New Grants Announced for NSW/Israel Innovation Projects

| September 27, 2017

The NSW Minister for Innovation Matt Kean has announced one-off grants of up to $250,000 for New South Wales firms to support Research and Development undertaken with Israeli partners.

The new scheme will see the State Government cover up to half a company’s project costs, with the firm providing the remainder through its own resources or a third party.  The Israel Innovation Authority will offer similar assistance to Israeli companies.  Universities and research organisations may also apply for the grant if they are partnered with a NSW company.

Companies are invited to apply until December 18 this year and interest is invited from all sectors, although projects in cyber security, water management and agricultural technology will be emphasised given mutual expertise and demand in these sectors.

The projects should advance new, market-driven and innovative products for the global market and have the potential to boost growth, skills and job creation.  Projects must start within 3 months of grant money being received and be concluded within 3 years and start ups, fast-growing SMEs and firms in regional and rural NSW will be favoured in grant applications.
Minister Kean is confident the NSW-Israel R&D Tech Innovation Program will create new opportunities to create and commercialise new products and services.  He notes that “Israel is one of the world’s leading innovation powerhouses, and this new program will allow NSW and Israel to help businesses build global commercial capabilities”.  The State Government will work closely with the Israel Innovation Authority to pair companies with similar aims but which lack a project partner.
The launch of the new scheme follows the signing of a Memorandum of Understanding between the NSW Government and the State of Israel for Bilateral Cooperation in R&D and Technology Innovation.  The Federal government signed a similar agreement in February to give Australian companies greater access to Israel’s cutting edge biotechnology, computing and research sectors.
Alongside Silicon Valley, Shanghai, Berlin and Singapore, Tel Aviv already hosts one of the five publically funded start up launch pads which help Australian businesses commercialise their products and services in collaboration with local partners.
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