Mindup digital health incubator4/14/2023 The program was founded in 1991 and today there are 18 incubators across the country, all of which have been privatized. The government's hi-tech incubator program is one of the key sources of start-up funding in Israel. The authority also grants money to larger companies for high-risk projects and supports infrastructure for companies including in digital health. 20% is usually allocated to Israel's growth incubation programs and early stage companies. In all, about 30% of that budget goes to the life sciences via its different programs. The Israel Innovation Authority, previously known as the Office of the Chief Scientist (OCS) of the Ministry of Economy is charged with the country's innovation policy and manages a total budget of ILS1.6bn ($430m) a year to spur innovation. The highest percentage we grant is 90%, that’s for applied research in academia but even the additional 10% must come from the private sector because we want the involvement of people who really look at that outcome and get them involved in the plan and evaluating potential," explains Dar. "We have a special granting system but we always grant money in collaboration with the private sector. "Innovation is a growth engine for the Israeli economy, it accounts for over 40% of our export and 15% of our GDP and we have a unique model of the government giving money to actively support startup companies," Ora Dar, head of Life Sciences at Israel Innovation Authority tells Medtech Insight. The country is famous as the 'start-up nation' and continues to boast an impressive R&D scene which is well supported financially by the Israeli government. Despite its small size, Israel has grown to become a major player in the medical device industry.
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