This Isreali incubator wants to flip the business of art on its head

This is interesting. A new Israeli incubator has cropped up with the aim of revolutionising the way we buy and sell art.

Called TechnoArt, the incubator is situated in Tel Aviv, and is specifically aimed at startups developing innovative technologies in the field of culture and art, and working to solve the business model of this industry.

A startup accepted into the incubator — which is the first in a series of microfunds established by Socialterminals, a US based investment firm — will receive up to US$100 000 in services, funding and support throughout the year. Each startup will be mentored by an experienced leading figure from the Israeli art, business and technology communities. The startups must meet the following criteria: presenting an alternative business model for the world of art, demonstrating technological innovation and an understanding of the user base.

“TechnoArt will give technological entrepreneurs the platform to be part of building a new business model for artists,” says TechnoArt founder, Shani Peled. “Using the tools the incubator provides we expect these startups to develop a framework that will lead to a global change, and we are proud that the change begins in Tel Aviv.”

The initiative is just the latest to hit Tel Aviv, a city which positions itself as being a global startup capital.

“Tel Aviv is not only its vibrant startup ecosystem,” says the city’s Global Director of Economic Development, Gilad Uziely, “it is also its nonstop cultural hub, a center for artistic innovation. Just like Tel Aviv, TechnoArt is all about mixing art and technology in order to lead both communities in the digital era, meeting both opportunities and challenges.”