Chief Scientist awards new incubators 12 June 2014
Israeli Missions Around The World MFA Innovative Israel Economy Chief Scientist awards new incubators 12 June 2014

Chief Scientist awards new incubators to inspire healthcare innovations

  • 6/12/2014
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    Israel’s Chief Scientist awards new technological incubators to inspire healthcare innovations by Philips and Teva, and food-tech hub by Strauss Group
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    Ministry of Economy Ministry of Economy
     
     
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    (Communicated by the Ministry of Economy Spokesperson)
    As part of the revamped Technological Incubators Program of the Office of the Chief Scientist (OCS) in the Israeli Ministry of Economy - where licensees are chosen via open competition - two new incubators have been awarded:

    1. Inspire Healthcare Innovations Ltd. – a joint venture between Holland’s Philips Healthcare and Israel’s Teva Pharmaceuticals to advance medical innovations and technologies. The choice was based on the high level of risk in med-tech as well as the significant added value that Philips and Teva will bring to the incubated startups. Teva and Philips are expected to avail their worldwide network of resources, technological and business knowhow and experience - including clinical and regulatory resources - to the startups, which is expected to contribute significantly to their efforts to bring products to market. The joint effort of multinational corporations like Philips and Teva - which come from different disciplines within the medical field - also brings significant added value.

    2. Food-Tech Hub LP – an initiative of The Strauss Group to develop Israel’s innovative ecosystem in the field of food and beverages. The incubator will focus on technologies pertaining to the entire “food chain,” including: basic foodstuffs, agricultural techniques, production processes, packaging and more. The choice was based on the high level of risk in developing these types of technologies, and startups’ need for support from a large, experienced corporation. It was also based on the need to develop innovation in a traditional industry such as food and beverages which has previously not received appropriate support from the incubator program.

    “The OCS’s Technological Incubators Program has become one of the leading tools for nurturing and growing startups in Israel,” said Israel’s Minister of Economy Naftali Bennett. “I expect to see many successful companies growing out of these new incubators.”

    “The cooperation between Philips Healthcare (Philip’s Israel division) and Teva Pharmaceuticals signifies a deep understanding of the direction the market is heading and of the future of medical devices,” said Israel’s Chief Scientist Avi Hasson. “This field demands significant, long-term investment –a serious challenge for the private sector without government incentives.”

    “Strauss’ food-tech incubator will focus for the first time on a traditional industry which nevertheless demands significant innovation,” added Hasson. “Much like in biotech, there is a clear advantage to the type of broad infrastructure which a global company can provide. Injecting innovation into this field will allow Israel to remain competitive in an area in which it already has a relative advantage. This could very well have a broad impact on the Israeli economy.”

    “In light of the large number of quality proposals, the final decision was extremely difficult,” said the Technological Incubators Program Director Yossi Smoler. "We hope that the applicants that weren’t granted a license this time will participate in the next round of the competitive process that is expected to be announced later this year."

    About the Technological Incubators Program:
    The Technological Incubators Program was established in 1991 and is administrated by the Office of the Chief Scientist in Israel’s Ministry of Economy. The primary goal of the program is to transform innovative technological ideas that are too risky for private investments into viable startup companies that after the incubator term should be able to raise money from the private sector and operate on their own. Secondary goals of the program are as follows: 1. Promote R&D activity in peripheral and minority areas. 2. Create investment opportunities for the private sector, including venture capitalists. 3. Transfer technologies from research institutes to industry. 4. Create an entrepreneurial culture in Israel.
     
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