The Israel Innovation Authority has signed a joint declaration with nonprofit technological research organization NY CREATES, which specializes in business-sector innovation and serves as a resource for public-private and academic partnerships to advance innovation in the state of New York.
The agreement was signed as part of the IIA’s R&D collaboration and pilot programs with global research institutes, facilitated by the Global NY Office in Israel.
The IIA will help NY CREATES connect with Israeli innovations and research entities in the field of semiconductors, pinpointing technological developments and scouting relevant Israeli companies.
The IIA will provide funding for the Israeli companies as part of the endeavor, while NY CREATES will support the US-based component of the collaboration. NY CREATES has an annual operating budget of approximately $300 million.
IIA CEO Dror Bin said the deal comes in the wake of a “global semiconductors supply chain crisis.”
“The agreement will enable Israeli semiconductor companies to operate in some of the most advanced facilities worldwide, and gain better exposure to the US market and other relevant global entities.”
NY CREATES President David Anderson said the partnership with the Israel Innovation Authority is “critical.”
“Israel has many promising early-stage companies with innovative new ideas, and NY CREATES has the world-class facilities and expertise to help transform those ideas into new technologies with real-world applications. We look forward to our partnership and working together to grow companies and new technologies, expand markets, and strengthen the semiconductor industry in the US, Israel, and globally.”