The American multinational cloud computing company, Oracle, has announced plans to invest in startups overseas in Israel.
According to the report from Reuters, the tech giant seeks to establish an incubator for startups developing cloud technologies and for those already invested in the tech. An incubator program can potentially help vibrant young companies grow and innovate faster with resources provided freely.
This Tel Aviv-based program is the second in a planned global expansion roll out. Oracle’s senior vice president of Product Development Reggie Bradford:
Oracle understands that startups are at the heart of innovation, and through this program we aim to give startups access to extensive resources and support when they need it most
Oracle plans to spend tens of millions towards its incubator program, allowing startups access to some of the company’s valuable resources. This includes six months of mentoring and use Oracle’s cloud platform and customers. This program is governed by the company’s R&D department which is already open to interested participants. Only 5 are selected to join every six months.
Many new companies fail within the first couple of years in business. Sadly, many great ideas never see the light of day due to various reasons.
Incubators such as this, is an invaluable tool which could mean the difference between success and failure.
Israel is a boon for talent and companies such as Google, Apple, Deutsche Telecom and Bosch have steadily invested in the region for decades.
Along with helping startups to grow, a benefit for Oracle has their eyes on the next big cloud-based product to add to their huge portfolio of acquisitions.