Australia setting up Tel Aviv tech incubator

Tel Aviv seafront
Tel Aviv seafront

Tel Aviv and Silicon Valley will become bases for Australian start-ups to engage with international markets.

The Australian government is investing heavily in boosting Australian technology and innovation, and Israel is part of its plans. Yesterday, Australia's Prime Minister Malcolm Turnbull announced an innovation program called Ideas Boom as part of his government's Global Innovation Strategy. Under the program, Australian start-ups will have access to innovation hubs in key international markets, of which Israel is one.

Australian Trade and Investment Minister Andrew Robb said the overseas hubs - to be called Landing Pads - would assist emerging Australian companies with their approach to identifying and engaging with international opportunities in overseas markets.

“Landing Pads will be created in key global innovation hotspots including Silicon Valley and Tel Aviv to give Australian entrepreneurs and start-ups a short-term operational base” Robb said.

“A Landing Pad provides for a collaborative workspace and facilities including office space and meeting rooms for up to two months, as well as accelerated access to international business networks, entrepreneurial talent, business development and investment opportunities," Robb continued, "Landing Pads will be established by Austrade in the US and Israel, with a further three locations to be identified in the near future. Austrade will also provide access to tailored services including mentoring, business coaching, identifying investors and potential business partners.

“This is a valuable new resource for Australian companies and will help foster the innovation and entrepreneurialism we need to create new jobs and build the industries of the future,” Robb said.

Australian ambassador to Israel Dave Sharma said, "The decision to set up a first Australian start-up incubator in Israel is huge, and reflects the importance that Australia ascribes to Tel Aviv as the world's start-up capital alongside Silicon Valley. I'm very excited about the potential and the opportunities that will be created as a result. This step promises to be a boost to the high-tech and commercial ties between Australia and Israel."

The Global Innovation Strategy is the key international element in the Australian Government’s $1.1 billion National Innovation and Science Agenda, and will support Australia’s ongoing economic diplomacy and science diplomacy efforts globally.

Through the Strategy, Austrade will receive $11.2 million in new funding to establish five Landing Pads and also develop a new annual in-bound innovation forum to foster collaboration and encourage international market experts, entrepreneurial talent and investors into Australia.

Published by Globes [online], Israel business news - - on December 8, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

Tel Aviv seafront
Tel Aviv seafront
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