Innovation is by far the most valuable resource for the State of Israel, serving as a national asset crucial to economic prosperity. Strengthening the innovation ecosystem is the mission of the Israel Innovation Authority, which seeks to further develop and support technological innovation in Israel through various support tools.
The startup ecosystem in Tel Aviv-Jerusalem was ranked sixth worldwide in the Global startup Ecosystem Report for 2020 conducted by startup Genome. The report praised the number of start-ups per capita in Tel Aviv, the highest in the world after Silicon Valley - in particular regarding the strengths of sub-sectors, such as cybersecurity and research in artificial intelligence (AI), big data and analytics.
The Israel Innovation Authority, responsible for the country’s innovation policy, is an independent and impartial public entity that operates for the benefit of the Israeli innovation ecosystem and Israeli economy as a whole. Its role is to nurture and develop Israeli innovation resources, while creating and strengthening the infrastructure and framework needed to support the entire knowledge industry.
The Israel Innovation Authority provides a variety of practical tools and funding platforms aimed at addressing the dynamic and changing needs of the local and international innovation ecosystems. It advises the government and Parliament ("Knesset") committees regarding innovation policy in Israel and furthermore monitors and analyses the dynamic changes taking place throughout the innovation environments in Israel and abroad. The Authority creates cooperation with counterpart agencies to promote technological innovation in the Israeli industry and economy.
With deep knowledge and understanding of the unique challenges facing the Israeli companies and entrepreneurs, the tools and programs offered by the Authority are based on the specific stage and needs of the company. This includes programs for early stage entrepreneurs, mature companies developing new products or manufacturing processes, academic groups seeking to transfer their ideas to the market, multinational corporations interested in Israeli technology, Israeli companies seeking new markets abroad, and traditional factories and plants seeking to incorporate innovative and advanced manufacturing into their businesses.