Victorian innovation funding round kicks off

Victorian companies can receive valuable funding to turn their innovative ideas into commercial products under the latest round of a joint fund agreement between the Brumby Labor Government and Israel.

Innovation Minister Gavin Jennings today launched the sixth round of funding for the joint Victoria-Israel Science and Technology R&D Fund called VISTECH which provides matching grants of up to $US500,000.

“The fund helps Victorian companies connect with Israeli companies to commercialise their research and development and break into Australian, Israeli and world markets," Mr Jennings said.

“Working through VISTECH offers Victorian companies access to additional skills, capital, technology transfer and knowledge. The VISTECH fund will also provide logistical support in finding suitable Israeli technology partners.”

Companies working in the biotechnology and life sciences sector; advanced manufacturing sector; the environment, water, nano and micro technologies; information communications and synchrotron technologies are encouraged to apply.

VISTECH was launched in 2006 between the Brumby Labor Government and Israel through the Israeli Office of the Chief Scientist. Victoria and Israel have each provided half of the US$6 million fund.

To date VISTECH has awarded almost $AU2 million to Victorian companies supporting eight projects worth around $AU7.8 million.

“Victoria and Israel face similar challenges in areas such as health and environmental and water sustainability. We are positioning ourselves as knowledge-driven economies for the 21st Century,” Mr Jennings said.

Sixth round VISTECH project applications are now open and will close on 4 September 2009.

To apply for VISTECH grants visit www.business.vic.gov.au/vistech and contact roland.diggens@iird.vic.gov.au or call (03) 9651 8170.