TMCnet News
BIRD - Israel-U.S. Binational Industrial R&D Foundation to Invest $8 million in 10 New ProjectsTEL AVIV, Israel, June 30, 2015 /PRNewswire/ -- During its meeting on June 18, 2015, held in Washington D.C., the Board of Governors of the Israel-U.S. Binational Industrial Research and Development (BIRD) Foundation approved $8 million in funding for ten new projects between U.S. and Israeli companies. In addition to the grants from BIRD, the projects will access private sector funding, boosting the total value of all projects to approximately $19 million. The BIRD Foundation promotes collaboration between U.S. and Israeli companies in various technological fields for the purpose of joint product development. In addition to providing conditional grants of up to $1 million for approved projects, the Foundation assists by working with companies to identify potential strategic partners and facilitate introductions. Projects submitted to the BIRD Foundation are reviewed by evaluators appointed by the National Institute of Standards and Technology (NIST) and by the Chief Scientist's Office of the Israeli Ministry of Economy. The ten projects approved by the Board of Governors are in addition to the 910 projects which the BIRD Foundation has approved for funding during its 38 year history. To date, BIRD's total investment in joint projects has been over $300 million, helping to generate direct and indirect sales of more than $10 billion. The projects approved include:
Mr. Avi Hasson, Chief Scientist at the Israel Ministry of Economy and co-Chairman of BIRD's Board of Governors said: "The United States is the leading R&D partner for Israel including various programs funded by the Chief Scientist. The BIRD Foundation continues to be the main vehicle for leveraging the strategic cooperation between the two countries focused on innovation and technology. The success of the Foundation is a solid basis for further expansion of cooperation between the United States, including federal R&D programs as well as programs with U.S. States where the Chief Scientist has cooperation agreements." Dr. Eitan Yudilevich, Executive Director of the BIRD Foundation, said: "The BIRD Foundation continues in its tradition of promoting joint projects between U.S. and Israeli companies which are multidisciplinary in nature and contain a high level of innovation and knowledge. The Foundation initiates diverse activities to promote partnerships in new areas which are of great importance to both countries." The deadline for submission of Executive Summaries for the next BIRD cycle is September 7, 2015. Approval of projects will take place in December 2015. About the BIRD Foundation The BIRD (Binational Industrial Research and Development) Foundation works to encourage and facilitate cooperation between U.S. and Israeli companies in a wide range of technology sectors and offers funding to selected projects. BIRD has approved over 900 projects over its 38 year history. To date, BIRD's total investment in these projects has been over $300 million and has received approximately $100 million in repayments. BIRD funded projects have generated direct and indirect sales of approximately $10 billion. The BIRD Foundation provides support of up to 50% of a project's budget, or up to $1 million, beginning with R&D and ending with the initial stages of sales and marketing. The Foundation supports projects without receiving any rights in the participating companies or in the project itself. The Foundation shares the risk and requires the investment to be repaid only if the project reaches the sales stage. Contact: SOURCE The BIRD Foundation 
|