The Israel Innovation Authority has issued a call for proposals to concessionaires to establish technology incubators and up to three new ones will be set up under the program.
Israeli and foreign corporations and venture capital funds are invited to submit proposals to operate a technology incubator by September 30, the government body said. The winners should be focused on high-risk areas such as BioConvergence, FoodTech, Agritech, ClimateTech, or other areas where there is a high and potentially challenging level of complexity and technological innovation.
Concession winners will gain the right to operate the incubators for up to five years, with the option to extend for three more years, during which they will be able to benefit by leveraging their investments in groundbreaking technology ventures in their early stages through grants from the Israel Innovation Authority that will cover up to 85% of the approved budget. In addition, concessionaires will be able to obtain a grant of up to NIS 2 million for the concession period to purchase equipment for a central laboratory which can be used freely by the participating initiatives. Full details can be found on the Israel Innovation Authority website.
"The Technology Incubators 2020 incentive program is designed to promote investment in technological ventures at their initial stages – pre-seed and seed – via incubators that offer a variety of assistance and support systems, along with a high degree of added value," said Dr. Ami Appelbaum, chairman of the Israel Innovation Authority."The program aims at accelerating the transformation of innovative technological ideas at their initial development stage into start-up companies that will be able to raise private capital investments. The program has been adapted according to the changes that have taken place in both the local and global economies as well as the challenges faced by Israeli industry in its attempt to maintain global leadership."
"The incubators to be selected will develop and promote technological projects from various sources, with a special emphasis on – and an additional budget for – commercializing knowhow from Israeli and foreign research institutions for the benefit of the incubator's entire ecosystem, including companies, entrepreneurs or fledgling start-ups with groundbreaking, disruptive technologies and significant market potential," added Anya Eldan, VP and Head of the authority's startup division.