The Knesset Finance Committee approved the release of funds to the Innovation Authority.
The Knesset Finance Committee has authorized the Israeli Innovation Authority to give NIS 250 million to 470 companies and startups. The transfer of the funds was delayed by the lack of a permanent government. In recent weeks, startups complained of a lack of money, and some of them said that they had been forced to make layoffs as a result.
The Innovation Authority received authorization to give grant commitments to companies, but did not receive the actual cash that was needed. Some of the money was to have come from other government ministries, but those ministries also did not receive the funds required for their activities. The Innovation Authority informed the startups of the delay several weeks ago.
The Innovation Authority's annual budget is NIS 1.7 billion. A year ago, Innovation Authority CEO Aharon Aharon told "Globes" that the budget was too small and had to be increased substantially to as much as NIS 10 billion a year.
Published by Globes, Israel business news - en.globes.co.il - on December 5, 2019
© Copyright of Globes Publisher Itonut (1983) Ltd. 2019
Aharon Aharon photo: Eyal Izhar