Amid the ongoing war between Israel and Hamas, Google has announced its plans to invest $8 million to support struggling tech companies in both regions. The Alphabet-owned tech giant announced the initiative, citing the urgent need for small businesses to secure funding during these turbulent times. The investment is split equally: $4 million is dedicated to AI startups in Israel and another $4 million is dedicated to supporting Palestinian companies and early-stage startups.
“In the current situation, a number of startups in Israel are having difficulty raising capital from investors and urgently need a financial bridge to continue their operations,” Google said in a statement.
Israel-Hamas War: Why Google Wants to Fund Israeli AI Companies and Palestinian Companies
Google's support for Israeli startups builds on the Israel Innovation Authority's emergency fund, which was set up after the war began on October 7 and is specifically aimed at companies with limited financial reserves. Google aims to help maximize the potential success of around 20 AI-focused startups, with the exact funding amounts and number of recipients determined by incoming inquiries.
In collaboration with local and global nonprofits, Google will offer loans and grants to 1,000 small businesses in Palestine to promote resilience and economic continuity. In addition, seed capital grants will be awarded to 50 technology startups in Palestinian territories to promote innovation and job creation.
Google hopes this initiative will secure 4,500 existing jobs and stimulate the creation of new jobs for Palestinians.
“In the current situation, a number of startups in Israel are having difficulty raising capital from investors and urgently need a financial bridge to continue their operations,” Google said in a statement.
Israel-Hamas War: Why Google Wants to Fund Israeli AI Companies and Palestinian Companies
Google's support for Israeli startups builds on the Israel Innovation Authority's emergency fund, which was set up after the war began on October 7 and is specifically aimed at companies with limited financial reserves. Google aims to help maximize the potential success of around 20 AI-focused startups, with the exact funding amounts and number of recipients determined by incoming inquiries.
In collaboration with local and global nonprofits, Google will offer loans and grants to 1,000 small businesses in Palestine to promote resilience and economic continuity. In addition, seed capital grants will be awarded to 50 technology startups in Palestinian territories to promote innovation and job creation.
Google hopes this initiative will secure 4,500 existing jobs and stimulate the creation of new jobs for Palestinians.
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