German media giant to hold Tel Aviv start-up competition

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ProSiebenSat.1 Group is offering prizes of €7m in TV ads for Israeli startups.

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Germany continues to seek Israeli innovation: Germany’s largest TV network ProSiebenSat.1 Group wants to connect to the Israeli start-up scene and will hold a competition next month in Tel Aviv for local entrepreneurs with prizes of €7 million in ads on the TV channels it owns.

ProSiebenSat.1 Group, formerly owned by Israel Haim Saban, is promoting the SevenVentures Pitch Day (7VPD), which will support consumer ventures looking to break into Europe. The competition organizers seeks companies developing B2B end-user products in Internet and mobile worlds such as entertainment, video, music, games, education, dating, tourism, toys, home products, fashion, health and payments. The event is being backed by ProSiebenSat.1 Group’s investments and venture arm SevenVentures.

The most innovative and creative founders and Start-ups in Israel are invited to pitch their concepts at the 7VPD event on December 17 to a six-member international jury. The seven finalists will compete for €7 million worth of TV media on channels owned by ProSiebenSat.1 Media AG (30% market share in Germany). Candidates must apply by November 22 via this link

This is the first time that ProSiebenSat.1 Group will hold the SevenVentures Pitch Day (7VPD) in Israel after the event was stage in London for the past three years. ProSiebenSat.1 Group aims to show that the relevant European market has as much growth potential for start-ups as the US market, which is generally the target of Israeli entrepreneurs. Through the media package prize, the German company hopes to provide exposure for Israeli start-ups. There are “no strings attached” to the prizes and ProSiebenSat.1 insists it is not interested in profits, shares or working to promote the Israeli start-ups.

ProSiebenSat.1 owns nine commercial TV stations and has a 30% share of the German TV market reaching 42 million homes in Germany, ustria and Switzerland.

ProSiebenSat.1 is the second major German media giant to show interest in Israeli start-ups this year. Axel Springer, which acquired the Yad-2 website for $225 million, held a start-up event to choose candidates for the Plug and Play Accelerator in Berlin. And last year Deutsche Telekom opened an Israeli branch for its hub:raum accelerator.

Published by Globes [online], Israel business news – www.globes-online.com

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