The Israel Innovation Authority previously known as the Office of the Chief Scientist of Israel's Ministry of Economy is the support arm of the Israeli government, charged with fostering the development of industrial R&D within the State of Israel. The mission of the Authority has been defined through the country's "Law for the Encouragement of Industrial Research and Development—1984" and its operations are facilitated through Israel's R&D Fund, as well as a variety of international programs, agreements and collaborations. Its mission is to assist the advancement of Israel's knowledge-based science and technology industries in order to encourage innovation and entrepreneurship while stimulating economic growth. Legal aspects of agreements which may include R&D funding, as well as royalties, are governed under the Regulatory Framework of the Authority.
The Authority manages three distinct frameworks. The R&D Fund, an Incubator Program and the Magnet Program. The OCS is responsible for Iserd management within the European Union Framework as well as Matimop, which governs international agreements partnerships in the USA, Canada and the rest of the world. The Magnet Program was established in 1994, and manages the partnership between academic and commercial R&D programs. Significant activities include facilitation of the transfer of knowledge between academia and commercial R&D companies. Under the auspices of the Magnet Program, the NOFAR program was established to provide support and funding in the field of biotechnology, nanotechnology and development of medical equipment.
Incubator programs
There are 24 incubators in Israel funded by the Authority, with 22 of the incubators in the field of technology. All incubator programs are run as grants that are repayable to the Authority on successful completion of the project. Each project in the Incubator Program lasts for up to two years. Grants are repayable to the Israeli government at a rate of 3-5% of royalties from revenue.
Support programs
A variety of ongoing support programs offered by the Authority provide financial and developmental resources to entrepreneurs and companies of all sizes and stages performing industrial R&D research within Israel. Other funds and support programs include: Heznek-Seed Fund, Tnufa Program, Magneton Program and Nofar Program.
