Israeli Startups to Use State-Owned Infrastructure to Test New Tech
As part of a new program, startups could use data collected by state-owned companies or pilot their technology in collaboration with the companies
For daily updates, subscribe to our newsletter by clicking here.The Israeli Government Companies Authority (GCA) and the Israel Innovation Authority (IIA) announced the new $2.8 million program on Sunday. The program will provide product development assistance to technology companies, and monetary assistance to the tune of 20%-60% of the companies’ research and development expenses. Companies will be required to return the investment in the form of royalties.
The program has two aims, Aharon Aharon, director of the Israel Innovation Authority, said in a statement. The first is to provide tech companies with access to the largest available pilot spaces in the country, and the second is to provide state-owned companies with leading technology that could bring their operations to the next level. The initiative is an opportunity to create an innovative regulation for the entire Israeli economy, Mr. Aharon added.In early May, the government approved a decision to ease regulations regarding tech-related equity investments made by state-owned companies, meaning such companies could invest up to 10% of their equity in relevant startups.