Enel X innovation moves forward in Israel, as FinSec Innovation Lab goes into operation
Israeli FinSec Innovation Lab opens for business, and looks for candidates in fintech and cybersecurity to join it
Published on Tuesday, 26 January 2021
The FinSec Innovation Lab, the Israeli joint venture Enel X and financial services giant Mastercard Europe launchedlast year, has opened for business, inviting financial technology and cybersecurity startups to join the Lab. It combines its technical infrastructure, knowledge, and expertise with the strength of Israel’s startup economy.
Innovation for the payments and energy ecosystem
The Lab’s focus is on advancing innovation in fintech and cybersecurity for the payments and energy ecosystem worldwide, with the aim of turning ideas and solutions generated by new, smaller companies into commercial products and services. In its Call for Applications, the Lab is looking for candidates to join in the “proof of concept” stage, that is early startups with innovative ideas.
Attracting top startup talent
The Lab wants to support applicants working on digital security, fintech platforms, digital authentication and financial inclusion. The Lab's aim is to attract best-in-class startups at an early stage with an accessible, collaborative incubation lab. Applicants should target technology useful in cybersecurity and in finance, offering tangible pilot or proof-of-concept ideas that could lead to the launch of commercially viable products.
The digital revolution rolls on
“The world is undergoing a profound digital transformation which requires innovative solutions to make life easier, while ensuring information security and data protection for organizations, institutions and private consumers,” Lab Director Sidney Gottesman said. “The Lab is designed to build relationships and collaborations with startups that are creating economic value, and change paradigms by pushing the boundaries of innovation.”
The role of startups
Recognizing that good ideas aren’t necessarily born in large organizations with established ways of doing things, many of the world’s leading companies have made a point of backing the startups that are often the source of the innovative and disruptive ideas they seek. As well as in Israel and Italy, Enel works with innovation hubs in the US, Chile, Russia and Spain.
The role of larger companies
The larger company can lever its size, reach and financial clout to help startups and SMEs, Small and Medium Enterprises, develop new businesses, offering technical support, experience, connections and a network of shared ideas, needs and solutions. A project that gets past the test stage can be rolled out on a global scale by using the bigger enterprise’s international networks and plants.
Israel’s R&D hub
The Finsec Innovation Lab has a three-year license. It is based in the southern city of Be’er Sheva, which is already an R&D hub for technology companies and which the Israeli government has designated as a cyber and fintech capital. The Lab was established under the Innovation Labs Program of the Israel Innovation Authority, or IIA, which is providing 13 million NIS, or about $4 million, in support of its activities.
With the Lab now funded and operational, we can look forward to seeing it produce innovative and disruptive ideas that can be implemented globally, thanks to the reach of Enel X and Mastercard.