Procter & Gamble has teamed up with Jerusalem Venture partners, OurCrowd, Vintage, Kroger, GE and Fifth Third Bank to launch the Israel-Cincinnati Innovation Venture, according to a report published by Geektime.
The program will grant five Israeli start-ups a chance to pilot new ideas with a number of sponsoring corporate investors. The final five, chosen from a shortlist of 20, will be nominated in December, with the initiative kicking off in earnest by February.
“Meeting the right person in corporates can inititally be impossible – having the right decision maker and the right supporter in order to be productive,” Sigal Mendelevitch, who heads up Global IT Innovation at P&G, told Geektime. “I think what we have in mind is that corporates aren’t necessarily used to working with start-ups. There’s a big opportunity for corporates.”