Massachusetts and Israel Unveil First-Ever R&D Relationship between Israel and a U.S. State

Emma Bloksberg-Fireovid — June 30, 2011 – 12:44 pm | Economy | Israel Comments (0) Add a comment

Massachusetts Governor Deval Patrick (D-MA) announced yesterday that a formal agreement between the State of Israel and the Commonwealth of Massachusetts to encourage and support entrepreneurship between Massachusetts’ and Israel’s life sciences, clean energy and technology sectors had been signed. Relationships between Israel’s Office of the Chief Scientist, the U.S.-Israel Science and Technology Foundation, and three Massachusetts economic development agencies will allow the allocation of $2 million in collective funding to Massachusetts companies that engage in cooperative industrial research and development projects with an identified Israeli partner company.

Patrick’s issued statement explained:

The Cooperation Agreement is designed to help Massachusetts and Israeli companies accelerate development cycles, promote mutually beneficial business-to-business cooperation to enhance opportunities for marketplace success and expand their global reach. It proposes a flexible framework of parallel funding for each participating company, having its expenses supported by its own state according to its respective laws, regulations, rules and procedures.

Patrick’s statement described further how this inaugural partnership between Israel and a U.S. state shows great potential for economic growth:

Today there are nearly 100 companies with Israeli founders or Israeli-licensed technologies in Massachusetts. In 2009, these companies employed nearly 6,000 people and generated $2.4 billion in direct revenue for the state. Local firms exported over $180 million worth of goods to Israel in 2009 and, at 12.35 percent, the United States is Israel’s largest source of imports.

Click here to read Governor Patrick’s full issued statement.

Click here to read JTA’s article about the agreement.

 

Comments

There are no comments for this entry