Germany’s ProSiebenSat Enters Israeli Startup Market With $8.7M Competition Prize | no camels

Germany’s ProSiebenSat Enters Israeli Startup Market With $8.7M Competition Prize | no camels

If you thought startup competitions were all about the money, you were wrong (well.. kind of). The German mass media giant ProSiebenSat.1 will hold a one-of-a-kind startup competition, 7VPD, this December in Israel where the winners will be rewarded €7 million ($8.7 million) in advertising money. That’s right—instead of cold, hard, cash, ProSieben will dish out television and digital advertising space. But what does funding through advertising even mean and who does it really benefit – the startup or the tycoon? ProSieben’s Israel Director Kevin Baxpehler spoke with NoCamels to explain how this unique funding model works and described the media company’s eagerness to innovate through Israeli companies…