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Victorian tech companies and entrepreneurs looking to develop their products for a global market are set to benefit from a new round of funding under a partnership between the Victorian Government and Israel.

The program, which is jointly managed with the Innovation Israeli Authority and valued at up to $1.6 million, will support companies conducting R&D to test or conduct pilots in both the Victorian and Israeli markets before releasing their product or service for export to global markets.

Since its establishment in 2005, the VISTECH program has supported around a dozen R&D partnerships, with projects ranging from a high-tech irrigation system for winemakers in drought-prone regions to a new non-invasive technology monitoring severe asthma in patients who require hospitalisation.

Israel is a key strategic partner to Victoria and a global leader in R&D expenditure as a percentage of Gross Domestic Product, according to the OECD. It is also widely regarded as the startup nation, with the most number of startups per capita in the world.

The Victorian Budget 2023/24 will ensure the state stays at the forefront of new discoveries with a $15 million investment to incentivise local business to increase their R&D activity.

The Victorian Government is also continuing to invest in ideas and technologies that have the power to improve people’s lives through Breakthrough Victoria.

The VISTECH program supports collaborative R&D projects aimed at achieving commercialisation of new or improved products, processes or services that can potentially contribute to the economic development and public benefit of Victoria and Israel through the following types of activities:

Technology-based products processes or services The advancement of these technologies to commercial readiness The identification of steps for realisation of economic benefits for all parties concerned; and/or The support of new technologies from proof of concept to a minimum viable product (MVP) stage of development in respective markets. This would directly support businesses that have proven the feasibility of their technology. MVP projects are designed for pre-revenue technology businesses to help engage potential business, customers, or market channels to achieve market validation prior to first sale.

Applications to the Victoria-Israel Science and Technology Research and Development Fund (VISTECH) will close at 5pm on 23 October 2023.

For more information visit VISTECH . You

Originally published by DJSIR on 3 July 2023

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