Israel, Massachusetts unveil US$2M partnership for joint R&D

As part of the new Massachusetts-Israel Innovation Partnership, Massachusetts will commit nearly US$1 million for Bay State companies that are engaged in industrial research and development projects
 
Massachusetts and Israel have unveiled an agreement designed to encourage the development of collaborative projects in the life sciences, clean energy and technology sectors.    
 
As part of the new Massachusetts-Israel Innovation Partnership, Massachusetts will commit nearly US$1 million for Bay State companies that are engaged in industrial research and development projects with an identified Israeli partner company.
 
In return, Israel’s Office of the Chief Scientist will provide up to US$1 million in matching dollars for the Israeli partner companies. Massachusetts is the first state to enter into such an agreement with Israel. Israel is planning similar projects with other states, including Ohio, Virginia, Maryland and South Carolina.
 
The agreement, to support innovation and entrepreneurship, was announced Wednesday by Gov. Deval Patrick at the annual Biotechnology Industry Organization convention in Washington, D.C. It is a joint venture between Israel's Office of the Chief Scientist, the U.S.-Israel Science and Technology Foundation and three Massachusetts economic development agencies.
 
According to the governor's office, Massachusetts is home to nearly 100 companies with Israeli founders or Israeli-licensed technologies. In 2009, these companies employed nearly 6,000 people and generated US$2.4 billion in direct revenue for the state. Also in 2009, Massachusetts firms exported more than US$180 million worth of goods to Israel.