investment-money

UK businesses can compete for a share of up to £1m to partner with Israeli companies and combine innovation expertise to target global markets.

The government has announced the funding competition will support businesses in the UK and Israel to collaborate on disruptive innovations.

Israel aims to challenge Silicon Valley in the high-tech space, with a 2018 report showing Tel Aviv to have more startups per capita than anywhere else in the world. It also performs well for global connectedness and product development.

Closer collaboration on innovation projects will create opportunities for both the UK and Israel to boost capabilities and take advantage of international markets.

In the new funding competition, there is up to £1m available for UK businesses to develop game-changing innovations in partnership with Israeli companies.

The funding comes under the EUREKA programme, an inter-governmental network that encourages international research and development of innovative business products and ideas.

UK involvement in projects will be funded by Innovate UK, with Israeli involvement by the Israel Innovation Authority. The countries are committed to collaborating to develop new technologies and take advantage of global opportunities.

Projects in this competition can be from any technology or market area. They must:

  • be based on clear, game-changing ideas that could lead to new products, processes or services;
  • have a deliverable business plan;
  • demonstrate good working structures and awareness of risks;
  • show good value for money;
  • have significant potential and improve productivity for both the UK and Israeli economies;
  • benefit and create growth for the businesses involved in the project; and
  • any product, process or service being developed should be applicable to a large global market.

The competition is now open, and the deadline for registration is at midday on 27 February 2019. Projects must be led by a UK business of any size working with at least one business in Israel, which must be a separate, non-linked legal entity.

Each partner must carry out most of its funded work in the country from which it receives funding. The government has said it expects project costs on the UK side to be between £200,000 and £250,000 and to last up to 24 months. Businesses could attract up to 70% of their project costs.

If you are interested, to register and apply go to:

https://apply-for-innovation-funding.service.gov.uk/competition/274/overview

Good luck!