Nine Israeli companies have been chosen for Intel Ingenuity Partner Program's first 6-months cycle.
Following a similar announcement from Samsung, Intel has become the latest international technology giant to launch a startup accelerator program in Israel.
Intel announced that Intel Ingenuity Partner Program (Intel IPP), a new initiative for nurturing and promoting Israeli start-up companies. Intel will provide the startups with an expert mentor on its behalf as well as access to various resources in its facilities.
Nine Israeli companies have been chosen for the Program's first 6-months cycle. By the end of this period, Intel says, the companies will be able to demonstrate a proof of concept or joint project or demo of their idea, consider joint marketing initiatives and generate opportunities for a business idea which will benefit the startup company as well as Intel.
The companies chosen for the program IPP partners are matched with an Intel mentor, who is chosen based on his/her expertise in the relevant technological area and serves as the single contact point between the company and Intel. The mentor works directly with the start-up company and is responsible to securing its access to additional resources in Intel and in the broader relevant industry.
One of the first IPP partners chosen for the first cycle is Lexifone, which offers real-time voice interpreting. Extreme Reality, the developer of Extreme Motion which extracts information on the user's gestures with a standard 2D camera also participates in the program.
Registration for the second cycle of IPP is already underway: Intel says it is looking to work with companies involved in wireless technologies, connected devices, mobile, IT, internet of things (IoT), wearables, big data analytics, perceptual computing and robotics.
Each 6-months cycle of IPP includes a 2-month learning stage, in which the entrepreneurs meet with Intel's experts and relevant business units to compile more information. Learning is followed by the 4-months work stage, in which Intel and the start-up company work together on the Proof of Concept. The joint venture will be presented on Intel's demo day. Intel IPP partners also get to meet with Intel's investment fund. The program, which targets mature and early-stage companies, is directed by Roy Ramon.
"Intel IPP offers a carefully-structured collaboration process between Intel and start-up companies under Intel's leadership. The process was designed to expand the value that the companies generate from the collaboration," Ramon said in the launch event in Tel Aviv. "Intel initiated the program in order to strengthen its ties with start-up companies and promote them. Israeli entrepreneurs chosen to collaborate with Intel will receive wealth of opportunities for growth. We look forward to share our knowhow with them and work together."
Intel Israel already collaborates with Israeli companies in a range of ways, including through Intel Capital and through Challenge-Up!, an acceleration program executed jointly by Intel, Deutsche Telecom and Cisco, which helps young start-up companies from Israel which develop solutions in relevant areas to reach the market faster with consulting, networking, joint projects and allocation of resources. MAGNET, a program of the Chief Scientist of Israel, provides Israeli companies that collaborate with Intel with funding of up to 50% of their approved budget, which is then matched by Intel.
"We hope that the new Intel IPP will provide significant help to young Israeli start-ups," said Nir Metzer, head of Intel's path-finding group and mentor in Intel IPP. "The Program offers a broad range of opportunities: some companies will get to see their solutions embedded into Intel products while others will win new customers and partners thanks to Intel's connections." he said