Google has declared an $8 million investment initiative aimed at supporting both Israeli tech firms and Palestinian businesses. The move comes in response to the ongoing Israel-Hamas conflict and the crucial need for smaller enterprises to secure financing during this challenging period.
Of the total amount, $4 million is allocated for AI startups in Israel, while an equivalent $4 million will be directed towards supporting early-stage Palestinian startups and businesses, providing crucial assistance for their operations.
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Google has committed to providing additional support to Israeli AI startups, complementing the Israel Innovation Authority’s emergency fund’s efforts initiated in response to the conflict that erupted on October 7. This extra assistance is particularly focused on companies facing a precarious “short runway” in terms of financing, spanning up to six months.
In response to the current situation, where numerous startups in Israel struggle to raise capital from investors and urgently need financial bridging to continue operating, Google aims to bolster the potential success of approximately 20 startups specializing in AI solutions and services. The specifics of the number and size of grants will be determined based on the volume of requests.
To further its commitment to fostering economic stability and growth in the region, Google has established partnerships with local and global non-profit organizations. These collaborations aim to facilitate loans and grants for 1,000 small Palestinian businesses. Additionally, Google plans to provide seed grants to support 50 tech startups operating in Palestinian regions. In total, this initiative aspires to safeguard 4,500 jobs and generate fresh employment opportunities for the Palestinian populace.
