The Israel – China Accelerator led by Israel Ministry of Economy and Industry jointly with its Chinese partners Shengjing Group and DayDayUp has selected the first 10 Israeli startups out of 100 applications for the program.
The 10 chosen startups will receive a 6-month program, in-depth training in regarding the Chinese market and business matchmaking services toward potential investors, customers, and strategic partners, as well as workspace in Beijing for companies entering the accelerator program. It will also assist with logistic issues.
The program will consist of training designed to introduce to participant companies the skills which are necessary to start a business in China, like introduction of the Chinese business environment, industry overviews, legal, regulatory and tax concerns, etc. The second part of the program will focus on practical exercises and business development, including: meetings with potential customers, partners and potential investors.
The Israeli startups are:
Minister of Economy, Mr. Eli Cohen said: “This is a first of its kind initiative by the State of Israel in China. The demand for this program on behalf of Israeli startups proves the importance of this program, which forms part of the existing toolbox offered by the Ministry to companies seeking to enter the complex Chinese market”.
The judging team consisting of seniors in the Chinese investment and technology world, has selected the 10 Israeli companies which were found the most fit for the program. The winning startups were announced during the ‘Start-Up China’ event, held by the Ministry of Economy and Industry in Tel Aviv, with the participation of executives from Shengjing Group and DayDayUp.
Shengjing Group is China’s largest global private equity Fund of Funds and one of the world’s largest consulting firms for startups and SMEs, which has already invested in Israel nearly $100 million, with a deep understanding of the both the Israeli and Chinese market.
DayDayUp is one of China’s leading business communities that already hosts in its office space in Beijing 7 Israeli startups.
According to Sherrie Wang, managing partner of Peakview Capital, the investment arm of Shengjing Group: “Shengjing Group is thrilled to be a chief strategic partner in the Israel-China accelerator program. We will assist these startups with designing and implementing their China market strategy through our global network consisting of the best mentors in the business and technology world. The Israeli companies will be connected to our large network of accredited investors, CEOs, and other industry experts in China.”
Bo Yiqun, founder of DayDayUP: “While Chinese corporates and investors all expect the advanced technical innovations from Israel, Israeli companies show higher motivation than ever before in history on getting into China market. It’s definitely great timing to launch his Israel – China Accelerator Program. We are more than happy to join as partner of Israel Ministry of Economy and Industry, and believe this is not only about the acceleration of ten selected startups but is more meaningful for the further innovation corporation between two countries”.