New funding to boost Victorian-Israeli research and development projects

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 Victoria-Israel Science and Technology Research and Development Program, otherwise known as VISTECH, is now open to Victorian and Israeli companies looking to collaborate on the development of new technologies.

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.

For more information visit VISTECH.