Google Launches Fund to Support Israeli and Palestinian Businesses Amid Conflict
Tech giant Google has announced the creation of an $8 million fund to provide financial support to Israeli tech startups and early-stage Palestinian businesses. The move aims to assist these companies in navigating the challenges posed by the recent Israel-Hamas war. Google will allocate $4 million to Israeli AI startups and another $4 million to Palestinian startups and businesses, enabling them to continue operating during these turbulent times.
The fund in Israel will complement the emergency fund established by the Israel Innovation Authority, which offers emergency grants to fast-track companies with limited financial resources. In light of the ongoing conflict, several startups in Israel have faced difficulties in securing capital from investors and require immediate financial bridging to sustain their operations.
Google’s support will be instrumental in helping around 20 AI-related Israeli startups receive crucial funding. In addition to financial assistance, the selected startups will benefit from mentorship and guidance from Google’s experts in various fields, including development, strategy, and marketing. With this comprehensive support system, Google aims to empower startups in Israel and nurture their growth and success.
Dror Bin, CEO of the Innovation Authority, commended Google’s initiative, hailing it as an investment in the future. He expressed his satisfaction with Google’s decision to provide matching funding to high-quality startups approved through the Innovation Authority’s fast-track program. These startups possess significant potential for business success, and Google’s investment signifies its commitment to shaping a prosperous future.
Furthermore, Google is collaborating with local and global nonprofit organizations to extend loans and grants to 1,000 Palestinian small businesses. The tech giant will also provide seed grants to 50 tech startups in Palestinian areas, fostering job security and creating new employment opportunities for Palestinians.
In recent weeks, Google has demonstrated unwavering support for emergency efforts in Israel by donating millions of dollars. The company has also contributed to humanitarian relief efforts in Gaza, showing its commitment to alleviating the distress caused by the ongoing conflict.
Through its financial contributions and valuable expertise, Google is making a significant impact on the entrepreneurial ecosystems in both Israel and Palestine. By empowering startups and sustaining small businesses, Google aims to promote economic growth, job creation, and overall stability in the region.
