This press release has been re-published here as it is without any editing. This Website has not verified claims, if any, made in it.
Tel Aviv, Israel, April 9, 2021: Following the completion of a first-of-its-kind Israel-India Innovation Accelerator (i3A), acceleration to Indian markets, as many as four of the six Israeli start-ups participating have already advanced deals with Indian partners.
E-Mobility start-up IRP Systems, specializing in high-performance and affordable electric powertrain systems, is in commercial discussions with a leading Indian company, while Nanomotion has signed an NDA with a large manufacturing conglomerate that will allow both organizations to explore partnerships for tech-cooperation and adapt nanomotion payload technology for Indian industry. Data management solution company Correlata and Jungo Connectivity have both signed NDAs with Indian partners, which will hopefully pave the way for commercial agreements in the near future, while Sion Tech is also in the advanced stage of agreeing with a proof of concept trial.
The companies were among six Israeli start-ups hand-picked to participate in a unique, eight-week bilateral online acceleration program for innovation and technology cooperation between Israeli start-ups and Indian corporates, launched as a part of the MoU signed between the two organizations in September 2020.
The program was launched in February by Israel based Start-up Nation Central and India’s leading start-up incubator, iCreate, and provided the companies with scale-up support for selected tech start-ups from Israel, which match up with requirements originating from Indian corporates. Over the course of the program, the start-ups were provided with mentors, guidance and business support, in addition to corporate match-making and connectivity with potential partners in Indian markets. Workshops varied from briefings surrounding regulation and tips to access local markets, to drafting in-depth business plans, with close monitoring and mentoring from the partner organizations and special mentors.
Start-Up Nation Central (SNC), is a non-profit organization that helps tackle global challenges by connecting Israeli technologies with multinational corporations, governments, investors, and NGOs from around the world. Coming into this program, the organization utilized its expertise in identifying technological sectors with high growth potential, helping them develop practical tools for expansion in the Indian and global markets, attracting investors, and establishing and nurturing tech communities to increase collaboration, knowledge-sharing, and skill expansion.
While Israel is world-renowned as a leader in start-up creation, India is the second biggest market, and presents unparalleled scale-up opportunities for new technologies and innovations.
Prof. Eugene Kandel, CEO of Start-Up Nation Central note, “Start-Up Nation Central has rich experience in connecting tech start-ups with large corporations. It takes time to earn trust on both sides and it takes even longer to get to the POC stage. The speed with which the iCreate-Start up Nation Central partnership facilitated a number of deals is beyond expectations, and indicates that the two organizations already enjoy the trust of both sides, the commitment of the corporates, and the quality of technologies chosen”
Prof. Kandel added: “We have observed how both sides learned from each other. As a result of this program and the collaboration, start ups sharpened their focus in addressing the real challenges presented by corporations, allowing them to access one of the world’s biggest markets. We look forward to scaling our partnership with iCreate, which – backed by close governmental cooperation and support – can help address some of the big challenges facing the world.”
Israel’s Ambassador to India, Dr. Ron Malka said, “I am not surprised at the program’s success. The pace with which the partnership facilitated many deals in such a short time is remarkable. This program will act as a stepping stone between Israeli and Indian entrepreneurs and startups to collaborate and develop cutting-edge technologies that will address India’s and the world’s most pressing needs.”
