Minister of Economic Affairs Shalom Simhon: "The increase in the budget is necessary and essential in order to ensure continued support for the technological industry"
The Finance Committee of the Knesset this morning approved a budget increase for the Office of the Chief Scientist at the Ministry of Science and Technology in the amount of NIS 120 million. Most of the money is directed to the seed program in accordance with the joint plan of the Ministry of Finance and the Chief Scientist, which was agreed upon between the Ministry of Science and Technology and the Budget Division of the Ministry of Finance about six months ago.
The Office of the Chief Scientist and the Budget Division of the Ministry of Finance have identified a worrying trend in the past year regarding the availability of private funding for young companies. In order to deal with this trend, the Office of the Chief Scientist and the Budget Division of the Ministry of Finance have initiated a number of targeted measures that constitute a comprehensive plan to support seed companies.
The Minister of Finance, Dr. Yuval Steinitz, noted that the move is a continuation of the government's policy to strengthen advanced industries in Israel. TMT Minister Shalom Simhon emphasized that the addition of the budget was necessary and essential in order to ensure the continued support of the state for the technological industry and especially for young companies. According to Chief Scientist Avi Hasson, "The seed support program is one part of the many actions we have been promoting in recent months in cooperation with the budget department in order to help young companies. This includes both the reform of the greenhouse program and work to amend the Angels' Law.'
The support program for companies in the seed stage which was recently launched by the Office of the Chief Scientist and the Budget Division of the Ministry of Finance will give preferential conditions to companies in the first years of their activity and will allow, among other things, the raising of supplementary funding to the funding provided by the Chief Scientist, based on the approval given by the Scientist and after him. As a step In addition to supporting small companies, part of the additional budget will be directed to support projects in technology incubators.
