TEL AVIV, Israel, July 2, 2012 /PRNewswire/ --
During its meeting on June 21, held in Boston, MA, the Board of Governors of the Israel-U.S. Binational Industrial Research and Development (BIRD) Foundation, approved $7.15 million of funding for eight new projects between Israeli and American companies. In addition to the grants from BIRD, the projects will access private sector funding, boosting the total value of all projects to approximately $20 million.
The BIRD Foundation promotes collaboration between Israeli and American companies in various technological fields for the purpose of joint product development. Specifically, the Foundation assists by locating strategic partners from each country, making the necessary introductions, and providing conditional grants of up to $1 million for approved projects.
The eight projects approved by the Board of Governors are in addition to the 845 projects which the BIRD Foundation has approved for funding over its 35 year history. To date, BIRD's total investment in these projects has been $295 million, helping to generate direct and indirect sales of more than $8 billion.
The approved projects are as follows:
Dr. Eitan Yudilevich, Executive Director of the BIRD Foundation, said: "BIRD's support of U.S.-Israel partnerships has led to very significant successes during its 35 years of existence. These partnerships have contributed to both the U.S. and Israel, by promoting innovation and reducing the risks of joint projects. The selected projects are great examples of how U.S. and Israeli companies join forces to create solutions for a variety of growing global markets."
The deadline for submission of Executive Summaries for the next BIRD cycle is on September 23, 2012. Approval of projects will take place in December 2012.
About the BIRD Foundation
The BIRD (Binational Industrial Research and Development) Foundation works to encourage cooperation between Israeli and American companies in the various areas of technology, and provides free assistance in locating strategic partners from both countries for developing joint products.
The BIRD Foundation supports projects without receiving any rights in the participating companies or in the project itself. The financial assistance is repaid as royalties from sales. The Foundation provides support of up to 50% of a project's budget, beginning with R&D and ending with the initial stages of sales and marketing. The Foundation shares the risk and does not demand that the investment be repaid if the project fails to reach the sales stage.
The BIRD Foundation works in full cooperation with the Chief Scientist's Office at the Ministry of Industry, Trade, and Labor in Israel, and with the U.S. Commerce Department's National Institute of Standards and Technology (NIST).
Dr. Eitan Yudilevich,
Executive Director - BIRD Foundation
|SOURCE The BIRD Foundation|
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