US incubator DreamIt Ventures is calling for Israeli entrepreneurs to register for its program in Israel. The application deadline is March 16.
DreamIt will chose five ventures, to which it will offer an access plan to the US and global markets, guidance, and up to $25,000 in investment in exchange for a 6% stake in the venture.
DreamIt is seeking ventures that can create a product within three months. The program lasts four months, including one month preparation in Israel and three months in New York, where the Israeli entrepreneurs will work with US companies. In August, the DreamIt companies will present there wares to potential investors.
DreamIt is based in New York and Philadelphia. It has raised 57 companies since 2008, including Adaptly, Cloudmine, Notehall, CSVNGR, SeatGeek, Supplyhog, and Take the Interview.
DreamIt founder and managing partner David Bookspan says that he has wanted to bring the program to Israel for many years, but that the opportunity came only now. DreamIt managing partner Mitchell Golner will manage the Israel office.
Golner told "Globes", "New entrepreneurs struggle to realize their ideas. They're young, and they don’t always know where to begin. We want to match them with the best businesspeople most suitable to their needs, which will expedite the realization of their ideas."
Golner says that new Israeli entrepreneurs face another obstacle. "Most contemporary internet activity is in the US. Sometimes, local entrepreneurs test their product in the Israeli market, assuming that it will also fit abroad, but that's not always the case. Our advantage is that we prepare these entrepreneurs for the US market."
"Globes": What are your guidance tools?
Golner: "Assistance and guidance, working in Israel, and then moving to New York to work with US entrepreneurs. Each program has 15 companies, and the current program will include five Israeli companies."
Published by Globes [online], Israel business news - www.globes-online.com - on February 7, 2012
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