Geekmedia, the company that operates Israeli technology blog newsgeek.co.il, is getting into the startup incubation business with a new program called Venturegeeks.

Based in Tel Aviv, Venturegeeks sounds like it will be structured similarly to well-known US incubator programs like Y Combinator. Startups accepted into the program will receive $20,000, as well as three months of mentorship and office space, in return for a 10 percent stake in the company.

Mentors include investors Eden Shochat and Udi Netzer, Soluto CEO Tomer Dvir, Delver co-founder Liad Agmon, Microsoft’s Zack Weisfeld, and Ayelet Noff of PR firm Blonde 2.0. After the program, Venturegeeks companies should be ready for their next round of funding, having created a working product or at least a prototype.

Geekmedia said it’s trying to tackle one of the big problems in the country’s venture capital industry — providing the early-stage money and support to turn a great idea into a real company. At the same time, the startups will not be required to incorporate in Israel or remain there after the program ends.

Venturegeeks is funded by a $5 million US fund called GKVentures. The deadline to apply is Feb 28, and the program itself will run from the beginning of April until the end of June.

[image via Flickr/Saul Adereth]