The New Jersey Economic Development Authority said it is looking for New Jersey-based companies interested in participating in the New Jersey-Israel Innovation Partnership Initiative.
The EDA announced on Friday a Request for Expressions of Interest.
The initiative provides companies access to international partners and research and development funds from an Israeli company and the Israel Innovation Authority.
“In today’s increasingly global economy, creating opportunities for New Jersey-based businesses to connect with partners around the world is critical to building a stronger, fairer economy,” NJEDA CEO Tim Sullivan said. “The New Jersey-Israel Innovation Partnership Initiative brings together two of the world’s leading innovation ecosystems to advance cutting-edge research and development and create new pathways to success for entrepreneurs and workers in the Garden State.”
Launched in October 2018 during Gov. Phil Murphy’s mission trip to Israel, the NJIIPI promotes partnerships between New Jersey and Israeli companies to advance R&D projects.
“Israel has long been one of New Jersey’s most important partners,” Andrew Gross, executive director of the New Jersey-Israel Commission, said. “Increasing collaboration between the companies driving innovation in both places through efforts like the New Jersey-Israel Innovation Partnership Initiative is critical to increasing New Jersey’s international profile and building a stronger economy here in the Garden State.”
To qualify for the program, New Jersey companies must:
- Have an R&D or manufacturing presence in the state;
- Have a projected financial commitment of at least $250,000 per proposed R&D project in one of the priority sectors identified in Murphy’s economic plan;
- Provide a current Tax Clearance Certificate;
- Not be in default on any NJEDA financial assistance or have outstanding labor or environmental investigations; and
- Be reviewed under the NJEDA’s debarment rules.
“The RFEI issued today presents a tangible opportunity for Israeli companies to benefit from the value of partnering with New Jersey companies, by tapping into their vast body of intellectual capital and educated and diverse talent pool,” Jose Lozano, CEO and president, Choose New Jersey, said. “Even more, investing in New Jersey provides access to the bustling Northeast market, with the logistical ease provided by our ports and convenient international travel.”