Officials from the Ministry of Economy meet with entrepreneurs from the selected start-ups, along with executives from the Shengjing Group and DayDayUp in Tel Aviv..
(photo credit: COURTESY EZRA LEVY)
Ten Israeli hi-tech start-ups were admitted on Tuesday to a prestigious accelerator program that will take place in Beijing that was established to help them penetrate the huge Chinese market.
The event held on Tuesday in Tel Aviv highlighted the accelerator, which is led by the Ministry of Economy and the Chinese Shengjing Group, one of China’s largest management consulting and private equity firms, along with DayDayUp, a group that connects Chinese and international investors.
Almost 100 Israeli companies applied to the accelerator – double the expected number.
Start-ups were accepted based on which of them have the best chance of cracking the Chinese market.
Some 30 to 40 Israeli employees from the companies will spend six months in the Chinese capital.
The 10 selected Israeli startups range from 3D-entertainment to life sciences, clean energy and cutting-edge developments in artificial intelligence and machine-learning.
• “I know first” offers an AI-based algorithmic forecast for predicting the stock market, detecting the best moment and places to invest.
• TechsoMed is developing an ultrasound-based, real-time monitoring system for removing tumors, along with treating hypertension and abnormal heartbeats.
• Anzu provides immersive 3D advertising that makes normally boring product displays much more entertaining.
• “Social Internet” helps enterprises manage their digital influencers – such as highly successful Instagram models.
• TapReason uses AI to determine the best moment to recommend a smartphone app or game.
• Modcon is an engineering firm that offers environmental monitoring, cybersecurity tools, along with oil, gasoline and diesel in-line blending stations.
• Gencell manufactures fuel cell-based power stations, along with backup batteries for telecom and security installations that are off the electric grid.
• Personalics links personalization to shopaholics, helping retail firms to tailor their messages.
• Pom Vom is the creator of PaparazMe, a platform that allows instant sharing of photos along with allowing photographers to automatically reach clients who have downloaded the app.
• Watteam offers a power meter that works on any bike and can be installed without component replacement. It allows the biker to know how fast and how far they have biked.
The selected companies will have access to mentoring support, and Israeli employees will spend the first three months studying Chinese business culture and local regulation. After the crash course, the Israeli employees will hit the road with a detailed business plan, meeting with potential customers and investors in innovation hubs such as Shanghai and Guangzhou.
The Israeli firms are paying for personal expenses, while the Economy Ministry picks up the tab for office space, while Shengjing and DayDayUp provide all-inclusive professional support.
“The Chinese market is a huge potential market for Israeli startups, but it is one of the more complex markets in which to operate,” Ofir Gur, the Israel Embassy’s commercial attaché in China, told The Jerusalem Post
in October. “Cultural barriers, language barriers, different business practices, a different set of rules are just some of the obstacles facing an Israeli company, especially a technology company that is trying to succeed in China.”
The Shengjing Group, one of the accelerator’s partners, has invested nearly $100 million in Israeli start-ups in the past few years, along with partnering with Israeli venture capital firms such as Jerusalem Venture Partners, Viola Group and Canaan Partners. DayDayUp already hosts some seven Israeli start-ups in its Beijing office.