A new program established in a joint effort between the New South Wales and Israeli governments will give businesses and startups in the state access to grants worth up to $250,000.
The NSW-Israel Research and Development (R&D) Tech Innovation Program opened applications on Monday, with businesses given until June 7 to apply. However, businesses looking to apply for the grant will need a buddy business in Israel to join in the R&D of a new product in order to be eligible.
Fifty percent of the up-to $250,000 grant will be covered by the NSW Department of Industry, with the remaining 50% to be covered by the applicant or a third party.
However, startups, businesses working in regional parts of NSW, or businesses working in cyber security, water management, or agri-technology are eligible for an additional 10% contributed by the Department.
“The NSW Government is offering matched financial grants of up to $250,000 for project costs for participating businesses,” Minister for trade and industry Niall Blair said in a statement.
“Encouraging technology collaborations through government programs such as this is a wise investment in a better future. We are committed to supporting innovation to create the businesses and jobs of tomorrow. In partnering with Israel, an innovation leader, we are putting our best technology companies on the world stage.”