Technological incubators Program was established in 1991 and are is administrated by the Office of the Chief Scientist (OCS) of the Ministry of Industry, Trade and Labor.
The primary goal of the program is to transform innovative technological ideas, that are too risky and in too early stage for private investments, into viable startup companies that after the incubator term are capable to raise money from the private sector and operate on their own.
Secondary goals of the program are as follows:
1. Promote R&D activity in peripheral and minority areas.
2. Create investment opportunities to the private sector, including venture capitalists.
3. Transfer technologies from research institutes and implement them into the industry.
4. Create an entrepreneurship culture in Israel.
An incubator is a private legal entity, for profit, that provides its portfolio companies the following:
- Work environment (including offices, laboratories and equipment)
- Administrative services (secretarial, accounting, etc')
- Technological and Business guidance
- Connectivity to potential partners, investors and customers.