Israel: Joint Indo-Israeli sovereign wealth fund seeks transformative ideas
“We would like these disruptive technologies that people still don’t believe in,” he said. “The founders themselves still haven’t proven anything. But they have a great idea.”
The India-Israel Industrial R&D and Technological Innovation Fund (I4F) is a cooperation between the Indian Department of Science and Technology (DST) and the Israel Innovation Authority with a commitment of 40 million dollars. This was developed to promote and support joint industrial R&D projects in targeted sectors such as water, health, agriculture, energy and information and communication technologies. Startups will have to convince experts to get funding from agencies.
“At the end of the day, they (the founders) should have a real disruptive product that can change the world. That’s our philosophy. So that’s a huge opportunity, but it’s a much bigger risk. Well, in many cases, VC not taking bigger risks, big risks, even a big company won’t take risks. We as a government are ready to fund it, in fact seek it out, ”said Amiram: “Unless you put a proof of concept (PV) to them, they won’t put money. So where are you going? If you have a crazy idea where do you go? So we think if there is a need for money that can grow eventually and there are no funds available, that’s where the government can help in terms of the initial investment. »
Global Innovation & Technology Alliance (GITA) is designated to implement the I4F program in India, while Israel Innovation Authority is the implementing agency in Israel.
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According to Dr Appelbaum, who is also a chief scientist at the Ministry of Economy and Industry in Israel, technology is like a high-speed train and the ticket to ride that train is getting more and more expensive and c This is where the government comes into the picture to help startups deliver these high-powered computing technologies and build quantum computing that costs billions of dollars.