Britain, Israel launching Britech 2 after two-year hiatus
Joint fund will provide up to 300,000 pounds to each approved joint project
The Israeli-British R&D fund Britech is coming back two life after about two years of dormancy. Its resurgence in the form of Britech 2 is expected in a matter of weeks, TheMarker has learned.
This is good news for Israeli startups hoping to penetrate the British market, and naturally for British companies interested in Israeli technology.
Recently the Trade fund, joint to Israel, Jordan, and the U.S. also staged a comeback. It operates in parallel with the BIRD fund, which is joint to the American and Israeli governments. With Britech also coming back, clearly international support for research is coming back.
Britech 1 operated in Israel from 1999 to 2004, but it ceased operations after London decided to restructure its allocations to R&D. Now Britain and Jerusalem are resuming investments in the fund, which at this stage has 2 million pounds under management.
The Chief Scientist of the Ministry of Industry and Trade commented that the fund is supposed to increase in the future, depending on the progress of joint Israeli-British projects.
Britech funds technological projects conducted by the Israelis and English together. The new fund will be slightly different from the original one. Each project can only get up to 300,000 pounds, compared with 450,000 with Britech 1. Royalties will amount to 100 percent instead of 150 percent as in the past. The financial support for each project may not exceed 50 percent of its costs.
MATIMOP will provide management on the Israeli side.
The Chief Scientist is presently awaiting London's response to the draft agreement, after which an official announcement is expected within weeks. The Knesset also has to grant its imprimatur.