The Israel Innovation Authority has introduced particular measures for startup firms encountering difficulties due to the outbreak of struggle in Israel. The Authority’s announcement says, “The Israel Innovation Authority will launch a fast-track grant channel with an preliminary allocation of roughly NIS 100 million for round 100 Israeli startup firms with vital technological property, and quick runways for firms struggling to lift funds from their present traders throughout these difficult occasions.
“The matching course of will embody contributions from non-public traders, that are anticipated to whole greater than NIS 200 million. The channel, working below the R&D fund program, is designed for Israeli firms who want extra funds to increase their runway, giving them extra time to completely make the most of their out there sources.”
Purposes for this program will open in November.
Minister of Innovation, Science and Expertise Offir Akunis stated, “Our coverage of offering fast assist, in collaboration with the Ministry of Finance, will stop important injury to the high-tech business. This coverage would be the central tier within the means of the Israeli financial system and its progress engine to shortly return to a path of progress on the finish of the struggle.”
Israel Innovation Authority CEO Dror Bin stated, “The high-tech sector, which has confronted declining funding volumes over the previous 18 months, can be impacted by the present disaster. This influence is extra pronounced in startup firms that urgently want funding, particularly throughout a difficult interval when it’s tough to conduct new financing rounds. The Innovation Authority is dedicated to proceed offering revolutionary firms with a adequate security-net to assist the Israeli high-tech sector thrive within the post-crisis period.
“This grant channel is aimed toward expertise firms on the product growth or preliminary gross sales stage with vital technological property, together with firms within the lively fundraising part. The Authority will shortly consider purposes below completely different standards, together with: the corporate’s technological property, runway, its traders’ out there funding, and the influence on staff and infrastructure.
“As well as, contemplating the challenges posed by the Iron Swords Battle, the Analysis Committee of the Innovation Authority authorized a sequence of aid and supportive measures for high-tech firms to assist them cope with the difficulties which have arisen for the reason that outbreak of the struggle. The concessions have been authorized with instant impact, for a period of 90 days.”
Following a request by the Authority to the EU and the Directorate of the Horizon Europe program, the deadline for submissions for the EIC Accelerator program has been prolonged by 20 days, from October 19 to November 8, and within the Pathfinder Challenges program, the submission deadline has been prolonged from October 18 to October 25.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on October 19, 2023.
© Copyright of Globes Writer Itonut (1983) Ltd., 2023.
