American-Israeli Venture Partnerships & Clean Tech Potential: An Interview With Shiri Freund Koren
Shiri Freund Koren
Texas Venture Alliance had the privilege of conducting an interview with Shiri Freund Koren, Director of Business Development for the U.S.-Israel BIRD Foundation in the southern U.S. region. From discussing the foundation’s role in promoting joint industrial R&D between American and Israeli companies, to delving into the exciting future of clean tech in Texas, Shiri provides invaluable insights into the world of global partnerships and the potential for transformative growth in the clean energy sector.
Here is a snippet from Shiri’s biography: With a strong background in the Israeli Clean Tech, Agtech and Water sectors, Ms. Freund Koren has worked closely with the Israeli Economic Ministry to promote promising Israeli startups entering the US market. Her prior experience at the Neaman Institute for National Policy Research, an esteemed Israeli Think Tank, has allowed her to specialize in these sectors and gain deep industry insights. Leveraging her extensive knowledge and experience, Ms. Freund Koren excels in initiating and fostering global business collaborations, continually seeking opportunities for synergistic collaboration between Israeli and American companies.
Congratulations on the news of the new funding for BIRD! Can you tell us more about that and about your role at the BIRD Foundation?
Thank you for the congratulations! The new funding for the BIRD Foundation is indeed exciting news. As the Director of Business Development for the U.S.-Israel BIRD Foundation in the southern U.S. region, my role involves facilitating joint industrial research and development between American and Israeli companies.
The BIRD Foundation provides financial support to collaborative projects that involve high-risk, high-potential technologies and have a strong commercialization potential. Through a competitive selection process, we identify projects that demonstrate innovation and promise in areas such as technology, market potential, and the capabilities of the participating companies. By fostering partnerships between American and Israeli companies, the BIRD Foundation aims to encourage cross-border innovation and boost economic growth in both countries.
Tell us about your investment thesis and what specific company and founder characteristics do you look for?
Our investment thesis at the BIRD Foundation focuses on identifying companies and founders that exhibit strong technological capabilities, market potential, and a commitment to collaboration, with a keen eye for the potential for significant commercial impact. We look for companies that have innovative technologies or solutions that address market needs and have the potential to create a profound and lasting impact on industries and society as a whole. Additionally, we seek out founders who possess a track record of success, domain expertise, and a willingness to collaborate with partners across borders. We believe that a strong collaborative team with a clear vision and the ability to execute is essential for the success of any joint research and development project, ultimately driving transformative outcomes and leaving a lasting mark on the world.
How do you ensure that the projects funded by the BIRD foundation align with industry needs and have the potential for commercial success?
Ensuring that the projects funded by the BIRD Foundation align with industry needs and have the potential for commercial success is a priority for us. We employ a rigorous evaluation process that involves industry experts, technical reviewers, and business professionals to assess the projects. This multidisciplinary approach helps us evaluate the technical feasibility, market potential, and commercialization strategy of each project. We also actively engage with industry stakeholders and conduct market analysis to identify emerging trends and needs. This proactive approach allows us to stay ahead of the curve and ensure that the projects we support are aligned with industry demands.
The U.S. Department of Energy partnered with the Israel Ministry of Energy and Infrastructure to offer up $1.5 million in non-dilutive funding for binational partnerships developing market-ready, green solutions. Why do you believe fostering innovative collaborations between the U.S. and Israel in the clean energy space is important?
Fostering innovative collaborations between the U.S. and Israel in the clean energy space is crucial for several reasons. Firstly, both the U.S. and Israel have made significant commitments to clean energy and sustainability. By partnering together, we can leverage each country's strengths and accelerate the development and adoption of market-ready, green solutions. Secondly, collaboration between American and Israeli companies brings together diverse perspectives, expertise, and resources, fostering a fertile environment for breakthrough innovations. Finally, such collaborations promote economic growth, job creation, and global competitiveness in the clean energy sector, benefiting both nations. The partnership between the U.S. Department of Energy and the Israel Ministry of Energy and Infrastructure represents a significant step toward achieving these goals.
How do you stay updated on the latest trends and advancements in the Cleantech, Agtech, and Water sectors, and how does this knowledge inform your work in seeking out promising Israeli companies for promotion in the US market?
Staying updated on the latest trends and advancements in the Cleantech, Agtech, and Water sectors is crucial for our work in seeking out promising Israeli companies. We employ various strategies to stay informed, including attending industry conferences, participating in relevant webinars and workshops, and maintaining a strong network of experts and professionals in these sectors. We also collaborate closely with industry associations, research institutions, and government agencies that focus on clean technology and related fields. This continuous engagement helps us stay abreast of emerging technologies, market trends, and regulatory developments, enabling us to identify and promote the most promising Israeli companies in these sectors to the U.S. market.
In your experience working closely with the Israeli Economic Ministry to promote promising Israeli companies in the US market, can you share a success story of a cleantech company that successfully expanded its operations and made a positive environmental impact in the US?
Working closely with the Israeli Economic Ministry, we have witnessed several success stories of cleantech companies that have expanded their operations and made positive environmental impacts in the U.S.
SolarEdge Technologies is a notable success story of a cleantech company that successfully expanded its operations and made a positive environmental impact in the US. By the end of 2022, over 2.78 million homes in the US were equipped with SolarEdge PV systems. Additionally, 50% of Fortune 100 companies in the US have adopted SolarEdge technology, demonstrating its widespread adoption. Through the usage of SolarEdge's smart energy solutions, over 31 million metric tons of greenhouse gas emissions are avoided annually in the US, contributing to the transition to clean, distributed, and renewable power generation and making a significant positive environmental impact.
This success story highlights the power of cross-border collaboration and the positive outcomes that can be achieved when Israeli and American companies join forces in tackling pressing environmental challenges.
What characteristics of, specifically, a clean tech company shows its potential for commercial success?
Characteristics of a clean tech company that show potential for commercial success include:
• Technological innovation: The company should have a unique and disruptive technology or solution that addresses critical environmental challenges.
• Scalability: The technology should have the potential to be scaled up and deployed on a larger scale to make a significant impact.
• Market demand: There should be a clear market need and demand for the clean tech solution, ensuring a viable customer base.
• Strong management team: The company should have a capable and experienced management team that can navigate the challenges of commercialization and scale the business effectively.
• Sustainable business model: The company should have a well-defined and sustainable revenue model that demonstrates its ability to generate profits and achieve long-term success.
What do you think are the opportunities for Texas’ future that you look forward to?
Texas has an exciting future ahead, particularly in the energy sector, thanks to its abundance of natural resources, strong business ecosystem, and skilled workforce. Already the largest producer of renewable energy in the US, Texas is attracting clean technology startups and major energy companies, especially in hydrogen projects. With its existing infrastructure and skilled labor force, the state is positioned to receive substantial investment, projected to reach $250 billion annually by 2040.
Personally, I eagerly anticipate Texas becoming a renewable energy leader, with increased investments in wind, solar, and energy storage technologies as well. Moreover, the state has the potential to expand its Agtech and water sectors, utilizing innovative technologies to boost agricultural productivity and tackle water scarcity challenges. With its favorable regulatory environment, robust infrastructure, and expertise in energy technologies, Texas is well-positioned to capitalize on the energy transition. These opportunities make Texas a promising hub for clean technology innovation and economic growth.
What are the things you like to do in your city?
In my city, I find immense joy in exploring the vibrant culinary scene and discovering new restaurants that offer diverse cuisines. Among my personal favorites are Uchiko, Red Ash, ATX Cocina, Ramen Ta-tsu-ya, and the Swedish Hill. Recently, I had the pleasure of visiting Ezov, a new Israeli restaurant in town, and it quickly became one of my go-to spots.
Being situated in the Live Music Capital, Austin, I absolutely love going to concerts and soaking up the incredible live music scene. Events like the legendary ACL Festival add an extra sparkle to the city's cultural tapestry.
On weekends, I often find solace in hiking along the picturesque trails that embrace the enchanting Town Lake. It's a serene escape that allows me to reconnect with nature and unwind.
Above all, my profound affection for Austin stems from its remarkable people and the unique atmosphere that permeates every corner of this extraordinary city.
What would you say has been a big driver of your career?
A big driver of my career is the passion for fostering innovation, collaboration, and sustainable development. I am driven by the belief that technology and cross-border partnerships have the power to address global challenges and create a positive impact on society. Working in the field of business development allows me to actively contribute to the growth of innovative companies, facilitate international collaborations, and promote sustainable solutions. This drive and passion fuel my commitment to the work I do.
Do you have any networking hacks and/or tricks to how to network in new cities or across Texas?
Networking in new cities or across Texas can be facilitated through various approaches:
• Attend industry events and conferences: These gatherings provide excellent opportunities to meet professionals and experts in your field.
• Join professional associations and organizations: Engaging with local chapters of industry-specific groups can help you connect with like-minded individuals and build relationships.
• Leverage online platforms: Utilize professional networking platforms such as LinkedIn to connect with professionals in your industry and reach out for informational interviews or meetings.
• Seek introductions and referrals: Reach out to your existing network and ask for introductions to individuals or organizations you are interested in connecting with.
• Be proactive and genuine: Approach networking with a genuine interest in building relationships and offer your expertise or assistance to others. Building a strong network takes time and effort, so consistently engage with individuals, and follow up on connections to foster long-term relationships.
View more about Shiri Freund Koren on her Texas Venture membership page here.