MassChallenge Startup Accelerator Kicks Off in Jerusalem

48 startups from around the world are in the MassChallenge accelerator, located in the city’s Mahane Yehuda market. 

As reported in Globes;

The MassChallenge startup accelerator, which calls itself the world’s friendliest accelerator, has accepted 48 new startups for a special program in Jerusalem, which it is launching today at an event in the Mahane Yehuda open air market, where the accelerator will operate.

The accelerator’s projects are from around the world, not just Israel. 500 projects have been incorporated, 150 of which are from other countries. The enterprises accepted for the program include startups from Turkey, Nigeria, South Korea, Cameroon, and the US.

45% of the companies accepted to the accelerator are from the high-tech industry, 20% from the life sciences, 10% from social initiatives, and the result are scattered among other fields.

Jerusalem Mayor Nir Barkat said, “Jerusalem has experienced a renaissance in high tech and startups in recent years. There is a good reason why “Time Magazine” named Jerusalem one of the world’s five leading cities in technology. In a little more than two years, the volume of the technological ventures in the city has grown 10-fold.”

MassChallenge Israel managing director Israel Ganot said, “The companies were accepted to our program after a careful and professional selection process carried out in cooperation with the best professional people in the Israeli industry. Our program will support the companies together with the best experts in Israel and the global network of international company MassChallenge.”

The entrepreneurs and companies taking part in the program will benefit from the accelerator’s work environment, training, and access to the chain’s professional partners in Israel and throughout the world. In Israel, the program will finish on October 27 with a ceremony at which prizes of up to NIS 1 million will be given to the outstanding companies. In addition to MassChallenge, Israel will send seven Israeli startups to the accelerator program in Boston.”

This program is a non-profit accelerator active in Boston, London, Switzerland, and Jerusalem. Over the past six years, 835 companies have participated in MassChallenge’s global programs, and have raised over $1 billion. The annual revenue of these companies amounts to more than $500 million, and they have generated 8,500 new jobs.

MassChallenge Israel’s partners and supporters are the Jerusalem Development Authority, the Ministry of Jerusalem Affairs and Heritage, the Jerusalem municipality, the Ministry of Economy and Industry, PTC, the Kraft Group, Poalim Hi-Tech, IBM, EMC, CJP, Robert Bosch Venture Capital, Strauss Group Ltd., Reinhold Cohn & Co, and FBC & Arnon.

It was announced in April 2016 that Australia will also host a MassChallenge program in the near future.

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