Innovation Authority selects Tech Innovation Labs operators

startups

The program is aimed at entrepreneurs interested in getting a proof of concept and developing their idea into a product.

The Israel Innovation Authority has selected the five franchise holders that will operate its Technological Innovation Labs for a period of three years. The labs, funded by the Israel Innovation Authority, will provide technological infrastructure and knowhow to entrepreneurs to establish their proof of concept.

During this period, the Authority will assist in funding the establishment of the labs’ technological infrastructure for the benefit of the entrepreneurs and their start-ups, with a budget of up to NIS 4 million. The Authority will also cover ongoing operational costs of up to a half million shekels per year. The startups accepted to the labs will receive up to 85% of funding or NIS 1 million to establish their proof of concept.

The program is aimed at entrepreneurs and startups with innovative ideas in the relevant verticals who are interested in getting a proof of concept and developing their idea into a product. The program also focuses on attracting leading multinational corporations interested in adopting open innovation and in supporting startups through the labs by making unique technological infrastructure accessible, especially technological infrastructure which is not currently available in Israel.

The companies selected to operate the labs during the three-year pilot period are:

1. Let-Lab: The Ham-Let (Israel-Canada) Ltd. (TASE: HAML) Group will operate a technological lab that will be established in the Ziporit Industrial Area in northern Israel. The laboratory will focus on innovative technologies in the field of the Industrial Internet of Things (IIoT).

2. Construction Lab: Shikun & Binui Holdings Ltd. (TASE: SKBN), Solel Boneh and Italian energy corporation ENEL will operate a technological lab that will be established in the Haifa Bay area and will focus on smart infrastructure in the fields of construction, transportation and energy.

3. ASI (Automotive Service Israel): The Renault-Nissan Alliance will operate a technological lab established in the entrepreneurial complex in Tel Aviv’s Kiryat Atidim business center. The lab will focus on smart urban mobility.

4. PMatX: Merck Performance Materials and Flex will jointly operate a technological lab that will be established in the city of Yavne and will focus on advanced materials and on innovative production processes for next generation electronic devices.

5. Frutarom: Frutarom Industries Ltd. (TASE: FRUT; LSE:FRUT; OTCBB:FRUTF) will operate a technological lab in Haifa aiming on developing unique, functional raw materials for the food and beverage industries.

Israel Innovation Authority CEO Aharon Aharon said, “The Israel Innovation Authority puts great emphasis on introducing innovation to manufacturing industry. We received 16 outstanding proposals, indicating a real need that the program addresses. The lab program will serve as a platform for connecting manufacturing industry with the culture of entrepreneurship and innovation for which Israel has become renowned. It will help give Israeli companies a competitive edge globally.”

Published by Globes [online], Israel business news - www.globes-online.com - on August 14, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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