What is the Victoria-Israel Science and Technology R&D Fund (VISTECH)?
The Victoria-Israel Science and Technology Research and Development (VISTECH) is a program that supports collaborative R&D projects aimed at achieving commercialisation of new or improved products, processes or services that can potentially contribute to the economic development of Victoria and Israel.
The Victoria-Israel Science and Technology Research and Development (VISTECH) Program provides funding support for market-oriented collaborative research and development (R&D) projects by Victorian (Australia) and Israeli companies, consistent with the Cooperation Agreement in place between Victoria and Israel since 2005. In Victoria, VISTECH is one of the programs of the Victoria Israel Science Innovation and Technology Scheme (VISITS).
Successful Victorian applicants enter into a grant agreement with the State Government of Victoria through the Department of Jobs, Precincts and Regions (DJPR). Successful Israeli applicants enter into a funding agreement with the Israel Innovation Authority. In addition, successful applicants enter into a collaboration agreement with each other that describes how intellectual property is managed and beneficial outcomes shared.
The VISTECH program aims to:
- Provide incentives for Victorian and Israeli companies to collaborate on research and development activities pertaining to technology-based products, processes or services;
- Advance such technologies to commercial readiness; and
- Identify steps for realisation of economic benefits for all parties concerned.
Financial support of up to AUD$250,000 (plus GST) per project (approximately US$225,000, depending on exchange rate) is available to Victorian-based companies, provided by the Victorian Government as a grant. Financial support of up to 50% of approved R&D expenses is available to Israel-based companies, provided by the Israel Innovation Authority, as a soft conditional grant. For both Israeli and Victorian companies, financial support of up to 50% of eligible R&D expenses of approved projects are provided.
The projects must involve cooperation by the applicants on joint, market driven, science and technology related research and development of new products, processes or services.
The projects must involve at least one Victorian and one Israeli company and may involve more than one organisation from each jurisdiction. Academic and research institutions are not eligible to apply for funding directly, however, they may be sub-contracted by the companies to undertake parts of the projects.
Eligible project costs and activities may include:
- personnel costs for staff dedicated to the project
- cost of purchasing, leasing or renting equipment or instrumentation
- cost of sub-contracting and consultancy services used exclusively for the project
- other operating expenses (e.g. cost of materials, consumables and other supplies)
- premarketing expenses
- outlays to meet regulatory requirements
- business planning
- knowledge transfer to industry and other end users
- necessary travel.
Collaborating companies take forward parallel applications in Victoria and Israel.
The Victorian applicant must be a company that:
- is a for-profit entity and have its registered office and principal place of business located in Victoria ;
- meets the requirement of a co-contribution to the project;
- has not been awarded funding of more than AUD$250,000 (plus GST) through any program of the Victorian Government in relation to the proposed technology; and
- is not currently involved in litigation against the State Government of Victoria.
Israeli applicants must be R&D performing Israeli registered companies operating in Israel.
Victorian and Israeli applicants cannot be related in any way. That is, the applicants must be entirely separate legal entities, with no financial or other ties.
Therefore, applicants must not:
- be owned by the same parent company;
- be related bodies corporate within the meaning of the Corporations Act 2001 (Commonwealth of Australia);
- share governance; nor
- have common directors, officers or senior managers.
Academic institutions can participate but as subcontractors only.
Applications for Phase I close 05 March 2020 and Phase II closes 19 March 2020.