The Israel Innovation Authority, formerly known as the Office of the Chief Scientist of the Ministry of Economy (MATIMOP), which is responsible for the country’s innovation policy, is an independent and impartial public entity that operates for the benefit of the Israeli innovation ecosystem and Israeli economy as a whole. Objectives and functions:
- Responsibility for developing the innovation infrastructure in Israel: Developing the hi-tech industry, while utilizing and expanding the existing technological and scientific infrastructure and human resources in Israel.
- Maintaining Israel's international status as the “Startup Nation”: Creating jobs in the industry and incorporating scientific and technological personnel, as well as creating returns for the economy and encouraging growth.
- Distribution of grants and financial support for innovative-technological R&D: Increasing productivity and promoting technological innovation across all of Israel's industrial sectors, as well as improving Israel’s economic status through production and export of R&D intensive hi-tech products
- Connecting the Israeli economy with the global innovation industry: Initiating and establishing international agreements with countries and multinational corporations to advance the goals of the R&D Law relating to international cooperation inn R&D and innovation.
- Promoting and encouraging programs, policies, laws and government reforms, as well as promoting major moves with public and private collaboration.