Israel’s Electra Consumer Products, a distributor of retail and electrical consumer products, said Thursday it was setting up joint project with TechForGood to promote startups that aim to improve quality of life.
TechForGood is an Israeli organization that promotes the development of technology to solve social problems. The joint initiative aims to foster startups in the field of energy conservation, the Internet of Things and air conditioning and climate control systems, the companies said.
The collaboration with Electra is part of an “international trend of companies and corporations that chose to take part in programs that are both economic and social,” said TechForGood founder Nir Shimoni in a statement.
“In 2017 we will invest a considerable amount of money to identify the ventures,” said Electra CEO Zeev Kalimi.
The initiative will offer qualifying startups mentorships, a place to work in Tel Aviv and access to international companies to test out their developments, like Miele, Whirlpool and Philips, with whom Electra has business relations, said Kalimi.
During the year the project will also seek collaborations with local universities to help promote innovation and research in these fields, the companies said.