Israel Innovation Authority Launches “Technological Innovation Labs”

Israel Innovation Authority Launches “Technological Innovation Labs”
Enabling Open Innovation for Corporations via Labs which will Support
Startups through their ‘Proof of Concept’

Program Calls on Israeli and Multinational Corporations to Establish
Innovation Labs to Support Interesting and Relevant Startups. The Israel
Innovation Authority Will Support Establishment of Labs at Up to NIS 4
Million, Assist in Ongoing Maintenance, and Fund Startups Until Proof of
Concept.

Jerusalem. January 16, 2016 – The Israel Innovation Authority’s new
“Technological Innovation Labs” program will be launched at an event on
January 26th 2017 at Airport City, where corporations will be introduced to
conditions and benefits of the program ahead of a call for proposals to be
announced at the end of the month.

The new “Technological Innovation Labs” Program is intended to help
corporations establish innovation labs with the help of the Israel
Innovation Authority to support startups of interest to the companies.

Avi Hasson, Chief Scientist at the Israel Ministry of Economy and Industry
and Chairman of the Israel Innovation Authority: “Open innovation is crucial
for the development of companies in our advanced economy. This program will
help Israeli corporations operating these labs grow and strengthen their
position in Israel. It will also help multinational corporations gain
exposure to the unique atmosphere of innovation in Israel and bolster their
presence here. This will give a boost to Israeli industry specifically and
the Israeli economy in general.”

Anya Eldan, GM Startup Division at the Israel Innovation Authority: “The
main goal of the program is to serve as a platform between corporations and
startups, with an emphasis on advanced production techniques, in several
fields such as: automotive, robotics, 3D printing, and more. The program
will help build ecosystems in Israel in various fields around these labs by
enabling support for a range of activities entrepreneurs need to develop
proof of concept for an innovative idea.”

The target audience for the program is entrepreneurs and startups with an
innovative idea in the relevant verticals, interested in establishing proof
of concept and developing their idea into a product, as well as leading
multinationals and corporations interested in adopting open innovation
through such labs and in supporting startups by making their unique
technological infrastructure accessible, especially the types not currently
accessible in Israel.

As part of the program, entrepreneurs and startups will receive support from
the labs, including access to technological infrastructure such as: advanced
production or development tools, knowhow regarding markets and marketing
routes, and unique expertise in assessing and creating products. In
addition, financial support will be provided at up to 85% of the budget
approved for a company by the Israel Innovation Authority and up to NIS 1
million for a period of activity of up to 12 months. The Israel Innovation
Authority will fund 33% of the costs of establishing the lab infrastructure
and making the technology accessible (50% in peripheral areas), up to a
maximum conditional grant of NIS 4 million. The Authority will fund 50% of
the total costs of running the lab up to a maximum of NIS 500,000 per year.

A call for proposals will be published at the end of the month, with up to 5
new technological innovation labs selected from the proposals.