25 Oct #StandWithIsrael – Israel’s innovation and startup sector in times of war
Today marks the 19th day since the devastating terror attacks by Hamas.
As of October 23, this onslaught has claimed the lives of over 1,400 individuals, resulted in the firing of several thousand rockets at Israel, and held 222 people as hostages in Gaza, including infants, children, teenagers, men, women, and elderly.
This unprecedented series of events constitutes one of the deadliest acts of aggression in decades. It is crucial for Europe to unequivocally denounce this historic declaration of war and provide support to Israel while it defends its sovereignty and safeguards its civilian population.
Furthermore, our concerns extend to the economic repercussions of this conflict, particularly within the high-tech and startup sector in Israel. A preliminary study released by the Israel Innovation Authority and the Start-Up Nation Policy Institute (SNPI) underscores that the slowdown in fundraising and the mobilization of reservists due to the war present significant challenges to high-tech companies.
Consequently, there is a tangible risk that some of these companies may face the imminent threat of closure in the months ahead. In response to this challenge, a swift financing initiative has been introduced, featuring an initial allocation of NIS 100 million. The objective of this initiative is to facilitate a rapid infusion of funds, both from the Innovation Authority and private investors, to prolong the financial sustainability of these companies. This is to ensure that the Israeli high-tech sector not only overcomes this current adversity but emerges even more resilient, as it has done in previous crises.
GINSUM is steadfastly dedicated to both providing its utmost support in this endeavor and actively promoting ongoing solidarity with Israel.
The 3rd German Israeli Space Forum, which occurred in a hybrid format on October 18, served as a strong demonstration of our solidarity and support, in collaboration with the Federation of the German Industries (BDI), its New Space initiative, and the German business community. This forum also played a pivotal role in strengthening our partnership, reaffirming the enduring German Israeli friendship, and offering insights into the shared potential within space technology.
Regrettably, we have had to postpone the second German Israeli SME Day, originally scheduled for November 14-16. This annual event plays a crucial role in uniting German companies and Israeli startups, fostering connections, and establishing the groundwork for tangible collaborations. We are committed to resuming this format as soon as circumstances permit, especially since it greatly benefits from the in-person presence of both sides.
Meanwhile, GINSUM will primarily focus on strengthening the Israeli innovation and startup ecosystem. We are planning a solidarity event that will bring together German industry and political representatives with the Israeli innovation and startup community. This event will provide a platform for Israeli entrepreneurs to share their personal experiences since the outbreak of the war and explore how we can offer the most practical and immediate assistance and support. Invitations will be forthcoming.
For those who wish to take immediate action, ELNET has compiled a comprehensive list of reputable donation opportunities:
We stand with Israel.