Citi to help Israeli Arabs benefit from startup boomSep. 18, 2016
The Citi Foundation will expand its support of PresenTense Israel, which promotes entrepreneurship in the Arab, ultra-Orthodox and Bedouin societies in Israel’s periphery, by earmarking $400,000 to fund three accelerators for the Arab community.
The grant comes on the heels of an existing collaboration between Citi and PresenTense that created two accelerators for social, business and technological entrepreneurs. The new programs will be set up in Haifa and Jaffa and the funding will help expand the existing activities in Baqa al-Gharbiya, PresenTense said in a statement.
PresenTense hopes the grant, together with other channels of support, will enable it to promote a plan to expand Israel’s technological reach to the Arab population and other sectors that are yet untouched by the high-tech boom.
Since 2012, the Israeli government has set up programs to help Israeli Arabs integrate into the labor market and the hgh-tech industry, in an effort to boost economic growth and reduce inequality. A number of programs have emerged, including incubators targeting the population and programs like that of PresenTense.
In May, MasarUp — The Council for Entrepreneurship in Arab Society was founded with aim to boost entrepreneurship in the Arab society. The program aims to reach 500 Arab-led startups within five years. Its latest Leap Haifa initiative is designed to aid advanced entrepreneurs seeking to raise and additional round of financing or expand the activity of their existing business. PresenTense SUB is a Jaffa-based program that aims to foster closer connections between its young residents and the flourishing startup scene in Tel Aviv.