15.07.17.Israel sets up plan to keep large tech firms ahead of the curve.
Innovation Authority targets firms with over $100m in sales; offers grants of up to 50% of projects’ R&D costs.
he Israel Innovation Authority is setting up a
new program to provide grants for research and development (R&D) at
Israeli corporations that have annual sales of more than $100 million,
in an effort to help them maintain a technological edge over
competitors, undertake more daring projects by participating in the
risk, and ensure their continued growth.
targets of the NIS 70 million ($20 million) program are large Israeli
tech companies like Check Point Technologies Ltd., Verint Systems Ltd.,
Mobileye, Wix.com or Orbotech, the authority said in an email.
The program will give a wide variety of grants
to long-term projects that develop technologies for the future. The
aim, said Aharon Aharon, the Innovation Authority CEO, is to help these
companies maintain a competitive edge by developing technologies for the
future, assist them in penetrating new markets, and overall help
strengthen the Israeli economy. The Israel Innovation Authority is
responsible for the country’s innovation policies.
To be eligible for the grants, companies must
have an annual R&D expenditure of at least $20 million, or
alternatively have at least 200 employees working in R&D, the
authority said in a statement.
The financing model offers grants of up to 50
percent of the R&D costs per project and the firms that qualify for
the grants will not have to pay royalties to the authority following the
development of eventual products, the statement said.
The know-how obtained from this development
track will have to be registered in Israel, so that the state can profit
in the long term from the resulting tax revenues.
Source: Time of Israel