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Early Stage Financing Strategies for High Tech in Israel
Dr. Eli Opper – Chief Scientist
Ministry of Industry, Trade and Labor January 2005
We think we know the past
We hope we understand the present
We must plan for the future " There is no reason for any individual to have a computer in his home."
Ken Olsen, Founder and CEO of Digital Equipment Corporation, 1977
We think we know the past
We hope we understand the present
We must plan for the future
“
Heavier-than-air flying machines are impossible"
Lord Kelvin, 1895
We think we know the past
We hope we understand the present
We must plan for the future “640 K Ought to be enough for anybody "
Bill Gates, 1981
“It’s not the strongest of the species that survives, nor the most intelligent; it is the one that is most adaptable to change”
Charles Darwin
Jaffa Oranges vs. Software
(1992-2001) 3500 3000 2500 exports 2000 ($millions) 1500 1000 500 0
Software Citrus
0 3 2 1 4 5
Expenditure on Civilian R&D as a percent of the GDP in Israel and in OECD Countries (2002)
4.2
3.6
3.2
3.0
2.7
2.4 2.4 2.32.2
2.12.0 2.01.9
1.8
1.61.6 1.6
1.4 1.4 1.3
1.11.0 0.9
0.8 0.70.7
Source: Ministry of finance
Capital Raised By Israeli High-Tech Companies: 1999-2004 (in Million $)
3500 3000 2500 2000 1500 1000 500 0 1999 2000
Source: IVC – Israel Venture Capital
2001 2002 2003 2004 E
Knowledge Transfer (Universities - Industry) Finland Iceland Singapore U.S.A
Israel Switzerland Canada Austria Sweden Belgium Norway 0.00
1.00
2.00
3.00
4.00
5.00
7.82
6.00
6.37
6.37
6.17
7.17
7.10
6.92
6.89
6.77
6.58
6.04
7.00
8.00
Source: IMD World Competitiveness Yearbook 2004
9.00
Innovation = Economic Growth
“
If you want real growth, you have to have new technologies
”
Source: Business Week
Where does Israel excel?
Biotechnology Encryption and data security Software Electronics Agro-technology Telecommunication Medical equipment Optics Internet Nanotechnology
Activities of the O.C.S.
Activities in Israel R&D Fund Magnet Programs Generic R&D Seed Fund Technological Incubators Tnufa Research Institutes Chief Scientist Dr. Eli Opper International Activities Bi-National Funds U.S-Israel Science & Technology Commission European Union Programs FP-6 EUREKA BI-National Agreements
Activities of the O.C.S. – Early Stage
Activities in Israel Seed Fund Technological Incubators Tnufa Chief Scientist Dr. Eli Opper
OCS 2004 - Some Figures
No. Of Applications: ~1700 Projects Total Request:
~ 6.2 Billion N.I.S
Total Grants: ~1.3 Billion N.I.S
OCS Grants by Technological Sectors 2 0 0 3
Life Sciences: 22% Other: 4% Communications: 36.5% Electronics: 9.1% Electro-Optics: 8.1% Chemicals: 2.6% Software: 17.3%
OCS Grants by Technological Sectors 2 0 0 4
Life Sciences: 22.8% Other: 7.8% Communications: 37.4% Electronics: 11.4% Electro-Optics: 7 % Chemicals: 1.9% Software: 12%
OCS Grants by Technological Sectors - Forecast
Life Sciences: 22% Other: 4% Communications: 36.5% Electronics: 9.1% Electro-Optics: 8.1% Chemicals: 2.6% Software: 17.3%
Nano-Tech?
International Cooperation Ministry of Industry, Trade & Labor - The Office of the Chief Scientist
Bi-National Funds
BIRDF-with U.S.A.
USISTC/F SIIRD-with Singapore CIIRDF - with Canada BRITECH–with the UK KORIL-RDF - With S. Korea
Int ’l Corporation
Int ’l Corporation
Bi-National Support Agreements
France Belgium China Finland Germany Holland Hong-Kong Italy India Taiwan Portugal Spain Sweden
Multi-National Agreements
Int ’l Corporation
The European FP6 EUREKA
Countries Municipalities Global Enterprises States Multi National Provinces
?
OCS
The Global Enterprise R&D Cooperation Initiative
Israeli MNC Strategic Agreement OCS support Finance 50% of the Israeli company’s R&D approved costs.
Joint R&D Project The two companies should have the combined, proven capability and infrastructure to define, develop, manufacture, sell and support the Product defined by the Project.
There is always room also for the small ones
Before …
Global Network for Transfer of Knowledge
The Law For Encouragement of Industrial R&D
Transfer of Know-How Exchange of Knowledge Promote the Establishment of Development Centers
Preferred Sectors
Biotechnology Nanotechnology
Major Questions (Dilemmas)
1.
2.
3.
4.
Should the Government take a more active role?
Should preference be given to certain sectors? (Targeting) Should the O.C.S be more involved in Higher Education, Marketing & Management issues with respect to Industrial R&D? Should Academia and Industry Strengthen their cooperation ?
Some Answers
1.
2.
3.
The Government should take an active role in the TARGETING Policy.
The Government is not an investment group: it must maintain a long - range perspective.
Academia & Industry must strengthen their cooperation.
Some Answers
4.
5.
Israel will continue to focus on high potential areas like ICT, and Life Sciences, including Nano – Tech.
Increasing involvement in Education, Marketing and Management.
3500 3000 2500 exports 2000 ($millions) 1500 1000 500 0
Export from Israel
(forecast)
Software Citrus
?
25