Zionist State of Israel Will fund ultra-Orthodox tech entrepreneurs
Israel’s Innovation Authority, in charge of setting out the nation’s technology policies and funding startups in their earliest stages, said it was expanding its support for ultra-Orthodox tech entrepreneurs, to make it easier for them to access funding and integrate into Israel’s booming tech scene.
A statement from the Ministry of Economy and Industry said 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% of their R&D expenses for the first year and 70% for the second. The original program only provided funding for one year.
These startups will also be eligible for grants of NIS 2.5 million ($682,000) in the first year and of up to NIS 4.5 million in the second year. The program originally granted NIS 2.3 million in the first year alone.
In addition, the startups will be taught how to “maximize resources and company success,” the statement said. This includes increasing their exposure to Israel’s tech environment and getting entrepreneurial training, and the possibility of using some of their grant money for business or marketing consulting.
Since the program to help integrate ultra-Orthodox populations into the tech sectors started, the authority has paid out some NIS 25 million in grants to entrepreneurs, the statement said.