About VISTECH

The states of Victoria and Israel agreed to contribute $US 6 million over an initial period of 3 years to support joint R&D.

The objective of VISTECH is to strengthen Victoria-Israel cooperation and ultimately overall economic activity for the mutual benefit of both states.

For Victoria, VISTECH is itself an innovation. There is to date no analogous foundation established for the promotion of bilateral research and development (R&D) with other trading partners.

For Israel, VISTECH is one of a number of similar bilateral initiatives, the first being the U.S-Israel Binational Industrial R&D initiative (BIRD). The VISTECH program design is based on the success of BIRD and other similar programs around the world.

VISTECH is operated by a Manager and a supporting team located in Victoria, Australia and in Israel. The Manager reports to a Management Committee, comprised of three members from each state.

The Victoria-Israel Science and Technology R&D Fund (VISTECH) invites Victorian and Israeli companies to submit new joint R&D project proposals for funding approval in 2008.

The fifth round of funding opens 30th June 2008 and runs until 5th September 2008.

	Victoria - Israel Science & Technology R&D Fund (PDF 189Kb)
	Promoting Victoria and Israel business collaborations through the VISTECH fund.

Benefits of Collaboration

Companies worldwide are engaged in a growing array of strategic alliances in order to acquire the technological capacity to maintain competitive advantage. In this context, there is much untapped potential for Victoria-Israel collaboration.

Israel and Victoria both have recognised strengths in areas such as Water, Biotechnology, Nanotechnology, environment and Information & Communications Technology (I&CT).

Benefits for participants include:

• Improved business and trade relationships between Victoria and Israel, including enhanced access to European and North American markets through Israeli networks, and enhanced access to Asia Pacific markets through Victorian networks
• A stronger local science and technology industry through access to early development capital for joint projects with Israeli organisations
• Leveraging of complementary capabilities in areas such as stem cells, cell therapy, synchrotron science and water treatment technologies as well as sharing related risks

The move complements both state's strategic plans, to develop products to the pre-market stage through international partnering and investment.

Why Victoria?

• Victoria has a strong science and technology base in a wide range of industries including biotechnology, agri-food, health and medical research, water and environmental technologies
• The Victorian Government is highly committed to support industry and the research community to enhance the successful commercialisation of innovative technologies and scientific discoveries
• Victoria offers one of the most attractive and valuable propositions for Research and Development (R&D). It is based on cost and quality of location ratings, with a strong economic operating environment, relatively low R&D costs, highly developed infrastructure and a supportive regulatory environment
• Victoria's leading role in Australia puts it in an excellent position to capitalise on the extensive established network within the Asia Pacific Region

Why Israel?

• Israel has become an international hub of technology by establishing foundations similar to VISTECH, with a growing number of countries in Europe, Asia and North America
• Israel’s investment in R&D has consistently been among the highest in the world (approximately 3% of GDP)
• Israel continues to be a source of great innovation and has established itself as one of the most important centres of high-tech, business entrepreneurship and advanced technological R&D outside the United States. There are more than 3000 high-tech companies and 1500 start-ups active in Israel, with over 80 venture capital funds managing about $US4 billion dedicated to innovative technology investments
• Israel ranks among the leading countries worldwide in the number of NASDAQ-list high-tech companies
• Major International Companies such as Intel, Motorola, Samsung, Siemens and others have a well established presence in Israel.

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