." (See VentureBeat).

His answer is applicable not just to Israel.  My experience is similar with companies from Australia, New Zealand, Germany, Singapore and other tech markets.

• Entrepreneurs want to retire with $3-$4m. Which he attributes to previous low lifestyle expectations in Israel. From Australia we often see the life-style entrepreneur who is not keen on cutting back on surfing (waves not the web).
• Impatience of investors (i.e. happy to sell and sell early rather than taking further risk).
• "Think small" mentality (self-constraining ambitions with small targets, small investments, and a tendency to optimize a small pie).
• The lack of $1 billion experience (i.e. team experience).

My view is that all four points are about "thinking big".

Mr. Cohen is optimistic that Israel will produce a Google or Nokia in 5-10 years.  Israeli investors and entrepreneur have certainly had the opportunity to learn and be exposed to thinking big.  Other regions may have some catching up to do.

Bottom Line:  Think big and long. Build a team of founders, employees, advisors and investors that also think big and know what it takes.