The Economy and Industry Ministry and the Israel Innovation Authority have decided to expand their program of support for high-tech entrepreneurs from the haredi sector, Israel Hayom has learned.
Since the program began, over 25 million shekels ($6.8 million) in grant money has been awarded to haredi men and women involved in high-tech initiatives. To qualify, a given project must be at least 33% owned by someone from the ultra-Orthodox sector.
Once the changes are implemented, the grants will be extended from one year to two. In addition, the government will fund 75% of research and development costs of innovative technology projects in their first year, and 70% of R&D costs in the second year – in contrast to the 30-50% government funding available to startup ventures in general.
The amount of the grants will be capped at 2.5 million shekels ($680,000) for the first year and 4.5 million shekels ($1.2 million) for the second. The government will also provide tools to help the ventures succeed by placing advisers at the entrepreneurs' disposal and allowing them to use some of the grant money to pay for business consultation and marketing.
The haredi high-tech initiatives encompass a wide range of technologies: programming platforms based on artificial intelligence; multi-channel digital communications; and a project that integrates the world of chatbots into intraorganizational automation.
Economy and Industry Minister Eli Cohen said that his ministry placed great importance on promoting industry and employment in Israel.
"The Innovation Authority's program to support haredi startup companies is another tool with which to implement the government's policy of increasing the number of high-tech workers and creating a supportive environment for startups funded by the government," Cohen said.
Aharon Aharon, CEO of the Israel Innovation Authority, said that "the expanded support for technology startups by haredi men and women will provide a tailwind for their successful integration into Israeli high-tech.
"There are already some impressive success stories, and we want to see more haredi men and women succeed using our support," he said.
