HP, SAP, and other big tech companies have a new way into the red hot Israeli startup sceneDec. 3, 2015
In the last six months, an exclusive startup accelerator called The Junction, created by Israeli VC Genesis Partners, has come up with a way for huge multinational corporations to use Israel's bustling tech startup community to their own sweet advantage.
These companies partner with The Junction, helping it fund its operations and mentor its startups, and in exchange they get to help it decide which startup technologies to pursue and which startups to accept. Then they work with the startups to test and shape the tech they build.
Business Insider has learned that HP (the PC/printer company) has joined The Junction in this way. In addition, The Junction just announced that huge multinational insurance company Munich Re has signed on as such a partner, following SAP who signed on six months ago, as did Australian wireless company Telstra.
HP is looking for entrepreneurs working on 3D printing, Internet of Things, and 3D visualization graphics.
Multinational corporations have always shopped Israel's startup up community looking for cool tech to acquire. But in the past six months, they've been flooding into the country, trying to get even more involved at earlier stages, mostly through investing, says Barak Rabinowitz, a partner with Genesis who runs The Junction.
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