Geekmedia, the company that operates Israeli technology blog newsgeek.co.il, is getting into the startup incubation business with a new program called Venturegeeks.
Based in Tel Aviv, Venturegeeks sounds like it will be structured similarly to well-known US incubator programs like Y Combinator. Startups accepted into the program will receive $20,000, as well as three months of mentorship and office space, in return for a 10 percent stake in the company.
Mentors include investors Eden Shochat and Udi Netzer, Soluto CEO Tomer Dvir, Delver co-founder Liad Agmon, Microsoft&'s Zack Weisfeld, and Ayelet Noff of PR firm Blonde 2.0. After the program, Venturegeeks companies should be ready for their next round of funding, having created a working product or at least a prototype.
Geekmedia said ita4‚¬a4„s trying to tackle one of the big problems in the country&'s venture capital industry &8212' providing the early-stage money and support to turn a great idea into a real company. At the same time, the startups will not be required to incorporate in Israel or remain there after the program ends.
Venturegeeks is funded by a $5 million US fund called GKVentures. The deadline to apply is Feb 28, and the program itself will run from the beginning of April until the end of June.
[image via Flickr/Saul Adereth]
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Companies: Geekmedia, Venturegeeks
Companies: Geekmedia, Venturegeeks
Anthony is a senior editor at VentureBeat, as well as its reporter on media, advertising, and social networks. Before joining the site in 2008, Anthony worked at the Hollister Free Lance, where he won awards from the California Newspaper Publishers Association for breaking news coverage and writing. He attended Stanford University and now lives in San Francisco. Reach him at anthony@venturebeat.com. (All story pitches should also be sent to tips@venturebeat.com) You can also follow Anthony on Twitter.
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