Following increased demand due to 2020 financial crisis:
Israeli government approves additional budget of 390 million NIS for Israel Innovation Authority to increase government investment in small to medium high-tech companies
Aharon Aharon, CEO, Israel Innovation Authority: "The Fast Track incentive program is one of the most effective projects we have launched in response to the financial crisis caused by the coronavirus pandemic. It aims at helping expedite the recovery of the high-tech sector. The Authority is therefore supporting high-functioning companies which have a good chance of transcending the crisis but are currently facing difficulties in raising funds or making sales. We have substantially expanded the support mechanism for companies so that they can utilize our grants in order to maintain operations, and have taken it upon ourselves to guarantee that we complete the evaluation and decision-making process within four weeks."
Through the Fast Track program, the Israel Innovation Authority supports companies which are developing innovative products with significant value and a high probability of long-term success, but which currently have limited funding resources (short runway) and are in need of immediate support.
The incentive program's grants will help these companies successfully traverse the current crisis and become part of the growth engine stimulating the Israeli economy as it overcomes this difficult period.
Following increased demand for this specific incentive program, the Israel Innovation Authority modified its criteria in order to allow additional companies to submit their applications ahead of a new submissions deadline, which has been extended by two months.