Chinese companies to invest $25m in Israeli innovation start-ups

Source:Xinhua Published: 2018/6/22 0:03:42

A second competition for Israeli start-ups to win Chinese investment for conducting innovative projects will be held on August 27 in Israel, local media reports say.

A delegation of representatives from major Chinese corporations will visit Israel to participate in the Israeli chapter of the Intellectual Property Innovation & Entrepreneurship Contest (IPIEC) 2018, which aims to locate start-ups at the initial product stage, according to the Hebrew-language People & Computers website.

The Chinese companies will invest $25 million in the Israeli start-ups who win the contest for their innovative projects in the fields of autonomous vehicles, renewable energy, artificial intelligence and robotics, big data, bio-medicine, IT and communications, innovative materials and more.  

The international contest is organized by WTOIP, a leading entrepreneurial resource-sharing platform based in Guangzhou, capital of South China's Guangdong Province, which focuses on intellectual property and the utilization of the new "IP+Internet+Sharing Economy" business model.

"The Israeli entrepreneurs are very much in demand in China, which opens up a lot of possibilities for them in the areas of development, research, marketing and more," Tian Zongfu, CEO of Guangdong Yueke Investment Fund in China and a senior judge in the competition, was quoted as saying in the reports.

"The challenges facing our investors and entrepreneurs include language barriers, cultural differences and regulations that cause difficulties, and our goal is to bridge these gaps and establish fruitful relationships between Israeli investors and Israeli technology companies," said Tian.

Israeli start-ups are invited to enter the competition, and the three top winners will be awarded free trips to China to participate in the semi-finals and final there.

In addition, they will receive first-hand acquaintance in the Chinese market, assistance in building a business network in the country, attend meetings with top Chinese experts and investors in various sectors, and experience online and offline promotion and increased public exposure.  

This is the second year for the competition to be held in Israel. It is co-organized by the Israel Commerce Union, which acts as a bridge between China and Israel for business cooperation.

In 2017, 20 Israeli start-ups participated in the IPIEC competition, of which six won trips to take part in the semi-finals in China.

Two Israeli start-ups - Betalin and Carticure - reached the final, while Betalin was awarded the first prize of $100,000. Both Israeli start-ups won agreements from Chinese companies.

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