Grant Window 1:
Grants provided under this window for establishing new IT service operations aims to de-risk, encourage, and enable the launch of emerging IT services companies in the West Bank and Gaza IT services market. New IT services firms will bring technological competencies, industry expertise, and customer networks, hence broadening the scope and competitiveness of IT services offered. The seed funding will support entrepreneurs to establish new IT services firms, foreign companies to establish new operations in West Bank and Gaza, but also support the establishment of branches/subsidiaries of West Bank companies in Gaza and of Gaza companies in the West Bank.
The seed funding will support the costs required to establish new business operations in the West Bank or Gaza as detailed in a credible business model submitted by the applicant. These costs can include developing a viable business plan, working capital, software, product development and testing, market testing, intellectual property protection, sales and business development, organizational development, and capacity building. Any other private sector funding, including from banks, will be counted as co-financing. No works/construction will be financed through the grants in accordance with TechStart’s Environmental and Social Management Framework (ESMF).
The seed funding is expected to be provided in the range of a 50/50 co-funding basis. Women-led/owned businesses (see definition above), and individuals/ entrepreneurs that have not yet formed a company will be eligible for a greater share of co-financing of a 70/30 match.
NOTE*: Legal technical assistance will be available to local and foreign companies to support them to register new companies, subsidiaries, branches in West Bank.