The Embassy of the State of Israel, the Ministry for National Economy and the National Innovation Office (NIH) organize the 1st Israel-Hungary Innovation Day. During this innovation day, the Hungarian young start-up entrepreneurs will be presented with the various opportunities for collaboration with their counterparts in Israel, which is known as "The Start–Up Nation". The Financial Times calls Israel "an innovation gem, in Europe's backyard". Sessions with top Israeli high-tech professionals and start-up entrepreneurs will present and discuss how to create a solid foundation for cooperation in order to build a healthy Innovation Ecosystem. Israel's main strengths remain its world-class capacity for innovation (rank 3rd in the world), which rests on highly innovative businesses that benefit from the presence of the world's best research institutions geared toward the needs of the business sector. (Global Competitiveness Report, 2012-2013). In this regard, best practices and experiences regarding the Israeli Spirit of Innovation of the 21st century will be presented.