Key sponsors funding the expansion of MassChallenge Israel include the Ministry of Jerusalem and Heritage, Jerusalem Development Authority, the City of Jerusalem, Combined Jewish Philanthropies, The Kraft Group, Bank Hapoalim, EMC and Herzog Fox Neeman. Earlier this year, MassChallenge announced that Israel Ganot, founder of Gazelle and veteran executive at eBay and PayPal, will lead MassChallenge Israel as Managing Director.
Israel is an outstanding and growing hub for entrepreneurship, said MassChallenge Founder and CEO John Harthorne. Launching a new accelerator in Jerusalem that is connected with other global hubs dramatically expands the MassChallenge community, which will provide entrepreneurs in Israel and all over the world better access to global resources.
The state of Israel was selected based on the strength and enthusiasm of the innovation ecosystem and its potential to further expand the growing global network of MassChallenge entrepreneurs.
This is a welcome step that will contribute to the positioning of Jerusalem as a global hub for technology, entrepreneurship and the development of advanced industries, said Zeev Elkin, Minister of Jerusalem and Heritage. The capital of Israel, in one of the most ancient and exciting cities in the history of civilization, has the potential to be tomorrows capital in one of the worlds great high tech centers.
Jerusalem has been named the number one emerging global tech hub by Time and Entrepreneur magazines, and the buzzing High-Tech ecosystem in our city includes 500 start-ups and companies that raise hundreds of millions of dollars every year, said Nir Barkat, Mayor of Jerusalem. The next step is welcoming MassChallenge to our city and providing a successful launching pad for our innovative and creative entrepreneurs in Israel. I am excited to launch MassChallenge here in Jerusalem to drive innovation to new heights, and I will do everything I can to make this effort successful.
Annual MassChallenge accelerator programs in Boston and London support large cohorts of startups (128 in Boston, 90 in London) from anywhere in the world, in any industry. Entrepreneurs receive mentorship, office space, education, access to a vast network and other resources during four months of acceleration. At the conclusion of the programs, MassChallenge awards over $2 million in no-equity, non-dilutive grants to the startups demonstrating the highest impact and highest potential.
Our accelerator in Israel will unite MassChallenges globally recognized and celebrated accelerator model with the beating heart of Israels thriving and dynamic innovation ecosystem, said Israel Ganot, Managing Director of MassChallenge Israel. The global network of MassChallenge has already benefited dozens of Israeli entrepreneurs. This new accelerator location will further fuel the growth of early-stage Israeli startups while enabling entrepreneurs from around the world to experience the global phenomenon of the Israeli startup scene.
MassChallenge has demonstrated a stellar track record of propelling entrepreneurs from idea to execution, in both business and social ventures, said Jeff Swartz, member of MassChallenge Global Board of Advisors and former CEO of Timberland. Expanding to Jerusalem will bring the enormous benefits of the Israeli entrepreneurial spirit into the MassChallenge global network, while advancing opportunities for entrepreneurs from Israel and around the world.
MassChallenge committed to scale its no-equity accelerator program to ten new cities by the end of 2019, beginning with MassChallenge UK in London. In all, the commitment will contribute to the creation of 20,000 new jobs from MassChallenge startups.
MassChallenge runs startup accelerators designed to catalyze a global renaissance by connecting high-impact startups with the resources they need to launch and succeed. Anyone can apply to MassChallenge, with any early-stage startup, in any industry, from anywhere in the world. MassChallenge does not take equity or place any restrictions on the startups it supports.
With programs in Boston, Israel and the UK, MassChallenge provides entrepreneurs with mentorship, office space, education, access to a vast network, and other resources during four months of acceleration. MassChallenge awards over $2 million in non-dilutive grants to the startups demonstrating the highest impact and highest potential. A nonprofit organization, MassChallenge is funded by corporate, public and foundation partners. To date, the 835 MassChallenge alumni have raised over $1.4 billion in funding, generated $575 million in revenue and created 8,500 jobs. For more information, visit www.masschallenge.org.
Top MassChallenge Boston partners include: Jamestown, Fidelity Investments, Verizon, the Richard and Susan Smith Family Foundation, CASIS, the Commonwealth of Massachusetts, The Deshpande Foundation, The Boston Foundation, Combined Jewish Philanthropies of Greater Boston, Bler, American Airlines, Boehringer Ingelheim, Bose, EMC, Henkel, iNNpulsa Colombia, Microsoft, Pfizer, Smith & Nephew, Thomson Reuters, Turnstone, WGBH Boston, UMass Amherst, and Zapopan.
MassChallenge UK partners include: NatWest, Unilever, Visa Europe Collab, Satellite Application Catapult, Digital Catapult, Hult International Business School, Tech City UK, EMC, The Manchester Growth Company, GCHQ, ViiV, UK Business Angels Association, Angels Den, Media City UK, The Landing, Fried Frank Technology, Taylor Wessing, The BIG Partnership, The Collective, Crowdcube, and Tobacco Dock.
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