First cohort of Israel-India accelerator yields initial ties
Eight-week program was launched in February to help Israeli startups match up with potential Indian partners and tap into the vast potential of the Asian giant
Shoshanna Solomon is The Times of Israel's Startups and Business reporter
At the completion of a first-of-its-kind Israel-India Innovation Accelerator program, called i3A, five of the six Israeli participating startups have already entered into some sort of agreement with Indian partners, Start-Up Nation Central, an Israeli nonprofit behind the program, said in a statement.
E-Mobility Ness Ziona-based startup IRP Systems, a maker of high-performance and affordable electric powertrain systems, is in commercial discussions with a leading Indian company, SNC said in a statement.
Nanomotion, a maker of piezoelectric motors, a type of an electric motor based on the change in shape of a piezoelectric material, has signed a nondisclosure agreement (NDA) with a large manufacturing conglomerate that will allow both organizations to explore partnerships for tech-cooperation and adapt the Israeli firm’s technology for Indian industry.
Data management solution company Correlata Solutions and Jungo Connectivity, a maker of in-cabin driver monitoring solutions to help car makers create safer vehicles, have both signed NDAs with Indian partners, which will hopefully pave the way for commercial agreements in the near future, the statement said, while Sion Technologies, a maker of advanced laboratory analytical instruments, is also in the advanced stage of agreeing on a proof-of-concept trial, the statement said.
The companies are among six Israeli startups that were selected to participate in the first cohort of the eight-week bilateral online acceleration program for innovation and technology cooperation between Israeli startups and Indian corporates, launched as a part of the memorandum of understanding signed between the Start-Up Nation Central and India’s startup incubator, iCreate, in September 2020.
The program was launched in February by the two organizations. Over the course of the program, the startups were provided with mentors, guidance and business support, in addition to corporate matchmaking and connectivity with potential partners in Indian markets. Workshops included briefings surrounding regulation and tips on how to access local markets and draft in-depth business plans.
Start-Up Nation Central (SNC) is a nonprofit organization that helps connect Israeli technologies with multinational corporations, governments, investors, and NGOs from around the world.
India and Israel established diplomatic ties in 1992, and the two nations are seeking to collaborate on the technological sphere, going beyond the existing collaborations in the traditional fields of water, agriculture and defense.
Eugene Kandel, CEO of Start-Up Nation Central, said in the statement that “the speed with which the iCreate-Start up Nation Central partnership facilitated a number of deals is beyond expectations, and indicates that the two organizations already enjoy the trust of both sides, the commitment of the corporates, and the quality of technologies chosen.
“We have observed how both sides learned from each other. As a result of this program and the collaboration, startups sharpened their focus in addressing the real challenges presented by corporations, allowing them to access one of the world’s biggest markets,” Kandel added.