MassChallenge Israel, the country's largest non-capital startup accelerator, hosted the Early-Stage 2024 accelerator final in Jerusalem on Monday, six startups among around thirty were rewarded. The six winning companies in the cohort will participate in an all-expenses-paid business trip to Boston and New York to meet with investors, customers, partners and business leaders.
The companies were assessed based on a series of criteria, including their ability to demonstrate a clear business strategy and their potential for international impact.
“Our goal is to help Israeli startups thrive on a global scale,” Motti Sigel, director of MassChallenge Israel, told Itonnews. "Following the global financial crisis in 2008, MassChallenge was founded in 2009 in Boston to give businesses what they need to succeed, including connections, training, and relationships with partners and investors. MassChallenge Israel has started in 2016 and we have grown over 300 businesses that have generated $1.4 billion,” he continued.
The winners of this new edition are: BOB FoodTech, (which acts to reduce waste and costs for food, chemical and pharmaceutical companies. CommU, (a real-time medical translator based on AI, promoting an environment of inclusive and accessible healthcare). EndoCure, (which developed a robotic ultrasound system for comprehensive mapping of endometriosis lesions. PlusMusic, (which harnesses the power of AI to deliver an interactive musical experience). SurgiAI, (which developed the TissueTrack platform using real-time tissue detection and tracking to provide surgeons with an accurate surgical navigation system) and finally Tree-Tube, (which industrializes tree planting in urban areas).
Each year, MassChallenge Israel helps between 40 and 50 companies, solving some of the world's biggest problems. Additionally, they run a variety of self-sustaining innovation programs throughout the year in collaboration with universities, hospitals, and corporate partners supporting dozens of additional founders.
In the United States, Switzerland, Mexico, United Kingdom and Israel MassChallenge connects startups, experts, businesses and communities to grow and transform businesses and economies.
“Startups who wish to join the program submit an application with a business plan which is then studied by experts, then they must be interviewed in front of juries from the high-tech world and then 10 to 25% make it through final test: in 4 months, they must achieve two commercial goals,” said Motti Sigel.
This year, due to the ongoing war in Israel, MassChallenge Israel organizers faced many challenges. In fact, 40% of startup creators have been directly impacted.
“The cousin of 19-year-old Hamas hostage Liri Albag is one of the startup creators. He spent the first months of the war using social media technology to get as much information as possible about Liri. Most of the participants were called up as reservists, some have their children or relatives fighting in Gaza and others were displaced. Everyone is trying to develop their startup in parallel with the war, the 2024 edition of the MassChallenge is indeed unprecedented,” underlines Motti Sigel.
This year, 25% of the cohort secured funding, while 75% of participants achieved other important business goals. With more than 400 graduates collectively raising more than $1.5 billion and generating more than 20,000 jobs, MassChallenge Israel continues to be a powerhouse generating national and global economic impact.
Caroline Haïat
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