Israel unveils a $ 70 million technology program for the Arab population

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Israel has launched a new NIS 225 million ($ 70 million) program to create more technology-based business opportunities for Arab communities.

The Israeli Innovation Authority and the Minority Sector Economic Development Department of the Ministry of Social Equity, the organizations that will set up the five-year initiative, announced on Wednesday that they want to make the local high-tech ecosystem more accessible to Arab communities through this program.

Over the next five years, the program will fund a number of initiatives all designed to encourage and incentivize greater Arab participation in the Israeli technology industry, which include centers for entrepreneurship, technology accelerators (mentoring organizations), technology incubators (non-purpose businesses that support start-ups early) and a cohort of investors.

Several entrepreneurship centers will receive nearly NIS 2 million ($ 625,000) annually with the stated purpose of promoting a business and business environment for local entrepreneurs. Centers providing employment guidance and training will receive approximately NIS 1 million ($ 312,000) in additional annual funding.

Technology accelerators will also receive NIS 1 million ($ 312,000) annually to provide business advice to entrepreneurs to successfully integrate their ideas into the marketplace.

The Israeli Innovation Authority will promote the creation of a technology incubator, aimed at encouraging entrepreneurship and the creation of new startups among the Arab population. These new companies will receive funding of up to NIS 6.5 million ($ 2 million).

The program aims to nurture angel investor groups that can provide up to NIS 900,000 ($ 282,000) annually for up to three years to kickstart early stage startups.

“In recent months we have been working in partnership with high-tech industry leaders, who have indicated the need to encourage technology enterprises and initiatives on the ground,” said Mairav ​​Cohen, Israel’s minister for social equality. “The more we can integrate more Arab workers into Israel’s high-tech industry, the more we will be able to bring Israel’s economic growth to additional segments of the population.”

“Incorporating high-tech employees from the Arab sector is an extremely important social, financial and strategic need,” said Orit Farkash-Hacohen, Israel’s Minister of Innovation, Science and Technology. “Despite the increase in the number of Arab students in academia, only 2% of high-tech employees come from the Arab sector.”

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