Program helps Israeli startups in Australia – The Australian Jewish News

Get The AJN Newsletter by email and never miss our top stories Free Sign Up An Israeli expat living in northern NSW has turned helping tech startups into his personal mission to support Israel’s economy during wartime. Ofer Assor, general manager of JR/AUS.

IL, began working on the philanthropic venture in May 2023 but said it took on new meaning after the October 7, 2023 attacks.

“After October 7, this became clearly the way for us to help the Israeli economy,” Assor said.

“This is my way of supporting and contributing to Israel, given that I can’t do reserve duty when I’m here. This is my reserve duty in helping the Israeli economy continue to thrive and grow while the war is ongoing.” Assor, a former IDF combat officer who has lived in Australia for 10 years, runs JR/AUS.

IL in collaboration with the James Richardson Group, which is led by the Danos family. The program works with a select portfolio of three to five Israeli technology companies at any given time, helping them navigate the Australian market and establish local operations. The program has facilitated major deals with some of Australia’s largest financial institutions.

After 18 months of work, Israeli fintech company Bridgewise, which provides AI investment insights to brokers and banks globally, is set to announce partnerships with one of Australia’s largest brokers and is working with a major bank to incorporate its system into their retail broker app.

“When they came to us, they said here’s a list of the 12 or 14 organisations that that we want to engage with in Australia. We were able to put them in front of 90 per cent of them,” Assor said.

“My job is to open the door. You have to walk through it. I can’t sell your product, but I can get you to the right person at the right time.”

JR/AUS.

IL evaluates potential clients with the rigour of a venture capital firm, examining their track record in other markets and operational maturity. A crucial factor is whether companies have thought strategically about why they want to enter Australia.

“Australia is not a big market. It’s a very hard market to penetrate into, and if you don’t have a strategic go-to-market reason behind it, then the chances of you succeeding are very slim,” Assor said. The typical timeline for achieving early traction is 12 to 24 months, with companies requiring a minimum commitment of 12 to 18 months to see results.

Assor said the key to success lies in understanding Australian market dynamics, “which is all based around relationships and kind of the network that you have”.

“So building that vast network is really the key driver behind what we do.” Assor also brings a dual perspective as an Israeli living in Australia.

“I understand and know how to operate within the Israeli culture and the Israeli context,” he said.

“But I’ve lived in Australia for 10 years now, and so I can easily understand and operate in the Australian context as well. And that’s something that’s very unique for these startups.” JR/AUS.

IL operates nationwide and in the broader Australia-Pacific region, but with a primary focus on Melbourne and Sydney, though it can facilitate connections in other markets such as Perth for energy and resources sector opportunities. Beyond business development, the program assists companies in establishing Australian entities, hiring local teams, and accessing government investment programs and Australian venture capital funding. More info: jrausil.com