Jerusalem Venture Partners (JVP) has won the Israel’s National Innovation Authority (Office of the Chief Scientist) tender to operate a Jerusalem-based technology incubator. The JVP led consortium includes Motorola Solutions (NYSE: MSI), Reliance Industries (NSE: Reliance) and Yissum Technology Transfer Company of the Hebrew University of Jerusalem. JVP Labs Incubator will invest in startups in enterprise software, media technologies, Internet of Things (IOT) and communications.
According to the Israel National Innovation Authority, which runs Israel’s technological incubator program, the license was granted based on JVP’s broad experience running two such incubators, the predecessor incubator JVP Media Labs in Jerusalem and the JVP Cyber Labs in Beer Sheva. The Office of the Chief Scientist cited JVP’s investment strategy and successful mentoring of its startups from their early stages through commercialization as well as the new partners who joined JVP in this endeavor.
The license for JVP Labs was among four announced this week by Israel’s National Innovation Authority, for a total of 19 such incubators throughout the country.
Ministry of Economy and Industry chief scientist Avi Hasson said, “Our committee’s decision came following deep analysis of the quality of the groups which submitted, the relevant markets and their specific needs as well as their potential influence on the Israeli economy. The entire process and the remarkable groups which submitted, along with the recent reforms we have undertaken establishing uncompromising barriers of entry, will bring enormous added value to the companies integrated into these incubators.”
JVP Labs in Jerusalem held a previous license to operate the incubator since 2004. The JVP Labs team looks at over 400 companies annually, and, following a rigorous screening process, chooses 0.5%-1% of the companies to participate in the incubator program and receive investment.
JVP Labs are located in the JVP Media Quarter, established by Erel Margalit in 2009, a hub of innovation with 200 dynamic entrepreneurs in business, social and cultural enterprises. The JVP Media Quarter houses startups, the JVP funds, the Siftech Accelerator, a performing arts center - “Zappa Jerusalem in The Lab” - and a social profit organization, “JVP Community” (Bakehila).
JVP Labs Jerusalem head Haim Kopans said, “Over the past years, every dollar invested by the Office of the Chief Scientist in JVP incubator startups resulted in $11.5 invested by the private sector in these companies. Our new strategic partnership will continue to create these kinds of enormous opportunities for the Israeli startup community and strengthen Jerusalem’s standing as one of the world’s leading hubs of technology, with JVP and the Hebrew University at its core.”
Eduardo Conrado, Chief Strategy and Innovation Officer, Motorola Solutions said, “Motorola Solutions is a leading technology partner of many public safety users around the world. Our deep understanding of mission-critical solutions combined with the infusion of the start-up mentality will create an exciting opportunity to advance the future of public safety capabilities.
“This incubator opens new avenues to engage the most creative minds and best talent to re-imagine the potential of technology. We are looking forward to partnering with JVP, Reliance and Yissum to drive this initiative"
Published by Globes [online], Israel business news - www.globes-online.com - on March 17, 2016
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