The number of applications by start-ups for funding from the Government Innovation Authority has increased

The number of applications by start-ups for funding from the Government Innovation Authority has increased due to the corona crisis. In light of the demand, and the fear of a long-term liquidity crisis in high-tech, the government approved an budget increase of NIS 390 million for the Innovation Authority in order to "increase government investment in high-tech, small and medium-sized companies."
The addition is to what is known as the “Fast Grants Channel,” which was set up as part of tackling the corona crisis. It is a channel for rapid support for research and development grants of technological projects. The authority clarifies that the track "is intended for innovative technology companies that have fallen into crisis, with high chances of success in the long run, but with a short runway cost."
This refers to good companies that, for timing reasons alone, did not close a fundraiser near the outbreak of the crisis - and now have difficulty raising capital. The submission date is September 19 and you can submit requests for support for a budget of up to NIS 15 million.
Aharon Aharon, CEO of the Innovation Authority, explained that “We have significantly expanded the circle of support for companies that can use our grant to survive and we are committed to completing the review and decision-making process within a period of four weeks. This investment enables companies to overcome the crisis, and to constitute a significant pillar in the main growth engine of the Israeli economy. "
Following the current addition, and other increases, the Innovation Authority's budget will be NIS 2.25 billion in 2020, compared to NIS 1.7 billion in 2019.