WATCH: 'They teach you to think outside the box'

Tamar Uriel-Be'eri, Deputy Editor-in-Chief of the Jerusalem Post, in an interview with Joel Bar-El, the Chairman & Co-Founder of Trax Retail, a technology company revolutionizing the retail experience through digital innovations.

Joel Bar-El, an alumnus of Tel Aviv University with a BA in physics and an executive MBA from Harvard University, opens up about Trax Retail’s groundbreaking work. “Trax is a technology company that harnesses the technology of computer vision,” Bar-El explains. “We provide it to global fast-moving goods manufacturers like Coca-Cola, and help them understand and see what is happening on the retail shelf in the physical store, digitizing three and a half million stores in 83 countries on a monthly basis.”

Bar-El shares what initially drew him to this field: “As an entrepreneur, you're trying to make an impact and create technologies that affect people's lives. That’s been my main driver in every startup I’ve established.”

When asked about the importance of making products more approachable and less detached from customers, Bar-El emphasizes the need for a clear vision. “Many companies, including Trax, started with a vision that seemed like science fiction. We believed in it, took baby steps, and eventually, as technology progressed, we achieved it. Articulating a simple and powerful vision is the best advice I can give.”

Turning to the Israeli startup scene, Bar-El expresses cautious optimism for the long term but acknowledges the current challenges. He noted that due to the geopolitical situation, which includes the war in Gaza and internal societal debates, Israel's industry is facing significant challenges in Israel.

These factors, combined with high global interest rates, make it difficult to raise funds. "I think that I'm optimistic for the long run," he concluded "but as for 2024 I believe I'm more pessimistic. I recommend other entrepreneurs – embrace cut costs and wait until that wave is over."

Reflecting on his time in academia, Bar-El shares how his education shaped his career, sharing his childhood dream of becoming an astronaut which led him to study physics, and how it changed his mindset entirely. "Physics teaching you to think outside the box, to think in a non-orthodox way," he said "In math, if you don't show all the steps that led you to the answer, you get a zero mark. In physics, it's the exact opposite. You can say nothing, you lead with logic, and you don't need to explain how you got there. This is the type of thinking that helps you understand certain phenomena, and really see how systems work, coexist, and cooperate. It's a very multidisciplinary way of thinking."