India-Israel to sign a $20 Million Technological Innovation Fund

India-Israel to sign a $20 Million Technological Innovation Fund

Posted by Vivek Nama on July 4th 2017

Prime Minister Narendra Modi said he was “greatly looking forward” to his “unprecedented visit” to Israel which will bring Asia’s third largest economy and the Jewish nation together.

In a departure statement issued on the eve of his visit—the first ever by an Indian prime minister since India formally recognized Israel in 1950, he said that he will  have talks with  Israeli CEOs and start-ups to discuss shared business and investment interests. He is expected to sign an agreement to create a $40 million research and development fund for joint innovation in areas of agriculture, water, energy and technology. 
Apart from this the two countries will contribute $20 million, or about Rs 130 crore, each over five years to the fund called India-Israel Industrial R&D and Technological Innovation Fund, which will be signed between Israel’s Innovation Authority and India’s department of science and technology.
Also known as the start-up hub Israel has produced some of the most successful start-ups in the world despite many geographical and political problems it faces. Here is a list of how the Israeli start-up industry fares in numbers:(Source
1. In the year 2016, Israeli startups made USD 9.2 billion in exits.
2. At least 150 Israeli companies are listed on NASDAQ, which is third largest next to China and the US.
3. There are about 350 R&D centres of innovative tech companies like HP, Microsoft, Google and Facebook present in Israel.
4. Currently more than 6,000 start-ups are active in this middle-east country.
5. Close to 1,300 new start-ups are founded every year.
6. The start-ups in the country received venture funding worth USD 4.8 billion in 2016.
7. The Israeli government has a USD 500 million fund to support the start-ups companies. The country tops the charts for both country and business sector expenditure on R&D (as % of GDP).
8. SOSA (South of Salame) — an ecosystem in Tel Aviv which brings together start-ups, investors, and MNCs all under one roof to nurture and scale up innovation— constitutes more than 2,500 start-ups, 150 partners, 45 investors.
9. Out of the current population of eight million, 40,000 people work in the high-tech industry and contribute to 15 percent to the exports of the country.
10. Israel is tops the chart for the density of start-up ventures per capita and is 2nd only to Silicon Valley in the total number of start-ups.


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