none

INNOVATION HIGH ON THE AGENDA DURING PYNE VISIT TO ISRAEL

15-12-2015
by 
in 

Bolstering Australia’s innovation sector was one of the key topics on the table when Minister for Industry, Innovation and Science Christopher Pyne met with Israel’s Prime Minister, Mr Benjamin Netanyahu, in Jerusalem this week.

Mr Pyne said the meeting was timely, given the very recent release of the Government’s National Innovation and Science Agenda.

The new Agenda includes a $36 million global innovation fund to create strategic links with key economies around the world.

A highlight of the fund are five “landing pads” for start-up entrepreneurs, one of which will be located in Tel Aviv.

“Israel has one of the highest concentrations of innovation and entrepreneurship in the world,” Mr Pyne said. 

Mr Pyne hoped the talks with Prime Minister Netanyahu would help the Government “build a reinvigorated Australian economy based on innovation”.

Australia has many similarities with Israel, including its educated workforce and small population, he said.

“But when it comes to start-ups and commercialising research, we are failing to keep up.”

Mr Pyne said Australia values its educational and research ties with Israel.

“Israel has a remarkable rate of success in commercialising innovation and turning bright ideas into viable commercial outcomes,” he said.

During the visit Mr Pyne also met with representatives from world-leading Hebrew University and Israel’s number one venture capital firm, Jerusalem Venture Partners.

The transformation in Israel into a start-up innovative nation was a shining example to the rest of the world, he said.

“As Australia seeks to build a new economy based on innovation, ties with technologically advanced nations like Israel have never been more important,” Mr Pyne said.”

Mr Pyne said the Hebrew University of Jerusalem was renowned for its world-leading research and already had a strong relationship with Australia.

“Israel has one of the highest concentrations of innovation and entrepreneurship in the world – and it owes much of its success to institutions like the Hebrew University of Jerusalem,” Mr Pyne said.

“It’s Israel’s number one ranked university and an institution with a global reputation for outstanding research.”

The Jerusalem Venture Partners (JVP) is Israel’s top ranked venture capital firm with over $900 million under management.

Mr Pyne said the meeting provided an opportunity to discuss venture capital funding, cultivating flourishing technology hubs and building large scale venture funds.

“The Israeli venture capital sector (VC) has significantly more funds available, compared to Australia,” Mr Pyne said. 

“Given the Government’s renewed focus on innovation, and the very recent release of our Innovation and Science Agenda, it’s been an opportune time to visit and learn from a nation that has enjoyed so much success in the innovation space.”

Related news & editorials

  1. 15.02.2019
    15.02.2019
    by      In
    The Australian Made Campaign is doing its bit to help one of its licensees to find a local contract manufacturer. The licensee is frank green, a company that markets reusable coffee cups in Australia. And while the company currently produces all its plastic reusable cup products in Australia, it... Read More
  2. 14.02.2019
    14.02.2019
    by      In
    Boker’s, the iconic US manufacturer of precision metal stampings, washers, spacers and shims, celebrates its 100th anniversary in 2019. The year will also see the opening of a new manufacturing facility and a fresh commitment to serve international markets, including Australia.
    The company was... Read More
  3. 14.02.2019
    14.02.2019
    by      In
    Universal Robots has appointed automation industry veteran Peter Hern to the role of ANZ Country Manager.
    Hern combines extensive experience in the technology, automation and robotics industries with local knowledge of ANZ manufacturing. In his new role he will be responsible for customer support,... Read More
  4. 13.02.2019
    13.02.2019
    by      In
    With the 2019 show set to be the biggest Austech 2019 yet, organiser AMTIL has come up with a novel approach to help visitors optimise their time at the event.
    Featuring all of the key machine tool dealers, all under the one roof, Austech 2019 will showcase a vast array of state-of-the-art... Read More