Intel Launches Israeli Startup Accelerator
Following a similar announcement from Samsung, Intel has become the latest international technology giant to launch a startup accelerator program in Israel.
Intel recently announced the Intel Ingenuity Partner Program (Intel IPP), a new initiative for nurturing and promoting Israeli start-up companies. Intel will provide the startups with an expert mentor on its behalf as well as access to various resources in its facilities.
Nine Israeli companies have been chosen for the Program's first 6-months cycle. By the end of this period, Intel says, the companies will be able to demonstrate a proof of concept or joint project or demo of their idea, consider joint marketing initiatives and generate opportunities for a business idea which will benefit the startup company as well as Intel.
One of the first IPP partners chosen for the first cycle is Lexifone, which offers real-time voice interpreting. Extreme Reality, the developer of Extreme Motion which extracts information on the user's gestures with a standard 2D camera also participates in the program.
Intel Israel already collaborates with Israeli companies in a range of ways, including through Intel Capital and through Challenge-Up!, an acceleration program executed jointly by Intel, Deutsche Telecom and Cisco, which helps young start-up companies from Israel which develop solutions in relevant areas to reach the market faster with consulting, networking, joint projects and allocation of resources. MAGNET, a program of the Chief Scientist of Israel, provides Israeli companies that collaborate with Intel with funding of up to 50% of their approved budget, which is then matched by Intel.