Happy Anniversary AICC :)

@Avi - love your approach. Admirable

I hear repeatedly what an important role defence plays in the innovation process/culture in Israel. In Australia, we separate defence innovation from other segments. What is the role that defence plays in Israel and why has it proven to be such an important element? What would the ecosystem look like if defence was not so active? Thank you.

Avi: What is not working?

IsraelMore than 250 global companies have R&D labs in Israel, 80 of them being Fortune 500 companies.High-tech exports comprise about USD 20 billion pa, 45% of Israel’s total exports.Why ?Israel is isolated and diverse, so innovation companies don’t develop for local markets - they begin by being globally oriented.Israel invests heavily in education and R&D - 4.2% of its GDP goes into R&D (the highest in the world), 30% of this is channelled through universities.They have a much stronger connection between academia and industry - something that eludes us here in Australia.Academics are rated more on patents than on publications.The geographic concentration of institutions such as universities, multinationals and start-ups drives a critical mass of related organizations in environments that provide the benefits of scale whilst maintaining flexibility - this gets back to the idea of innovation clusters.

Dear AviWhat are your top three recommendations for Australian companies and research organisation seeking collaborations in Israel?ThanksAntonio Castillo

And ...Yozma (Hebrew for “enterprise”), is a government program described in a 2010 OECD report as “the most successful and original programme in Israel’s relatively long history of innovation policy.” Yozma invested $80 million for 40% stake in ten new VC funds. The program offered insurance covering 80% of the downside and allowed investors to buy out the government’s share at a discount within five years.Yozma also set up its own $20 million fund to invest directly in small companies - this is what we would like to do.

And …

Another crucial initiative is the Technological Incubators Program run by the Israel Innovation Authority. The TIP targets disruptive, early-stage ideas considered too risky for private investors. Startups are incubated for two years with funding of $500,000 to $800,000.The government takes no equity and provides a grant for 85% of the budget, which is repaid via royalties when the startup generates revenues. The operator invests 15% and keeps up to half the equity, earned by providing strong mentorship and access to connections and networks.

A step-change in our innovation culture will require a similar step-change in our risk aversion and fear of failure. 'Losses' are investment in the successes, but the greater benefit will be the encouragement for those with an idea to 'try' where they otherwise won't today.

The CSIRO proudly operates its science based commercialisation activities from North Ryde and Lindfield in Sydney.  We have focussed on growing partnerships, company creations, SME support and impact delivered from commercialisation in areas of strength, including energy, advanced materials, Ag&Food and mineral processing.  We are finding that the founder led start up is one of the more fragile commercialisation models and can be strengthened by institutional level partnerships (govt, science, investors, business skills etc).  We call this ‘venture science’ and seek to identify and assemble all the skills, partners, facilities, resources and funding to pursue an opportunity with more strength and scale.

@Laurence, yes. What do they say, "It takes a village to raise a startup"?

@Laurence - Love what you and the team are doing. Larry and Vicky are leading a wonderful new iniitaive of 12 missions https://www.csiro.au/en/Showcase/Challenges-missions

Thanks all... keen to connect. https://linkedin.com/in/sheworks

See you at the summit :)

Thanks for the webinar, Michelle.Congratulation

Thanks to AICC and the panellists. from Liverpool Innovation Precinct

Looking forward to my delivery of Hargol biblical protein bars :)