Ontario and Israel partner on new $20-million bilateral R&D program

Ontario and Israel are joining forces to launch a bilateral program to support industry-led collaboration among smaller firms, multinational companies and academic institutions. The Ontario Centres of Excellence (OCE) program and the Israel Innovation Authority (IIA) will both contribute $5 million over five years to the Ontario-Israel Research Network Program-MAGNET, with an additional $10 million provided by participating small- and medium-sized enterprises.  Along with the OCE and IIA, the Ministry of Research, Innovation and Science participated in designing the program in which multinationals will be teamed with small Ontario and Israeli firms and academic researchers to develop solutions for identified challenges. Projects can include technology and knowledge applications, product customization, near commercialization or new market creation. The initial call for proposals will focus on cybersecurity in the financial services sector, with input from the Toronto Financial Services Alliance. The TFSA has identified several financial institutions that will participate in the projects with further details once the projects get underway.