Companies sought for NJ-Israel partnership initiative

Companies sought for NJ-Israel partnership initiative

THE NEW JERSEY Economic Development Authority (NJEDA) has issued a Request for Expressions of Interest (RFEI) for companies in the state that may wish to participate in the New Jersey-Israel Innovation Partnership Initiative. Participating businesses will gain access to international partners and to research and development funds from an Israeli company and the Israel Innovation Authority (IIA).

The initiative, said NJEDA CEO Tim Sullivan, “brings together two of the world’s leading innovation ecosystems to advance cutting-edge research and development and create new pathways to success for entrepreneurs and workers in the Garden State.”

Launched in October 2018 during Gov. Phil Murphy’s mission to Israel, the initiative is designed to support his plan for a stronger, fairer state economy by promoting partnerships that will increase the level of R&D here, expose businesses to new markets and commercial opportunities, and encourage high-growth Israeli companies to establish their American headquarters in New Jersey.

Andrew Gross, executive director of the New Jersey-Israel Commission, said, “Increasing collaboration between the companies driving innovation in both places…is critical to increasing New Jersey’s international profile and building a stronger economy here in the Garden State.”

NJEDA staff will review responses to the RFEI to identify qualified companies. The IIA will then issue a Call for Proposals to qualified Israeli companies; those selected will implement joint R&D projects with their N.J. partners, with the IIA providing grants of up to 50 percent of the Israeli company’s share of R&D expenses.

Among the qualifications, companies must have an R&D or manufacturing presence in New Jersey and a projected financial commitment of at least $250,000 per proposed R&D project in one of the priority sectors identified in the governor’s economic plan.

The initiative will enable Israeli concerns to tap into NJ companies’ “vast body of intellectual capital and educated and diverse talent pool,” said Choose New Jersey president and CEO Jose Lozano.

“Collaborations that cross borders to bring together the best minds are critical to building a vibrant innovation ecosystem in New Jersey,” said Wes Mathews, vice president and director of NJEDA’s Office of International Trade and Investment. The initiative “will drive economic growth and increase New Jersey’s reputation as a global leader in the innovation economy.”

Dr. Amiram Appelbaum, IIA chair and chief scientist at Israel’s Ministry of Economy and Industry, said, “Forging strong ties between two centers of innovation will benefit businesses and consumers in both New Jersey and Israel.”

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