Program will support entrepreneurs building new consumer product companies improving emotional wellbeing.
TEL AVIV, Israel, Aug. 6, 2020 /PRNewswire/ — Joy Ventures, a leading startup studio seeding and funding companies building consumer products for emotional wellbeing, today announced the launch of its Entrepreneur-in-Residence (EIR) platform to establish new startups in the category. The platform will serve as the cornerstone of Joy Ventures’ venture design efforts, extending the company’s existing product ideation programs, and operating in parallel to its continued investment activity in early to growth stage startups.
The EIR platform offers experienced and exceptional entrepreneurs the opportunity to launch leading companies that help people across the globe live more joyfully. The companies will be based on the entrepreneurs’ own ideas or on science-backed consumer product ideas seeded from Joy Ventures’ existing innovation programs. Joy will provide entrepreneurs with essential resources including financing, mentorship, and domain expertise. Founders will also receive access to an industry and academic network allowing them to assess and validate market needs, identify key founding team members and develop an initial prototype. They will also have an opportunity to receive an initial investment by Joy to launch their new ventures.
While our high-intensity modern-day lifestyles have taken a toll on emotional wellbeing in the best of times, emotional health concerns have been exacerbated by this period of high stress, fear and uncertainty: 45% of adults in the US report their emotional health has been negatively impacted due to stress over COVID-19 and its repercussions. As a result, demand for consumer products that address wellbeing is only growing. But while demand is high, the product landscape is still in its early stages, creating untapped opportunities for new entries into the market.
As a pioneer in this nascent product category, Joy Ventures is leveraging its deep domain expertise and active engagement with industry experts and academics to forecast trends and market needs, fund existing ventures, and transform big ideas into new companies that meet growing demands.
“We are excited to launch the EIR platform to propel our company-building efforts forward,” said Miri Polachek, CEO of Joy Ventures.
“We’re thrilled to collaborate with outstanding entrepreneurs as we continue to fund innovative companies and seek out products helping people navigate the challenges of both the COVID-19 crisis and more routine times. Together with these passionate creators, we will help pave the way towards improved emotional wellbeing for millions of people during this global crisis, and beyond.”
The EIR platform will be spearheaded by Ron Gabay, Joy Ventures’ Head of Innovation & Venture Design, and will draw on the science, tech, business and consumer industry knowhow of Joy Ventures’ expert team and network. All will help support participating entrepreneurs with ideation, identifying greenfield opportunities and developing and validating high potential initial products.
“We’re thrilled to support passionate entrepreneurs whose new product ideas aim to immediately improve wellbeing in our lives,” said Ron Gabay.
“As we help guide our entrepreneurs-in-residence in their venture design journeys, we look forward to expanding our platform to include more up-and-coming business leaders and product visionaries working on innovative projects. The future of emotional wellbeing aided by technological innovation is here, and we’re excited to make it increasingly accessible to more people.” said Ron Gabay.
The EIR program will kick off with two veteran entrepreneurs and will continue to accept applications on an ongoing basis. Shmulik Grizim founded and headed three successful companies specializing in SaaS technology within the web design and digital marketing industries, including Webydo, a patent-protected web platform with a global network of more than 300,000 designers and agencies, named by Forbes as one of the five startups reshaping the web economy. Yair Nativ is the co-founder of Safe Lane, a mobile application aimed at reducing roadside casualties, and co-founder of Voiceable, an AI-based voice assistant for websites. He previously served as Innovation Manager for global investment company Hagshama, where he led the development of its investment app.
About Joy Ventures
Joy Ventures is a startup studio dedicated to building, funding and supporting companies developing science-backed consumer products for emotional wellbeing. Founded in 2017, the Joy Ventures philosophy is that life-changing companies are born at the intersection of science, technology and human-centered design. Joy Ventures offers a unique investment model: funding and supporting founders and startups at various stages, seeding ideas and collaborating on new venture creation, and advancing academic research and early technology development. Joy cultivates a community of entrepreneurs and innovators to help people across the globe live more joyfully, with long-lasting positive impact on emotional wellbeing.