Israeli startups compete for funding

VIDEO - Israel's status around the world may be controversial these days, but one thing is apparently agreed by all – the Israeli mind, as far as technological innovations are concerned, is a brand that's worth a lot of money.

Last week, representatives of European investment house Seedcamp visited Israel in order to meet the next generation of Israeli high-tech entrepreneurs.

During their stay, the European visitors attended a conference held at the Afeka Academic College of Engineering, which hosted a competition between 20 Israeli startup companies that are in early stages of soliciting investors and raising funds.

As part of the event, the young entrepreneurs met with experienced investors and entrepreneurs from the high-tech industry in Israel and Europe in order to learn how to turn a good idea into a successful business.

Reporter: Sivan Raviv; Video: Hila Spak; Editing: Tamar Avraham

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"There are good talents and great companies here; people (in Israel) think about international markets," said Philipp Moehring, an associate at Seedcamp.

"Usually Israelis stand out because they have this crazy drive that pushes them forward. And where does this drive come from? From their time in the army," noted Fiddme Co-Founder and CEO Yosi Taguri.

Taking things in proportion

Among the startup ideas pitched during the competition was a software for cell phones that studies driving patterns and offers suggestions for improvement, developed by Celludrive company, and a software for printing images directly from cell phones, developed by Taptoprint company.

The startups selected at the competition in Israel will participate in a similar conference in London – where they will compete against international companies for a cash prize of €50,000 (about $68,400).

The award may serve as an incentive, but does not guarantee success. "It is possible for a company that doesn't win to launch an excellent business, while many companies that win do not succeed," noted last year's winner Frederic Aknin.

"Therefore, it is important to take things in proportion, not give up, go all the way with the grand vision, and try to succeed – not just in the competition, but in the business world," he concluded.

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