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Startups and SMEs in NSW will have access to grants of up to $250,000 to support joint research and development projects under a new innovation program with a trailblazing technology and innovation country.
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The state government has partnered with Israel for the NSW-Israel R&D Tech Innovation Program, which NSW Minister for Innovation Matt Kean said will deliver global opportunities to develop, commercialise and sell new products and services while building innovation links between the two centres.
"Israel is one of the world’s leading innovation powerhouses, and this new program will allow NSW and Israel to help businesses build global commercial capabilities," Minsiter Kean said.
"Applications will remain open until 18 December for NSW companies wanting to partner with those in Israel to apply for NSW government grants of up to $250,000."
Under the program, the state government will contribute up to 50 per cent of a participating NSW company’s project costs, with applicants then required to match that contribution. The Israel Innovation Authority will also provide matching grants to Israeli companies that take part in the program.
Minister Kean said the government will work closely with the Israel Innovation Authority to pair companies with similar aims that are interested in the program but lack a project partner.
"While applications are invited from all sectors, this program will focus on projects in cyber security, water management and agri-technology, which we are keen to develop," he said.
"Start-up companies, fast growing SMEs and entities based in regional or rural NSW are encouraged to apply and will be eligible for an extra 10 per cent of funding up to $250,000."
Minister Kean said the program follows a memorandum of understanding (MoU) signed between the NSW government and the State of Israel for bilateral co-operation in R&D and technology innovation.
"NSW and Israel will be a formidable technology partnership that will develop new innovative products, processes and services for global markets that can support economic growth, skills development and job creation across both countries," he said.
For further information on the program, and to learn how to apply, visit http://www.industry.nsw.gov.au/israelresearchprogram
