Google, under its parent company Alphabet, has revealed plans to invest $8 million in supporting both Israeli tech firms and Palestinian businesses amid the ongoing Israel-Hamas conflict. The initiative aims to address the financial challenges faced by smaller enterprises in the region.
Out of the total investment, $4 million will be allocated to AI startups in Israel, with an equal amount directed towards supporting early-stage Palestinian startups and businesses. Google’s commitment includes providing additional support to Israeli AI startups, particularly those facing urgent financial needs with a “short runway” of up to six months. This assistance is intended to complement the efforts of the Israel Innovation Authority’s emergency fund, established in response to the conflict.
According to Google, many startups in Israel are struggling to secure capital from investors, necessitating immediate financial support to sustain their operations. Google plans to enhance the potential success of approximately 20 AI startups through its commitment, with the number and size of grants determined based on received requests.
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To further contribute to economic stability in the region, Google has partnered with local and global non-profit organizations. These partnerships aim to facilitate loans and grants for 1,000 small Palestinian businesses. Additionally, Google will provide seed grants to support 50 tech startups in Palestinian regions. The overall goal is to safeguard 4,500 jobs and create new employment opportunities for the Palestinian population.
In summary, Google’s $8 million investment seeks to address the financial challenges faced by startups in Israel and Palestine, particularly in the field of artificial intelligence. The initiative aims to support economic stability, create jobs, and foster growth in the region.
