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TECHNOLOGICAL INCUBATORS
PROGRAM
ISRAEL
By: Rina Pridor
Founder & former General Director
Activities of the O.C.S.
Activities in Israel
Support of
Support of
Research Institutes
Research Institutes

Tnufa
Tnufa

Support of
Support of
Traditional Industry
Traditional Industry

Chief Scientist
Dr. Eli Opper

Seed Fund
Seed Fund

International Activities

Matimop
Matimop

Bi-National Funds
Bi-National Funds
Bi-National
Bi-National
Agreements
Agreements

Technological
Technological
Incubators
Incubators

Eureka
Eureka

R&D Centers
R&D Centers
in Universities
in Universities

EU R&D Program
EU R&D Program
FP-6 FP-7
FP-6 FP-7

Evaluating

Magnet
Magnet
Magneton, Nofar
Magneton, Nofar

Global Enterprise R&D
Global Enterprise R&D
Cooperation Framework
Cooperation Framework

R&D Fund
R&D Fund

US-Israel Science &
US-Israel Science &
Technology Commission
Technology Commission
The
Dilema
Government involvement in the
Israeli Technological incubators
is significant.
Is it justified in a free market ?
Program’s main mission
Developing innovative technological ideas
into start-ups , and leading them towards
first round Investment.
Why Technological?
Why Innovative?
Program’s additional missions:
1. Encourage and strengthen:

New immigrants
Peripheral regions
Minorities
2. Support preferred technological areas.
3.Create a creative entrepreneurial culture.
4. Expose young students to entrepreneurship.
Incubators Location
Upper Galilee: Metav
Yokneam: Naiot
Haifa: Teichnion, L.N
Jezreel Vally: Yozmot Haemek
Hadera: Yozmot
Natanya: Targetech

Golan Heights: Metag
Misgav/Karmiel: MSG
Nazareth:NGT

Jordan Valley(Zemach): Kinarot
Ariel: Incentive

Tel Aviv:Radbiomed, Lab-One
Jerusalem: Vanleer, JVP, Bioline
Ashkelon: ATI
Ofakim: OHV

Beersheva:Maayan

Kriat Arba: Mofet
Kriat Gat: Xenia

Dimona: Mata
Sde Boker: Amshav
What will be considered a
success?

Raising private investment for as
many project companies as
possible
INCUBATOR
ORGANIZATION
Independent legal entity.
Skilled and experienced general manager.
Board of directors - from industry, business
sector, research institutes.
Suitable facilities for R&D activity.
Technological, financial, administrative and
logistic support to projects.
WHAT DOES AN INCUBATOR OFFER TO
THE ENTREPRENEUR ?
Appropriate facilities for R&D
Financing.
Central administrative services (secretarial,
accounting, legal, acquisition)
Management assistance
Professional guidance
Business direction
Assistance in commercialization
Inter-tenant synergism
Sharing existing infra-structure
Acceptance to the Incubator
1.
2.
3.
4.
5.

Existing incubators.
Approaching an incubator.
Incubator’s assessment.
Decision of OCS incubators Committee.
Performing project’s program in the
incubator.
Project Criteria
Product oriented.
Rooted in research & development.
Innovation and uniqueness.
Early stage - immature - very high risk level.
Significant potential market.
Feasible with available resources.
Individual initiative.
Project’s missions
1.
2.
3.
4.

5.
6.

Program planning.
Staff recruiting
Company registration.
Building company’s value:
4.1. Proving technological feasibility.
4.2. Creating intellectual property.
4.3. Proving marketing feasibility.
4.4. Starting regulatory procedures.
4.5. Preparing Business plan.
Alliance with strategic partners.
Raising investments.
Government support
Average budget of project: $500K
Government support: 85% of budget
Support duration: 2 – 3 years
Extended support to Biotech
Annual Government Budget to the Program: $35M
Volume of operation
24 incubators: out of which 15 are located
in peripheral areas.
Approximately 200 projects are in
development stage at any given time.
Approximately 10 projects per incubator.
Fields of Activity
31.12.2008
Environment
8%

Agriculture
2%

Materials
1%

Electronics
6%

Miscellaenous
1%

Medical Devices
41%

Communications
10%

Software
12%
Biotechnology
18%
Program Development

2002 – Good results.
New Goal: Better results.
How?
Privatization program.
Privatization Program (1)
Bring strong investors to take ownership
over the incubators.
Give them high up-side – Make them
partners to the projects.
Thus, strengthen professional and financial
capabilities of incubators.
Privatization Program (2)
What is brought by new owners?
Financing Incubators administration expenses.
Investing Supplementary financing in projects and more.
Strategic and financial capabilities.
Further investing in incubator graduates.
Undertaking the responsibility to pay back the government
loan.
Privatization Program (3)
Problem:
Choosing very high risk projects.
Solution:
Government continues same support to
projects.
Results
2007: 65% success rate in raising
private investments to projects
Larger investments.
Higher company value.
Status of graduate projects
From 2004 Until 2008
Graduated
342 (100%)

No Private
Investment
91 (26.6%)

Continue
28 (8.2%)

Private
Investment
251 (73.4%)

Discontinued
63 (16.4%)

Discontinued
55 (16.1%)

Operating
224 (65. 5%)

Continue
196 (57.3%)
Government Investments VS. Private Funds
Raised in Incubator Companies
1991 - 2008

Thousand Dollars
2,750,000
2,500,000
2,250,000
2,000,000
1,750,000
1,500,000
1,250,000
1,000,000
750,000
500,000
250,000
0
Cumulat ive Government Invesment s
Cumulat ive Privat e Funds

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

5,100

21,600

44,980

68,560

99,560

130,660

162,160

192,760

222,591

254,158

286,308

313,440

339,460

364,673

396,126

428,915

461,760

509,389

0

100

7,950

19,045

52,026

90,580

152,652

248,390

333,921

637,635

757,080

842,126

922,824

1,115,355

1,294,832

1,723,916

2,162,940

2,509,667
Government Investments VS. Round A Funds Raised in Incubator
Companies (By Year)
1991 - 2008
Thousand Dollars
$150,000

$100,000

$50,000

$0
Government Invesments
Round A Funds

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

$5,100

$16,500

$23,380

$23,580

$31,000

$31,100

$31,500

$30,600

$29,831

$31,567

$32,150

$27,132

$26,020

$25,213

$31,453

$32,789

$32,845

$47,629

$0

$100

$7,850

$10,595

$28,601

$21,719

$30,662

$15,754

$24,468

$104,299

$21,447

$12,583

$11,750

$48,648

$77,962

$78,563

$72,921

$60,494
Incubators Program is No. 1
“Producer” of start-ups in Israel.
Israel is rated second in the world
(after silicon valley) in creating
technology start-ups.
Election of Projects
Should be professional.
Impossible to predict success or
failure.
Enable as many projects as possible to
prove themselves.
Success Stories
Protalix – Meytav Incubator
Proprietary technology based on plant cell culture and
bioreactor system which provides an effective and scaleable cell
system for industrial production of recombinant
biopharmaceuticals.
Enzyme therapy for Gaucher Disease
Phase III
Year graduated from incubator: 1996
Traded on Nasdaq & Amex since 2007
Raised over $90M, out of which $50M raised via IPO in 2007
Partnerships with Teva, Wiezmann institute, Hebrew University
and Boyce Thompson institute for plant research
~100 employees
D-Pharm – Orit (now Incentive)
Incubator
Developed lipid-like therapeutics and has generated a rich
product pipeline from its drug targeting and discovery
technologies.
Several drugs for Stroke & Alzheimer's disease.
Early stage of developing a drug for pancreatic cancer.
Success in Phase IIb (drug for stroke) and ready for phase
III (completed pre-IND meeting)
Year graduated from incubator: 1994
Raised over $65M, out of which $5M raised in 2008
30 employees
Compugen – Am-Shav (now Iris)
Incubator
Discovery and licensing of product candidates to the drug and
diagnostic industry. The Company's powerful discovery engines
enable the predictive discovery of numerous potential
therapeutics and diagnostic biomarkers.
Focused mainly within the areas of cancer, immune-related and
cardiovascular diseases.
Year graduated from incubator: 1994
Subsidiaries: Evogene, Kedem Bioscience
Collaborations: Teva, Merck, Roche and others.
Traded on Nasdaq since 2000 and TASE since 2002
Raised over $115M, out of which $90M raised via IPO in 2000
Sales reaching over $60M (mostly export)
~75 employees
SIGHTLINE

Sightline – Eltam Incubator
Miniature mechanical, electronics, optical and video
systems, as well as video-imaging systems aimed at
needs of gastroenterology and the early detection of
colon cancer.
FDA Approved
Year graduated from incubator: 1995
Stryker Corp. acquired Sightline for $150M in 2006
and turned it into its Israeli R&D center.
Raised $29.5M prior acquisition
~20 employees
Remon Medical – Naiot Incubator
Intra-Body Communication technology that allows miniature
implantable devices to monitor and transmit a variety of
physiological parameters in order to create therapeutic
responses.
Leading application - device to monitor the hemodynamic status
of patients with congestive heart failure (CHF).
In clinical trials
Year graduated from incubator: 1999
Acquired by Boston Scientific in 2007 in an estimated deal of
300 Million dollars.
Raised $40M prior acquisition
Sales estimated at 5 million dollars
Mazor – Technion Incubator
SmartAssist - surgical guidance platform that enables
surgeons to perform at an unprecedented level of
precision, certainty, control, speed and simplicity.
The SmartAssist platform incorporates patent pending CTfluoroscopy registration software, and its patent pending
bone-attached guidance device is based on miniature
robotic technology.
FDA & CE Approved
Year graduated from incubator: 2002
Raised $36M, out of which $13.5M raised via IPO in 2007
~30 employees
Contipi – L.N. Incubator
Developing a series of disposable vaginal inserts that
dramatically reduce or prevent urinary incontinence.
FDA & CE Approved
Year graduated from incubator: 2005
Raised $4M and signed a global marketing agreement
with one of the world leaders in consumer goods.
Started sales in 2007: $800,000
~10 employees
Imagine – Iris Incubator
Imagine Communications has launched the industry’s most
powerful and scalable digital video platform, enabling system
operators to cost-effectively increase both the quantity and
quality of digital video services over virtually any system.
Year graduated from incubator: 2006
Raised ~$25M
Sales estimated at 4 Million Dollars
60 employees
Zoomix – JVP Incubator
leading developer of automated product data quality
management software solutions
Year graduated from incubator: 2005
Microsoft acquired Zoomix for 25 Million Dollars in 2008
Raised over $6M prior acquisition
25 employees that will be integrated in Microsoft’s new R&D
Center in Herzeliyya
Double Fusion – JVP Incubator
In-Game Advertising technology.
Core product: library integrated into the game code, and a suite
of tools that enable a full spectrum of ad placements to be
dynamically served in-game, tracked and reported.
Year graduated from incubator: 2005
Raised over $36M.
Numerous partnerships and customers world-wide such as:
~25 employees
Lucid – Ma’ayan Incubator
Lucid's SGH technology consists of a high-performance chipset
and architecture that enable traditional graphic processing
cores, graphic processing chips and graphic cards to turn into
an unmatched, scalable and powerful visualization and gaming
solution.
Year graduated from incubator: 2005.
Capital raised ~$20M
Ma’ayan payed back the government grant.
60 employees.
Aeronautics – Orit (now Incentive)
Incubator
Aeronautics Defense Systems Ltd manufactures and supplies
state of the art Unmanned Systems, integrating surveillance
equipment and network information technologies in a range of
unmanned systems including: land, surface and air.
Year graduated from incubator: 1999
Customers: Armies around the world.
Capital raised ~$50M
Sales estimated over 100 Million Dollars.
~300 employees.
THE INCUBATORS PROGRAM

WEBSITE:
WWW.INCUBATORS.ORG.IL
E-MAIL:
hamamot@ocs.moit.gov.il
Thank You

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Israel technology incubators 2008

  • 1. TECHNOLOGICAL INCUBATORS PROGRAM ISRAEL By: Rina Pridor Founder & former General Director
  • 2. Activities of the O.C.S. Activities in Israel Support of Support of Research Institutes Research Institutes Tnufa Tnufa Support of Support of Traditional Industry Traditional Industry Chief Scientist Dr. Eli Opper Seed Fund Seed Fund International Activities Matimop Matimop Bi-National Funds Bi-National Funds Bi-National Bi-National Agreements Agreements Technological Technological Incubators Incubators Eureka Eureka R&D Centers R&D Centers in Universities in Universities EU R&D Program EU R&D Program FP-6 FP-7 FP-6 FP-7 Evaluating Magnet Magnet Magneton, Nofar Magneton, Nofar Global Enterprise R&D Global Enterprise R&D Cooperation Framework Cooperation Framework R&D Fund R&D Fund US-Israel Science & US-Israel Science & Technology Commission Technology Commission
  • 3. The Dilema Government involvement in the Israeli Technological incubators is significant. Is it justified in a free market ?
  • 4. Program’s main mission Developing innovative technological ideas into start-ups , and leading them towards first round Investment.
  • 6. Program’s additional missions: 1. Encourage and strengthen: New immigrants Peripheral regions Minorities 2. Support preferred technological areas. 3.Create a creative entrepreneurial culture. 4. Expose young students to entrepreneurship.
  • 7. Incubators Location Upper Galilee: Metav Yokneam: Naiot Haifa: Teichnion, L.N Jezreel Vally: Yozmot Haemek Hadera: Yozmot Natanya: Targetech Golan Heights: Metag Misgav/Karmiel: MSG Nazareth:NGT Jordan Valley(Zemach): Kinarot Ariel: Incentive Tel Aviv:Radbiomed, Lab-One Jerusalem: Vanleer, JVP, Bioline Ashkelon: ATI Ofakim: OHV Beersheva:Maayan Kriat Arba: Mofet Kriat Gat: Xenia Dimona: Mata Sde Boker: Amshav
  • 8. What will be considered a success? Raising private investment for as many project companies as possible
  • 9. INCUBATOR ORGANIZATION Independent legal entity. Skilled and experienced general manager. Board of directors - from industry, business sector, research institutes. Suitable facilities for R&D activity. Technological, financial, administrative and logistic support to projects.
  • 10. WHAT DOES AN INCUBATOR OFFER TO THE ENTREPRENEUR ? Appropriate facilities for R&D Financing. Central administrative services (secretarial, accounting, legal, acquisition) Management assistance Professional guidance Business direction Assistance in commercialization Inter-tenant synergism Sharing existing infra-structure
  • 11. Acceptance to the Incubator 1. 2. 3. 4. 5. Existing incubators. Approaching an incubator. Incubator’s assessment. Decision of OCS incubators Committee. Performing project’s program in the incubator.
  • 12. Project Criteria Product oriented. Rooted in research & development. Innovation and uniqueness. Early stage - immature - very high risk level. Significant potential market. Feasible with available resources. Individual initiative.
  • 13. Project’s missions 1. 2. 3. 4. 5. 6. Program planning. Staff recruiting Company registration. Building company’s value: 4.1. Proving technological feasibility. 4.2. Creating intellectual property. 4.3. Proving marketing feasibility. 4.4. Starting regulatory procedures. 4.5. Preparing Business plan. Alliance with strategic partners. Raising investments.
  • 14. Government support Average budget of project: $500K Government support: 85% of budget Support duration: 2 – 3 years Extended support to Biotech Annual Government Budget to the Program: $35M
  • 15. Volume of operation 24 incubators: out of which 15 are located in peripheral areas. Approximately 200 projects are in development stage at any given time. Approximately 10 projects per incubator.
  • 17. Program Development 2002 – Good results. New Goal: Better results. How? Privatization program.
  • 18. Privatization Program (1) Bring strong investors to take ownership over the incubators. Give them high up-side – Make them partners to the projects. Thus, strengthen professional and financial capabilities of incubators.
  • 19. Privatization Program (2) What is brought by new owners? Financing Incubators administration expenses. Investing Supplementary financing in projects and more. Strategic and financial capabilities. Further investing in incubator graduates. Undertaking the responsibility to pay back the government loan.
  • 20. Privatization Program (3) Problem: Choosing very high risk projects. Solution: Government continues same support to projects.
  • 21. Results 2007: 65% success rate in raising private investments to projects Larger investments. Higher company value.
  • 22. Status of graduate projects From 2004 Until 2008 Graduated 342 (100%) No Private Investment 91 (26.6%) Continue 28 (8.2%) Private Investment 251 (73.4%) Discontinued 63 (16.4%) Discontinued 55 (16.1%) Operating 224 (65. 5%) Continue 196 (57.3%)
  • 23. Government Investments VS. Private Funds Raised in Incubator Companies 1991 - 2008 Thousand Dollars 2,750,000 2,500,000 2,250,000 2,000,000 1,750,000 1,500,000 1,250,000 1,000,000 750,000 500,000 250,000 0 Cumulat ive Government Invesment s Cumulat ive Privat e Funds 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 5,100 21,600 44,980 68,560 99,560 130,660 162,160 192,760 222,591 254,158 286,308 313,440 339,460 364,673 396,126 428,915 461,760 509,389 0 100 7,950 19,045 52,026 90,580 152,652 248,390 333,921 637,635 757,080 842,126 922,824 1,115,355 1,294,832 1,723,916 2,162,940 2,509,667
  • 24. Government Investments VS. Round A Funds Raised in Incubator Companies (By Year) 1991 - 2008 Thousand Dollars $150,000 $100,000 $50,000 $0 Government Invesments Round A Funds 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 $5,100 $16,500 $23,380 $23,580 $31,000 $31,100 $31,500 $30,600 $29,831 $31,567 $32,150 $27,132 $26,020 $25,213 $31,453 $32,789 $32,845 $47,629 $0 $100 $7,850 $10,595 $28,601 $21,719 $30,662 $15,754 $24,468 $104,299 $21,447 $12,583 $11,750 $48,648 $77,962 $78,563 $72,921 $60,494
  • 25. Incubators Program is No. 1 “Producer” of start-ups in Israel. Israel is rated second in the world (after silicon valley) in creating technology start-ups.
  • 26.
  • 27. Election of Projects Should be professional. Impossible to predict success or failure. Enable as many projects as possible to prove themselves.
  • 29. Protalix – Meytav Incubator Proprietary technology based on plant cell culture and bioreactor system which provides an effective and scaleable cell system for industrial production of recombinant biopharmaceuticals. Enzyme therapy for Gaucher Disease Phase III Year graduated from incubator: 1996 Traded on Nasdaq & Amex since 2007 Raised over $90M, out of which $50M raised via IPO in 2007 Partnerships with Teva, Wiezmann institute, Hebrew University and Boyce Thompson institute for plant research ~100 employees
  • 30. D-Pharm – Orit (now Incentive) Incubator Developed lipid-like therapeutics and has generated a rich product pipeline from its drug targeting and discovery technologies. Several drugs for Stroke & Alzheimer's disease. Early stage of developing a drug for pancreatic cancer. Success in Phase IIb (drug for stroke) and ready for phase III (completed pre-IND meeting) Year graduated from incubator: 1994 Raised over $65M, out of which $5M raised in 2008 30 employees
  • 31. Compugen – Am-Shav (now Iris) Incubator Discovery and licensing of product candidates to the drug and diagnostic industry. The Company's powerful discovery engines enable the predictive discovery of numerous potential therapeutics and diagnostic biomarkers. Focused mainly within the areas of cancer, immune-related and cardiovascular diseases. Year graduated from incubator: 1994 Subsidiaries: Evogene, Kedem Bioscience Collaborations: Teva, Merck, Roche and others. Traded on Nasdaq since 2000 and TASE since 2002 Raised over $115M, out of which $90M raised via IPO in 2000 Sales reaching over $60M (mostly export) ~75 employees
  • 32. SIGHTLINE Sightline – Eltam Incubator Miniature mechanical, electronics, optical and video systems, as well as video-imaging systems aimed at needs of gastroenterology and the early detection of colon cancer. FDA Approved Year graduated from incubator: 1995 Stryker Corp. acquired Sightline for $150M in 2006 and turned it into its Israeli R&D center. Raised $29.5M prior acquisition ~20 employees
  • 33. Remon Medical – Naiot Incubator Intra-Body Communication technology that allows miniature implantable devices to monitor and transmit a variety of physiological parameters in order to create therapeutic responses. Leading application - device to monitor the hemodynamic status of patients with congestive heart failure (CHF). In clinical trials Year graduated from incubator: 1999 Acquired by Boston Scientific in 2007 in an estimated deal of 300 Million dollars. Raised $40M prior acquisition Sales estimated at 5 million dollars
  • 34. Mazor – Technion Incubator SmartAssist - surgical guidance platform that enables surgeons to perform at an unprecedented level of precision, certainty, control, speed and simplicity. The SmartAssist platform incorporates patent pending CTfluoroscopy registration software, and its patent pending bone-attached guidance device is based on miniature robotic technology. FDA & CE Approved Year graduated from incubator: 2002 Raised $36M, out of which $13.5M raised via IPO in 2007 ~30 employees
  • 35. Contipi – L.N. Incubator Developing a series of disposable vaginal inserts that dramatically reduce or prevent urinary incontinence. FDA & CE Approved Year graduated from incubator: 2005 Raised $4M and signed a global marketing agreement with one of the world leaders in consumer goods. Started sales in 2007: $800,000 ~10 employees
  • 36. Imagine – Iris Incubator Imagine Communications has launched the industry’s most powerful and scalable digital video platform, enabling system operators to cost-effectively increase both the quantity and quality of digital video services over virtually any system. Year graduated from incubator: 2006 Raised ~$25M Sales estimated at 4 Million Dollars 60 employees
  • 37. Zoomix – JVP Incubator leading developer of automated product data quality management software solutions Year graduated from incubator: 2005 Microsoft acquired Zoomix for 25 Million Dollars in 2008 Raised over $6M prior acquisition 25 employees that will be integrated in Microsoft’s new R&D Center in Herzeliyya
  • 38. Double Fusion – JVP Incubator In-Game Advertising technology. Core product: library integrated into the game code, and a suite of tools that enable a full spectrum of ad placements to be dynamically served in-game, tracked and reported. Year graduated from incubator: 2005 Raised over $36M. Numerous partnerships and customers world-wide such as: ~25 employees
  • 39. Lucid – Ma’ayan Incubator Lucid's SGH technology consists of a high-performance chipset and architecture that enable traditional graphic processing cores, graphic processing chips and graphic cards to turn into an unmatched, scalable and powerful visualization and gaming solution. Year graduated from incubator: 2005. Capital raised ~$20M Ma’ayan payed back the government grant. 60 employees.
  • 40. Aeronautics – Orit (now Incentive) Incubator Aeronautics Defense Systems Ltd manufactures and supplies state of the art Unmanned Systems, integrating surveillance equipment and network information technologies in a range of unmanned systems including: land, surface and air. Year graduated from incubator: 1999 Customers: Armies around the world. Capital raised ~$50M Sales estimated over 100 Million Dollars. ~300 employees.