The New Jersey Economic Development Authority (NJEDA) issued a Request for Expressions of Interest (RFEI) for New Jersey-based companies interested in participating in the New Jersey-Israel Innovation Partnership Initiative. New Jersey companies that participate in the initiative will gain both access to international partners and to research and development (R&D) funds from an Israeli company and the Israel Innovation Authority (IIA).
“In today’s increasingly global economy, creating opportunities for New Jersey-based businesses to connect with partners around the world is critical to building a stronger, fairer economy,” said NJEDA Chief Executive Officer Tim Sullivan. “The New Jersey-Israel Innovation Partnership Initiative 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 New Jersey-Israel Innovation Partnership Initiative supports the Governor’s plan for a stronger, fairer New Jersey economy by promoting partnerships between New Jersey and Israeli companies to advance joint R&D projects. These partnerships will increase the level of R&D taking place in New Jersey, expose New Jersey businesses to new markets and commercial opportunities, and encourage high-growth Israeli companies to establish their American headquarters in New Jersey.
“Israel has long been one of New Jersey’s most important partners,” said Andrew Gross, executive director of the New Jersey-Israel Commission. “Increasing collaboration between the companies driving innovation in both places through efforts like the New Jersey-Israel Innovation Partnership Initiative 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 issued today to identify qualified New Jersey companies to participate in the initiative. The IIA will then issue a Call for Proposals aimed at selecting Israeli companies interested in partnering with those qualified New Jersey businesses that IIA determines best match the Israeli R&D ecosystem. Selected Israeli companies will implement joint R&D projects with their New Jersey partners, with the IIA providing grants up to 50 percent of the Israeli company’s share of R&D expenses.
To qualify for the program, New Jersey companies must:
“The RFEI issued today presents a tangible opportunity for Israeli companies to benefit from the value of partnering with New Jersey companies, by tapping into their vast body of intellectual capital and educated and diverse talent pool,” said Choose New Jersey President & CEO Jose Lozano. “Even more, investing in New Jersey provides access to the bustling Northeast market, with the logistical ease provided by our ports and convenient international travel.”
Projects promoted through the initiative should also result in the development of a new or significantly improved product, process, or service with significant technological innovation and an industrial application intended for commercialization, with a reasonable market potential. Following project completion, companies must submit a report demonstrating how the New Jersey company spent the majority of its share of the project budget in New Jersey and that the majority of the R&D activities occurred either in New Jersey or Israel.
“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, Office of International Trade and Investment at the NJEDA. “The New Jersey-Israel Innovation Partnership Initiative will drive economic growth and increase New Jersey’s reputation as a global leader in the innovation economy.”
The initiative falls under the Governor’s international innovation program and, if successful, the EDA could further expand it, as well as replicate it with other countries.
“Israel is known globally as a leader in innovation and we are excited to facilitate research and development partnerships between Israeli companies and New Jersey-based businesses,” said Israel Innovation Authority Chairman and Chief Scientist at the Ministry of Economy and Industry, Dr. Amiram Appelbaum. “Forging strong ties between two centers of innovation will benefit businesses and consumers in both New Jersey and Israel.”
New Jersey businesses interested in participating in the program can learn more and submit the RFEI here: www.njeda.com/rfei_oiti
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