Oracle Starts a New Accelerator Program in Israel
As the cloud market expands and more players join the bandwagon, it becomes imperative for the larger players to come up with new programs that’ll benefit them, others, and the cloud industry as a whole. Earlier, AWS announced its plan to start a training program in the UK to fill the skills gap, and today, it is Oracle’s turn to announce a new program in Israel to promote cloud innovation.
Known as the Startup Accelerator Program, this program will be run and managed by Oracle’s research and development team. Under this program, Oracle will provide six months of mentoring in technical and business areas, provide support for advanced technology needs, and give access to Oracle’s customers and partners. With such a solid backing, startup companies have a greater chance than ever before to succeed. This help can be significant considering that more than 90 percent of startups fail due to a combination of factors such as wrong product, no market need, not enough cash, poor marketing, unstable business model, disharmony among founders, legal challenges, cost issues, and more.
Though Oracle’s program does not guarantee success, it greatly improves the chances for the startup to be successful as it helps to alleviate many of the above factors. However, it will restrict this program to only five startups for every six months, as it wants to focus in helping these companies overcome their initial challenges. Obviously, if it takes on more companies, then its resources will get diluted, thereby benefiting none. This is why it’s a sensible idea to restrict it to just a handful of companies.
This is the second startup program by Oracle, with the first one launched in Bengaluru, India. Many startups such as ExpertRec, Niyo Solutions, Tydy, and Vear have benefited from this program, and enthused by its success, Oracle has decided to extend it to Israel as well.
Under the terms of the agreement, startup companies will be given suggestions and training sessions by leading CIOs and CEOs of Oracle and its partner organizations. The startups selected for this program can choose to work out of Oracle’s office or in a space of their own. However, they may have to travel to Oracle’s office for certain mandatory meetings. These startups don’t have to necessarily use Oracle’s cloud platform, though they will be given free credits for it. In addition, training will take place only on Oracle cloud. Oracle takes no equity in the program, as their goal is to encourage entrepreneurship.
If you’re wondering what’s in it for Oracle – a lot. Firstly, it can benefit greatly with innovation. Since the cloud market is becoming a crowded space, anything that’ll stand out for customers will give an edge to the providers. When Oracle has access to startups, it can not only help them to succeed, but also have the choice to acquire them if needed. Secondly, such a move can augur well for the cloud industry as a whole, and when demand increases, Oracle may eventually benefit from increased demand.
Due to these reasons, this program creates a win-win situation for everyone involved.