Haredi hi-tech gets cash injection from Israel 

Haredi hi-tech gets cash injection from Israel 

Israel is expanding its support for ultra-Orthodox entrepreneurs to make it easier for them to access funding and integrate into Israel’s thriving hi-tech scene.

By: World Israel News Staff

Israel’s Ministry of Economy and Industry and Innovation Authority have announced that the state is expanding its support for ultra-Orthodox technology entrepreneurs, making it easier for them to access funding and integrate into Israel’s thriving hi-tech scene.

The Ministry of Economy and Industry stated that under the revised terms of a program that has been in force since 2014, technology enterprises at least 33 percent-owned by ultra-Orthodox entrepreneurs will be eligible for funding for two years – 75 percent of their Research and Development expenses for the first year and 70 percent for the second. The original program provided funding for one year only.

These startups will be eligible for grants of up to NIS 2.5 million ($682,000) in the first year and up to NIS 4.5 million in the second. The program originally granted NIS 2.3 million in the first year.

Furthermore, the state will provide tools to maximize the grants’ use and the companies’ success, the statement said.

This includes targeted exposure, entrepreneurial training and the possibility of using some of the grant for business or marketing consulting.

The Innovation Authority is working on a similar program to provide funding for Israeli Arab entrepreneurs, Times of Israel reported.

“The Israel Innovation Authority’s program to support startups in the ultra-Orthodox sector is an additional tool in the government’s policy to increase the number of people employed in the hi-tech industry and to create a supportive environment for startups via government funding,” Minister of Economy and Industry Eli Cohen stated.