The Government in Israel is a core component of the nation’s drive to lead global innovation culture and infrastructure. The establishment of a national authority for innovation in Israel is the latest development in the government’s efforts to support the innovation eco-system in Israel.
The establishment of the ‘Israel Innovation Authority’ stems from the Israeli government’s acknowledgement of the need for a central agency to manage the country’s most important natural resource – innovation. Comprehensively addressing the needs of Israeli industry vis-à-vis the rapidly evolving global market, the Authority will serve as a central hub for knowledge and advanced capabilities in the arena of technological innovation.
The Authority will replace both the Office of the Chief Scientist (OCS) of the Ministry of Economy & Industry, as well as MATIMOP – The Israeli Industry Center for R&D.
The Israeli hi-tech industry is faced with a number of unique challenges – a highly competitive global marketplace, rapidly changing and dynamic competition, diverse technological demands, dependence on external target markets, and foreign sources of financing vulnerable to fluctuations in the world market. With these challenges only growing, government support is crucial in helping the Israeli hi-tech industry maintain its competitive advantage.
The government must also encourage traditional industries to incorporate the use of advanced technologies in their daily operations in order to increase their competitiveness in an increasingly demanding market.
The Israel Innovation Authority is being designed to quickly and efficiently confront the rapidly changing needs and challenges facing industry. It will embody a certain level of flexibility to enable rapid response, minimum restrictions and new support systems. The Authority will also house new creative lending programs, guarantees, funds and financial instruments.
Around the world there are examples of extra-governmental institutions providing support for technological innovation. By definition these institutions have greater freedom of action and are more adept to addressing the dynamic needs of the market. The creation of a statutory and independent Authority for Innovation will allow Israel to adapt and respond in a competitive international marketplace and continue in the right direction to support innovation.
[Trade Commissioner Ms. Ethy Levy discusses the role of government in a connected innovation eco-system at The Bridge: Israel-Australia Investment Summit in November 2015, alongside Chief Scientist and Head of the Israel Innovation Authority Mr. Avi Hasson and Australian Assistant Minister for Innovation The Hon. Wyatt Roy]