The Israel Innovation Authority launched a new competitive tender to open its second biotech incubator.
The goal of the incubator is to help build the pharmaceutical industry in Israel by connecting investors and strategic partners who can help identify innovative technological projects and help transform them into new companies.
Difference from the former biotech incubator.
This new biotech incubator will serve as a gateway for multinational pharmaceutical companies and specialist investment funds to support Israeli start-ups.
The plan is part of the ongoing ‘Northern Plan’ which will reach 920 million New Israeli sheqel (263 million U.S. dollars) by the end of 2018.
The technological incubators program in Israel.
There have been 19 franchise incubators of the Technological Incubators Program (TIP) in Israel, including 18 technological incubators and 1 biotechnological incubator. The second biotech incubator will be added into the list of franchise incubators.
The object of TIP is that creating new start-up companies that would not start otherwise, transferring technological from research institutes to the industry, and creating technological entrepreneurial culture.
The Israeli high-tech companies attract many capitals all over the world, the financial amount sustains growth for a long period of time in the recent years. The financial amount over $20M accounted for nearly 55% of the total financial amounts in 2016. Thanks for the innovation inspiration, the GDP growth rate of Israel in 2016 maintained at 4%, ranking the 16th place in the world. In the second quarter of 2017, Israeli high-tech capital raising reached $1.26 billion, attracted by 157 companies.
The first biotech incubator is running successfully.
The first biotech incubator in Israel is FutuRx, which became operational on January 1st 2014, planning to house 30-40 start-up companies during the next eight years. FutuRx was established through a collaboration among OrbiMed Israel Partners, Johnson & Johnson Innovation – JJDC, and Takeda Pharmaceutical Company, through its venture group Takeda Ventures, Inc.
The FutuRx is dedicated in advancing new biotechnology products by identifying and nurturing early-stage life science innovation. It has already invested in establishing 10 start-ups. Some of the startups are working on the drug developments and some are developing innovative therapeutics.
FutuRx offers services to safely turning them into cutting-edge products for the benefit of patients and healthcare providers.
Source： IKMResearchThe FutuRx is offering satisfying the startups with the wonderful scientific advisory board, including famous biotech scientists and experienced business officer.
The FutuRx is under the instruction of the Office of the Chief Scientist of the Ministry of Economy and adjusted to an equally balanced partnership among its three founding organizations.
