Israel Innovation Authority selects new technological incubator licensees

Exceptional proposals in different technology sectors were tendered. The committee’s choice reflects the quality and makeup of the teams presenting the proposals, relevant markets, and the broad effect on the Israeli economy.

Israel Innovation Authority selects new technological incubator licensees

 

Copyright: Ministry of Economy

Last week, the fifth round of competition was concluded in the technological incubators program in which licensees were selected to establish and run the incubators. The fifth round is the last planned for the coming years and completes the selection of 18 technological incubators and one biotechnological incubator.

Head of the Israel Innovation Authority and Chief Scientist at the Israeli Ministry of Economy and Industry Avi Hasson: "The process of selecting the incubator licensees was complex and necessitated a lot of deliberation. Exceptional proposals in different technology sectors were tendered and there were some outstanding groups. The committee’s choice reflects a deep analysis of the quality and makeup of the teams presenting the proposals, relevant markets, the needs of different technology sectors and the broad effect on the Israeli economy. With our stringent demands following the reforms we undertook, the competitive process and the exceptional teams selected will bring enormous added value to companies accepted to these incubators."
 
The licensees selected are as follows:
 
1) The Time was selected to continue running the technological incubator it owns in Tel Aviv. The incubator, owned by Ilan Shiloach and Nir Tarlovsky and by IPG/McCann, Eurocom Communications, Viola Credit and others, has been operating successfully for the past seven years. In the upcoming license period, it will focus on investments in Digital Life Technologies, including Internet of Things (IoT), smart houses, smart cities, connected vehicles and wearables.
 
2) MedX was selected to establish and run a technological incubator in Or Yehuda. The incubator, owned by Boston Scientific, Intellectual Ventures, Med-Accelerator and Tel Hashomer Hospital’s commercialization company, will invest in the fields of medical devices, combined medicine and digital health for operations, diagnostics and treatment.
 
3) JVP Labs was selected to continue running its technological incubator in Jerusalem. The incubator, owned by Jerusalem Venture Partners (JVP) venture capital fund, is being joined by Motorola Solutions, Reliance Industries and Yissum, the Research Development Company of the Hebrew University of Jerusalem, and will focus on investments in software and communications.
 
4) eHealth Ventures was selected to establish and run a technological incubator in Modi’in Illit. The incubator, with partners including Maccabi Health Fund, Cleveland Clinic, eHealth Ventures, Downing Partners, Shanghai Creation, Shafa Invesco, Medison Pharma and others, will focus on investments in digital health.
 
The winners will enjoy an 8-year license during which projects they accompany can receive government funding of 85% of the budget approved for each company.
 
Anya Eldan, General Manager, Startup Segment, noted that, "The incubator program underwent a significant change in 2012 and from that year on, incubator licensees have been selected in a competition based on the significant added value they offer early stage companies, whether by making their wide network of partners and potential clients available, or through their enormous business and technological experience in bringing products to market." Eldan added that the competition format has brought many high quality proposals that made the selection process quite difficult.
 
Avi Hasson, Head of the Israel Innovation Authority and the Chief Scientist, said that "The startup arena was established in order to offer broad solutions to the needs of Israeli startups, from the entrepreneur to young companies in the early stages of sales or clinical trials for medical companies. The technological incubator program offers early-stage companies a significant investment (up to $800,000) with added business value from the incubator’s shareholders."

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