Israel Innovation Authority announces NIS 35 million investment for high-tech in the Negev and Galilee
Israel Innovation Authority announces NIS 35 million investment for high-tech in the Negev and Galilee
The funds will address challenges stemming from the ongoing war to hire and support local talent in the north and south of the country.
The Israel Innovation Authority has announced today a NIS 35 million ($9.5 million) fund aimed at encouraging high-tech companies to expand into Israel’s war-battered Northern and Southern regions in collaboration with the Ministry for the Development of the Negev, Galilee, and National Resilience, the Tekuma Authority, and the Ministry for Social Equality. The funding will be part of a program called “Leap to High-Tech” which will support companies to open new branches and hire local talent to boost economic growth and reduce disparities across the country.
"The 'Leap to High-Tech' program is designed to reduce the risk for high-tech companies considering following the path of many others and opening operations outside of their main headquarters,” said Dror Bin, CEO of the Israel Innovation Authority. “This program aims to expand the human capital available to companies and also assists local entities in the periphery in offering high-tech companies an attractive package for establishing new activities. We see this program as a unique opportunity to expand the operations of high-tech companies while contributing to the development of high-tech across the country."
Companies will be able to receive financial support for the practical training of inexperienced employees as well as funding for experienced employees who will mentor new hires with on-the-job training. Under the program, companies will be expected to launch programs within six months of receiving the grant and execute them over 12-24 months.
As part of the support, high-tech companies may receive:
- Up to 70% of the approved budget for a program with a scope of up to NIS 1 million ($273,000).
- Up to 50% of the approved budget for a program with a scope of up to NIS 5 million ($1.3 million).
- Up to 30% of the approved budget for a program with a scope of up to NIS 15 million ($4.1 million).
At the same time, the Investment Authority at the Ministry of Economy and Industry has launched a program to help establish and relocate knowledge-intensive, high-salary operations for businesses in sectors relating to industrial and high-tech in priority areas and Jerusalem.
The call for proposals for each program is open for submissions until September 29 and September 16, 2024.
