Israel Innovation Authority to launch a set of programmes to accelerate and strengthen Israeli high-tech
On 15 January 2024, the Israeli government, in collaboration with the Ministry of Finance and the Israeli Innovation Authority, announced that it has approved a transformative stimulus package aimed at elevating Israel’s standing as a global high-tech hub. A result of exhaustive deliberations by the Budget Division in the Ministry of Finance and the Israel Innovation Authority, the multifaceted stimulus plan will include several key initiatives aimed at bolstering Israel’s high-tech ecosystem.
- Revolutionary Startup Fund: A new startup fund will be launched that will collaborate with private investors to inject over half a billion shekels annually into seed, pre-seed, and Series A rounds for startups with limited access to capital. This fund will strategically focus on startups exhibiting technological depth and breakthrough innovation.
- New YOZMA Fund (Institutional Investment Catalyst): An investment fund will be established to encourage Israeli institutional entities to invest in Israeli venture capital funds, utilising a Fund of Funds model. Over 4 billion shekels will be invested jointly over a 5-year period, bolstering the high-tech ecosystem.
- New Venture Creation Incubators’ Fund: An innovation fund will be set up with an advanced investment model, featuring a tender process that allows international companies to participate. This includes the establishment of innovation incubator hubs in a venture creation model providing financial backing, enhancing global collaboration in deep-tech technological vectors.
The stimulus package is builds on recent initiatives such as the Fast Track investment programme, angel investor clubs, regional-technological innovation hubs, the doubling of grants for the Ideation programme (Tnufa Fund), and more.
All of this complements the national programmes for artificial intelligence, bio-convergence, and quantum computing, whose budgets were unaffected and are intended to prepare Israel for the next technology trends.
Details about the stimulus package and all its inititatives are available on the website of the Israel Innovation Authority.
Source and addtional information: Israel Innovation Authority