Impressed by the promising startup ecosystem, an Israel-based firm, SOSA, may set up its third innovation centre in Andhra Pradesh. SOSA, which provides innovation services to global corporations, investors, governments and municipalities, will provide access to its landing pads in Tel Aviv and New York for local startups in the first phase. SOSA CEO Uzi Scheffer told The Hindu on Wednesday that the MoU signed by them and their Indian partner DCF Ventures with the AP Innovation Society (APIS) on Tuesday would provide access to local startups to the network of international mentors, venture capitalists, domain experts and market leaders both online and offline.
The MoU was signed at the Vizag Fintech Festival in the presence of Chief Minister N. Chandrababu Naidu and IT Minister N. Lokesh.
Mr. Scheffer said they were excited to offer expertise in nurturing startups in A.P. . In turn, they would provide market opportunities in Israel and other places.
‘Positive step’
In the second phase, APIS will extend support to SOSA in connecting them with leading corporate players in fintech, agritech, insurance, emergetech and other technology verticals. The APIS has promised to offer all resources to SOSA for grounding base in the State.
Mr. Scheffer, who along with SOSA director of business development Roni Kenet Harmetiin and DCF Ventures CEO Lakshmi Potluri attended event, said: “APIS has been in the forefront in recognising the importance of fostering entrepreneurship and a culture of innovationin the region. This MoU is the start of a relationship.”
He said Israel with a population of 8.5 million was able to do a big mark in startup arena with the government’s support. “We have around 7,000 startups due to innovation culture working in big data, IoT, AI and other technologies. Almost 16% of global venture capital investment is made in Cyber security in Israel. The government ensures early stage funding up to 85% of the need with a strong base of incubators ,” he stated.