Explained: Why Google has pledged $8 million investment in Israel & Palestinian tech firms amid Gaza conflict
By Sunita Iyer | First Published Jan 25, 2024, 1:40 PM ISTIn the midst of the current conflict between Israel and Hamas, Google has revealed its intentions to invest $8 million in aiding technology companies facing challenges in both regions.
In the midst of the ongoing conflict between Israel and Hamas, Google, the tech giant under Alphabet, has taken a significant step by announcing an $8 million investment to support struggling technology companies in both regions. The initiative aims to provide crucial financial assistance to small businesses grappling with the challenges posed by the turbulent situation. The investment is strategically divided, with $4 million earmarked for supporting artificial intelligence (AI) startups in Israel and an additional $4 million dedicated to bolstering early-stage Palestinian businesses and startups.
"In the current situation, quite a few startups in Israel are struggling to raise capital from investors and urgently need financial bridging in order to continue operating," Google said in a statement.
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Google's decision to support Israeli startups comes at a time when many of them are facing difficulties in raising capital from investors due to the conflict. The $4 million allocated for AI startups in Israel is expected to play a vital role in sustaining these ventures during these challenging times. The move builds on the efforts of the Israel Innovation Authority's emergency fund, established after the conflict began on October 7, specifically targeting companies with limited financial reserves.
Google's focus on AI startups in Israel is geared towards maximizing the potential success of around 20 AI-focused startups. The exact grant amounts and the number of recipients will be determined based on incoming requests, reflecting Google's commitment to supporting innovation and technological advancements in the region.
In a parallel effort, Google is extending its support to the Palestinian territories by partnering with local and global non-profits. The company plans to offer loans and grants to 1,000 small businesses, with the aim of fostering resilience and ensuring economic continuity. Furthermore, seed grants will be awarded to 50 tech startups in Palestinian territories, contributing to the development of innovation and job creation.
Through this initiative, Google hopes to safeguard 4,500 existing jobs and stimulate the creation of new opportunities for Palestinians. The investment not only addresses the immediate financial needs of struggling businesses but also lays the groundwork for sustainable economic growth in the region.
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