SilicoNegev to boost southern entrepreneurship

SilicoNegev Photo: Lychee

The winning startup in a Negev competition will be granted a NIS 500,000 investment.

The SilicoNegev startup competition will attempt to stimulate development in the Negev by offering the winning startup an investment of up to NIS 500,000 at a company value to be determined only after the winning company is selected. The competition is designed for startups physically located in the Negev or active on behalf of the Negev. The Tech7 technology and entrepreneurship community in Beersheva and southern Israel and the Advanced Technology Center non-profit organization initiated the competition. Registration for the competition will remain open until March 11.

Advanced Technology Center chairman Gideon Shavit said, "As a non-profit organization whose members have been involved for many years in promoting the technology industry in southern Israel, we regard providing support to the younger generation as enormously important. We are confident that empowering technology startups operating in the south will help establish the Negev as Israel's Silicon Valley. We believe that the financial support to be given to the winning startup and the additional support to be given to startups reaching the later stages of the competition will help them implement the excellent ideas created in the Negev, and bring advanced technological solutions to the entire world."

Tech7 community manager Alon Naftali added, "In recent years, the Negev has been experiencing unprecedented growth in all areas: business, culture, education, housing, etc. Entrepreneurship constitutes a significant growth engine at both the local and national levels, and we therefore regard increasing the supply of the existing financial resources in our region and providing broader options for technological enterprises in the Negev as enormously important. The SilicoNegev competition is one more step on the way to increasing awareness of the vibrant and active entrepreneurship scene in the south, which is positioning itself as an important theater in the Israeli innovation industry."

Other entities aiding in the competition include the Beersheva municipality, the Negev Development Authority, Bank Hapoalim (TASE: POLI) subsidiary Poalim Hi-tech, the Luzatto & Luzatto group, IBM, PayPal, and WebBaker.

Published by Globes [online], Israel Business News - - on February 20, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

SilicoNegev Photo: Lychee
SilicoNegev Photo: Lychee
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