TechForGood has announced registration for the third cycle of its Israeli accelerator program, which supports startups that leverage technology in order to address social issues. Over the past few months, TechForGood has mobilized funds which it plans to invest in social-tech ventures to create additional momentum to the startup companies as well as the entire social-tech area in Israel.
This year will also see close collaboration between the Israeli ventures and their peers and mentors in TechForGood Singapore, a sister-accelerator which TechForGood has established in Singapore in order to develop the social-tech area in Asia. The Asian market offers great opportunities for Israeli startups thanks to its proximity to large and diversified markets, as well as access to large funds of impact funds that are looking for innovative ideas for social problems.
TechForGood is currently the leader of Israel's social-tech industry. The company's Tel Aviv accelerator targets technological entrepreneurs who seek to generate a favorable social impact with economic value. The accelerator program provides the participants with a framework of professional experts in technology, social activism, business and finance, legal and more. It also connects the graduates with investors and key personalities in the local and global industry.
This year, the program targets social-tech entrepreneurs with a range of tracks focused on specific themes: tracks implemented with some of Israel's largest business organizations, including Bank Leumi (TASE: LUMI) and HPE (Hewlett-Packard Enterprise). Tnuva Food Industries Ltd. will join forces with TechForGood in a track dedicated to food technologies; and consumer goods company Sano will launch a track for startups involved in hygiene and infection prevention developments.
TechForGood CEO Nir Shimony said, "Social-Tech is a growing global trend. As the company that helped kick start this important ecosystem in Israel we are delighted to see the enthusiastic response of large organizations that regard us as a means to expose their good deeds while engaging in social responsibility work. We are starting the third cycle from a stronger position with a unique investment fund that will help our startups enjoy better prospects of raising initial funding and become exposed to international markets through our twin accelerator in Singapore."
Tnuva Health Area manager Noga Schwartz-Meshulam said, "In view of the success of the first two cycles, we decided to expand our collaboration with the TechForGood accelerator with an annual program for food-tech entrepreneurs. The program we offer includes consulting, collaboration with out R&S center and free access to our professionals and senior technologists. As the leader of Israel's dairy market and similarly to global food leaders, Tnuva has been working for the past three years on enhancing our products to provide healthier nutrition to Israeli consumers. The past few years saw the evolution of a domestic nutritional ecosystem in which we play a key role. We believe Israel has the potential of becoming a global food tech hub in the near future."
About TechForGood Singapore
In recent years, Singapore has gained reputation for its thriving entrepreneurship scene and productive collaborations with the Israeli innovative, entrepreneurial high tech industry, which it has undertaken in order to learn from the successes of the Startup Nation. The local government has initiated various programs to spur innovation and investments in startup companies and is allocating generous budgets and development grants to attract international companies to Singapore.
TechForGood Singapore is headed by Yoav Elgrichi and Kineret Karin, serial Israeli entrepreneurs who have been working from Singapore in the past decade. TechForGood Israel is run by Omri Boral and Nir Shimony. The new accelerator was kicked off at a launch event held at the Google campus in Singapore in collaboration with the Israeli embassy and Asian Venture Philanthropy Network (AVPN), the largest of its kind in Asia. The work space for the entrepreneurs that join the program was provided by the Singapore government.
Published by Globes [online], Israel business news - www.globes-online.com - on June 5, 2016
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