Startup incubator DreamIt Ventures is announcing the first Israel-U.S. accelerator, which will help up to five Israeli startups expand into the U.S. market through DreamIt’s NYC 2012 program. The new program, called DreamIt Israel, will take place over four months, with the first month in Israel followed by three months in New York. The startups will also participate in two Demo Day events – one in the U.S. and the other back home with local investors.
Despite some VCs’ contention that entrepreneurs still need to be based in the Valley to succeed, Israel has been pushing out innovative new web and mobile startups at a rapid pace, including, of course, Disrupt winner Shaker.
DreamIt hopes to now capitalize on this trend with the new DreamIt Israel program, which kicks off on April 15th. Participating companies will have access to the U.S. and other global markets through the program, plus mentorship, guidance, and up to $25,000 in early stage capital. To qualify, founders must be residing in Israel and holding citizenship or residence.
After the first month in Israel, the startups will work alongside U.S. companies in DreamIt’s NYC 2012 program, which runs from May 14th through August 17th, 2012. After NYC’s Demo Day in August, the Israeli startups will return home to present before local investors, too. They will also be provided with two more months of workspace (location TBD) following the second Demo Day in Israel.
DreamIt Israel joins the accelerator’s two other regional efforts, DreamIt New York and DreamIt Philly, which have been home to graduates like SCVNGR, SeatGeek, Take the Interview, CloudMine, Notehall, SupplyHog, Adaptly and 57 others.
Says DreamIt’s founder David Bookspan, “for a number of years we have wanted to bring the same benefits to the Israeli startup community and we are glad that now there is the right mix of team and timing.” Indeed.
Mitchell Golner, who has over 18 years of hi-tech business management experience, will serve as DreamIt Israel’s Managing Partner.
Five companies will be chosen to participate in the inaugural launch of the Israeli program, and applications are open now. The deadline for early acceptance is February 22nd. To apply, go to DreamItVentures.com/Israel.
DreamIt Ventures is a venture capital firm specializing in incubation and seed investments. The firm seeks to invest between $10,000 and $30,000 in each company. The organization was founded by Mr. David Bookspan, Mr. Michael Levinson, and Mr. Steven D. Welch and is based in the United States.