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‘Our aim is to cement Israel’s position as a technological super-power’

Under the Israel Innovation Authority's Tnufa (“Ideation”) program, entrepreneurs can receive grants of up to $54,000 for up to two years.

Credit: Pixabay.
Credit: Pixabay.

The Israel Innovation Authority announced on Monday the launch of a new campaign for its Tnufa (“Ideation”) program, targeting budding entrepreneurs seeking to develop ideas into businesses.

“The development of innovative entrepreneurs at the beginning of their journey requires government support … to promote greater success down the road. Our aim is to cement Israel’s position as a technological superpower in the next decade as well as in the present,” said Innovation, Science and Technology Minister Ofir Akunis.

The goal of the initiative is to help develop and crystallize technological ideas to enable entrepreneurs to decide whether to start a business and raise private equity or find business partners and continue developing their business plans.

Entrepreneurs can receive a grant of up to 85% of their approved budget, up to a maximum of 100,000 shekels ($27,000) annually for up to two years.

Projects that provide innovative solutions for the Bio-Convergence sector, based on combining biology and life sciences with engineering, physics, nanotechnology, computer science and more, can request a larger grant of up to 200,000 shekels ($54,000) per annum.

“We can learn from the past, that periods of slowdown in investments provide excellent opportunities for the creation of new projects. Some of the most successful startups—both locally and internationally—began their journeys during challenging times such as we are experiencing today,” said Dror Bin, CEO of the Israel Innovation Authority.

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