BIRD - Israel-U.S. Binational Industrial R&D Foundation to Invest $8 million in 10 New Projects
TEL AVIV, Israel, July 13, 2020 /PRNewswire/ -- During its meeting on June 23, 2020, held via video conference, 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 $20 million.
The BIRD Foundation promotes collaborations 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) of the U.S. Department of Commerce, and the Israel Innovation Authority.
The ten projects approved by the Board of Governors are in addition to the 1000 projects which the BIRD Foundation has approved for funding during its 43-year history. To date, BIRD's total investment in joint projects is over $350 million, helping to generate direct and indirect sales of more than $10 billion.
The projects approved include:
Dr. Amiram Appelbaum, Chief Scientist at the Ministry of Economy and Industry, Chairman of the Israel Innovation Authority and co-Chairman of BIRD's Board of Governors said: "The U.S. is Israel's major partner for innovation. We are proud that our collaboration with the BIRD Foundation has seen such spectacular successes over the decades, which resulted in groundbreaking technological innovations offered by both Israeli and U.S. recipients of the grant. We wish much success to the winning teams and companies and look forward to the amazing changes they will make for the benefit of the population worldwide.
"We are also calling on additional companies to submit their innovations for the Fund's programs and be instrumental in finding the solution that will provide cutting edge solutions to the global challenges we are all facing."
Dr. Eitan Yudilevich, Executive Director of the BIRD Foundation, said: "It is outstanding to see how companies and institutions from the U.S. and Israel demonstrate agility and creativity to pursue their partnerships in these challenging times. We at the BIRD Foundation are proud to be able to support these innovations selected by BIRD's Board of Governors from a high quality group of candidate projects, in a very competitive process."
The deadline for submission of Executive Summaries for the next BIRD cycle is September 1, 2020. Approval of projects will take place during December 2020.
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.
The Foundation supports projects without receiving any equity or intellectual property rights in the participating companies or in the projects, themselves. BIRD funding is repaid as royalties from sales of products that were commercialized as a result of BIRD support. The Foundation provides funding of up to 50% of a project's budget, beginning with R&D and ending with the initial stages of sales and marketing. The Foundation shares the risk and does not require repayment if the project fails to reach the sales stage.
SOURCE The BIRD Foundation
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