Dror Bin to take over as CEO of Israel Innovation Authority
Bin, who served in a range of tech industry positions is replacing outgoing CEO Aharon Aharon
Bin holds two bachelor’s degrees from the Technion – Israel Institute of Technology: one in systems information engineering and the other in industrial management, as well as an MBA from Tel Aviv University.The IIA is the Israeli government’s tech investment arm. It is an independent statutory authority that’s charged with advancing innovation to promote sustainable economic growth. The IIA’s budget for 2020 stood at NIS 2.25 billion ($700 million) and it handed out grants to 1,600 new startups across all technology sectors and stages of product development.
The Authority is responsible for a number of key areas – core activities include: research and development grants for new and disruptive technological products; preparing for upcoming technology trends; and “enabling” activities for the Israeli innovation ecosystem such as promoting human capital, regulation, etc.
The distribution of grants is based on a number of key principles: those designed to fill the gaps for areas unsupported by the market – i.e., high risk, breakthrough innovations and long term investments; matching by either the company or investors; conditional loans – in case of success, the grants are reimbursed to the state in the form of royalties from sales, and the grant is provided according to set milestones in the product's development.
The Israeli innovation sector is extremely significant to the Israeli economy, responsible for nearly 15% of GDP and nearly 50% of industrial manufacturing.
The Israel Innovation Authority was instrumental during the past year due to its substantial contribution to helping sustain many high-tech companies during the coronavirus crisis. Among its key activities: a Fast Track incentive program designed to help companies that incurred financial difficulties; a program providing government guarantees to institutional investors investing in high-tech companies; and other activities designed to expedite recovery from the economic crisis and promote growth to benefit the entire Israeli economy.