JERUSALEM, Feb. 17 (Xinhua) -- Israel has launched an accelerator project for technological entrepreneurship at a cost of 28 million new shekels (7.7 million U.S. dollars), the Ministry of Economy announced Sunday.

The goal of the project is to create a supportive environment for the development of local startup companies in the periphery areas with government funding, and to provide the tools and services needed for entrepreneurs and small and medium-sized businesses, the ministry said.

Acceleration plans for the companies in the project will be limited to six months, in which entrepreneurs will receive a work space, advice and guidance on their way to develop their projects.

A total of 400 sub-projects are expected to be included to develop a culture of startups in the geographic and social periphery of Israel.