...Accelerators help entrepreneurs with ideas or early-stage startups launch full-fledged businesses more quickly than they would without outside assistance. Help could come in the form of advisers, access to potential customers and to regulators, and funding, among others.
The food tech sector is underrepresented among startup companies, and part of the idea behind the program is to change that, says Amir Eldad, MassChallenge’s lead partner for international expansion.
There are two main benefits to the project, he explains. One is drawing more entrepreneurs and technologies to the Strauss Group in particular and the food sector in general. The other is to help craft Israel as a powerhouse in food technology with a global reach,” he says.
Strauss, for its part, is looking for an innovative way to compete against even larger multinationals such as Nestle, explains Dagan Eshel, innovation manager at Strauss and head of Alphastrauss, Strauss’ center for nurturing food technology.
“We thought, what is our competitive advantage? And the first thought that came to our mind is, we are Israeli...There is no Silicon Valley for food. No one until now thought that food is a big enough arena… for making a food tech industry...” ...
Hundreds if not thousands of food-related technologies are already in development in Israel, but there’s no one connecting the dots, pulling the entrepreneurs together and giving them the support that the high-tech industry has...
“Outside of the U.S., Israel is the place where there is a complete and very strong entrepreneurial ecosystem,” says Eldad. ...
The project will take a broad approach to food technology. Food production goes beyond the food itself, explains Eshel — it necessitates technologies that touch on infrastructure, raw ingredients, packaging and more, he notes. As an example of the type of innovation he hopes to see in the accelerator program, he cites the example of a medical technology startup whose product could be used to identify foreign items in food.
The technologies developed by the accelerator won’t directly benefit either MassChallenge or Strauss. MassChallenge charges only a small fee for registration and takes no equity from participants, notes Eldad, while Eshel says his company is looking toward the long term.
“We want to create a community,” says Eshel.” We are looking 10 years into the future. If we could accelerate this community of food tech, it would be good for you, good for Israel and good for Strauss.”