Israeli start-ups to compete with US, Europe for China award

Eight Israeli start-ups will vie with each other at an event in Tel Aviv on June 20 for a chance to compete against startups from the US, Europe and China at the finals of the Global Innovation Awards 2016 to be held in Beijing this August.

The competition is for prizes worth $1.5 million in cash and the opportunity for investment from a fund established by China’s management consulting firm Shengjing Group especially for the competition, the Israeli venture capital firm JVP and the Chinese group said in an emailed statement.

The eight Israeli startups were chosen from among 140 local companies that entered the competition in Israel in March this year. Out of the eight, three will be selected on Monday to go to Beijing. If they win, they will also also be able to present their solutions to investors and leading companies from China and globally, the statement said.

The Global Innovation Awards, which were held for the first time last year and were established by the Shengjing Group, are taking place in China, the US, Europe, and Israel simultaneously. The Israel segment of the competition is being led by the JVP together with other partners including EMC, the Microsoft accelerator in Israel, Poalim Hi-Tech and EY Israel.

The 140 Israeli startups that entered the Israel stage of the global competition this year were from a variety of fields, said JVP partner and competition judge Yoav Tzruya.

“In contrast to last year’s competition, we are seeing a wider variety of topics addressed, as well as startups with much stronger motivation and solid plans to penetrate the Chinese market,” Tzruya said

Many of these companies presented developed business strategies and increased awareness of the potential for Israeli innovation in the Chinese and other Asian markets, and not just as a source of capital, he said. “This is due to increased activity of Chinese players in Israel, and due to the impressive achievements of last year’s Israeli finalists, which gained real value from their achievements in the competition – a dramatic rise in fundraising, new clients and exposure,” Tzruya said.