Israel, China set up first accelerator program in Beijing
Program aims to help Israeli tech firms penetrate the Chinese market through training, meetings, guidance
Shoshanna Solomon was The Times of Israel's Startups and Business reporter
Israel’s Ministry of Economy and Industry said Sunday it was setting up a first China-Israel accelerator program in Beijing together with Chinese partner ShengJing Group, a fund-of-funds manager and consulting firm.
The program aims to help Israeli technology companies penetrate the Chinese market by providing five selected Israeli firms with the knowledge, mentorship, and fundraising resources necessary for a successful foray.
The ShengJing Group, through its global investment division, Peakview Capital, has invested almost $20 billion in fund of funds and direct investments in China, the US and Israel in past few years. Its portfolio includes investments in nearly 50 of China’s top VCs, which have invested in Chinese technology listed companies, including Tencent, Alibaba Group and Baidu.
In Israel, ShengJing has invested nearly $100 million in recent years, including in Israeli venture capital and private equity funds, among them Jerusalem Venture Partenrs (JVP), Vintage Investment Partners, Viola Group and Canaan Partners. The firm has also made direct investments in Israeli startups, the ministry and the ShengJing said in a joint statement.
“The next step for us to further engage with the Israeli ecosystem is naturally the opening of the Israel-China Accelerator Program,” said Sherrie Wang, senior partner at the ShengJing Group.
“Having assisted over 30,000 CEOs and entrepreneurs in the last decade, ShengJing’s cross-domain network of industry experts and leading CEOs, combined with the investment ecosystem of Peakview Capital, positions the new accelerator program as a unique opportunity for Israeli high-tech companies aiming to enter the Chinese market with success,” she said.
The chosen Israeli companies will be introduced to top investment institutions and investors in China and also to Chinese tech management teams, mentors and entrepreneurs, the statement said.
The program will also assist the five Israeli firms in designing and implementing their Chinese market strategy in a six-month period. The project, funded by Israeli ministry, will include training about the Chinese ecosystem, business development, through meetings with potential customers and investors, and participation in roadshow-based trips to innovation areas, including Shanghai and Guangzhou.
Each company will get a dedicated mentor, who will provide tailor-made support within the business development sessions, the statement said.
The deadline to apply for the program is end of October.
