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Israel, U.S. technology incubators to cooperate
Baltimore Technology Incubator to host Israeli start-ups in U.S. for six months without payment; companies from Maryland to receive same conditions in Misgav incubator
Ynetnews
The Misgav Technology Center (MTC), located in northern Israel, announced Wednesday that it has signed a cooperative agreement with the Emerging Technology Center incubator of Baltimore, Maryland, according to which MTC start-up companies seeking to expand and establish branches in the U.S. will receive space free of charge for six months in the Baltimore incubator.
Likewise, companies in Maryland will be given the same conditions in the MTC’s facility, MTC said in a statement.
The agreement was signed during a week-long visit to Israel (November 5-11, 2005) of the lieutenant governor of the state of Maryland, Michael S. Steele.
'Assistance totaling tens of thousands of dollars'
While in Israel, Steele stressed the advantages of locating companies in Maryland, in proximity to such central institutions as the National Institutes of Health (NIH) and the Food and Drug Administration (FDA).
Situated in Maryland, these institutions make the state an attractive target for foreign companies wishing to penetrate the U.S., particularly the east coast, he said, adding that the delegation’s goal was to increase and improve Maryland’s economic abilities in the international market and bring new technologies to its research institutes.
Steve Rhodes, CEO of the Misgav Technology Center, said that the current agreement upgrades the Misgav incubator in terms of its ability to launch its companies into the American market: “We are speaking of assistance totaling tens of thousands of dollars. In addition, the companies will benefit from marketing consulting during their initial months in the USA.”
About a year ago, Finance Minister Ehud Olmert and Maryland’s governor Robert Ehrlich signed an agreement to establish a joint development fund with capital of some USD 5 million that would distribute grants of USD 100,000 – USD 300,000 to Israeli and Maryland companies during the development stage.
The Misgav Technology Center was established in 1992 by RAFAEL, the Israel Armaments Development Authority and the Misgav Regional Council. It was partially privatized following a USD 2 million investment by the Trendlines Group Israel.
The Misgav Technology Center provides financial backing, marketing, strategy development, and support for startups developing new technologies in the life sciences - pharmaceuticals and biotechnology, medical devices, and homeland security.
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