Samsung Electronics has established a start-up accelerator in Israel to cultivate promising start-ups in the Middle Eastern country.
According to industry sources on July 6, Samsung Electronics set up the start-up accelerator at its Yakum R&D Center in Israel. Unlike incubators which provide support to start-ups which have their own income models, accelerators extend supports even to start-ups which have nothing but business ideas.
Through a separate Internet site, Samsung Electronics plans to take applications from Israeli start-ups until September.
Samsung Electronics plans to pick six to ten start-ups and provide them with an extensive range of supports, including seed money ($50,000), office spaces, research laboratories, and consulting services.
This is the first time for Samsung Electronics to establish an accelerator organization in a specific country. At present, Samsung Electronics runs two R&D centers in Israel, including Yakum (finished products) and Ramadhan (parts and components).
