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The Technology Incubator Program is holding tenders for new franchises for the Netanya, Ashkelon and Katzrin incubators. Microsoft Corporation (Nasdaq: MSFT) , which already operates the Microsoft Israel R&D Center will bid for second incubator, General Electric (NYSE: GE) and Philips NV (Euronext: PHIA; NYSE: PHG), will bid as well in the tender.
Philips Healthcare also has hundreds of employees in their development center in Haifa . GE also invests in start-ups, and has good relationship with the Israeli Office of the Chief Scientist.
The three current franchisees will not bid in the tender because of the changes in the agreement between the government and the incubators.
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Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
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Thank you.
The three are: in Netanya incubator, which run by Targetech Innovation Center; Ashkelon is currently held by franchisee Ashkelon Technological Industries (ATI), a subsidiary of Gefen Biomed Investements Ltd. (TASE: GEFEN); The Katzrin incubator, run Meytag by Technology Incubator, a unit of Capital Point Ltd. (TASE:CPTP).
Under the tender’s terms, the winners will sign an eight-year contract with the government, during which it will undertake to provide supplementary financing for the incubators. The companies that undertake to make follow-on investments in the incubators’ portfolio companies will have priority, giving big companies an edge in the tender.
Government support for incubator project will remain more or less the same as in the past at 85% of the approved budget, up to a maximum of NIS 1.7 million per company in central Israel and NIS 2.12 million per company in the periphery. An additional several hundred thousand shekels is possible for cyber, medical, and biotechnology companies.
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