The BizTEC competition, which was established by Israel’s Technion Institute, is celebrating its first decade with good news. Google Capital will invest $60 million in the new start-up of Technion graduate Tomer London called ZenPayroll who won first place in BizTEC in 2009.
ZenPayroll is London’s second start-up and is already valued at over half a billion dollars. It grew tem times in value in just two years.
ZenPayroll offers a comprehensive payroll service that enables businesses to set up and run payroll in minutes, from any web enabled device. All government payroll taxes and reporting are taken care of automatically and without any paper. ZenPayroll has processed millions of dollars in payroll and their customers span a wide variety of businesses, from flower shops to technology start-ups.
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The company declares its mission to be to make payrolls as simple and intuitive as possible using the principles and tools of modern software.
This year, in its tenth anniversary, over two hundred student-entrepreneurs entered the contest, 60% of whom were students at the Technion. On March 30, the opening event for this year’s competition was held at the Technion. Out of 80 competing teams, 30 teams were selected. They will participate in a yearlong program that includes lectures, workshops, guidance by industry-leader mentors, working in the accelerator, and a Demo Day, where the winning team will be announced. The prize for the winners: $10, 000.
During its ten years of existence, the competition has produced 122 startups, which have raised over $100 million. “Start-up companies rise and fall on the quality of the team, ” says competition director Tomer Aharonovitch, “and our job is to help students realize their ideas towards the establishment of a successful company.”
Rafi Nave, director of the Bronica Entrepreneurship Center at the Technion, says “all participating teams address a real problem or unmet need, thus, they all have genuine potential to achieve business success. Furthermore, the main thing is not winning the competition, but rather the experience that the teams acquire, that provides them with the skills essential to business success and especially the motivation to initiate and innovate.”