The Murphy administration wants Israeli businesses to team up with companies based in New Jersey to work on research and development projects a year after Gov. Phil Murphy toured Israel and Germany during a nine-day trade mission to boost business and economic collaboration.
Under the New Jersey-Israel Innovation Partnership Initiative, Israeli companies that formally partner with state businesses for research and development projects would have half of their R&D expenses covered by the Israeli Innovation Authority – an arm of the Israeli government tasked with boosting industrial R&D.
On Friday, the Economic Development Authority unveiled the first step of garnering potential partners: a request for expressions of interest for New Jersey-based companies that are considering participating in the program.
“These partnerships will increase the level of R&D taking place in New Jersey, expose New Jersey businesses to new markets and commercial opportunities, and encourage high-growth Israeli companies to establish their American headquarters in New Jersey,” reads the Friday statement from EDA .
The New Jersey companies would need to have an R&D or manufacturing presence in the state, put up $250,000 for the project, not be in any default on EDA financial assistance, and not have any pending investigation into labor and environmental practices.
R&D projects would have to handle sectors of the economy highlighted by Murphy in his October economic master plan as key industries, such as advanced manufacturing, renewable energy, information technology, health care and life sciences.
The IIA would issue its own call for proposals to select Israeli companies to partner with the New Jersey businesses in the R&D projects.
“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,” EDA Chief Executive Officer Tim Sullivan said in a statement. “The New Jersey-Israel Innovation Partnership Initiative brings together two of the world’s leading innovation ecosystems,” he added.