Office of the Secretary of State: New Jersey-Israel Commission Renews Strategic Partnership with BIRD Foundation News Archive

FROM THE OFFICE OF THE SECRETARY OF STATE

July 22, 2008

Trenton, NJ — The New Jersey-Israel Commission and the US-Israel Bi-national Industrial R&D (BIRD) Foundation have renewed their partnership and representation agreement to promote collaboration between New Jersey and Israeli companies who jointly develop and commercialize products based on innovative, novel technologies and provide funding for qualifying projects covering up to 50 percent of project development and product commercialization costs up to $1 million. Under the collaborative agreement, the New Jersey-Israel Commission serves as the BIRD Foundation’s official representative for the state. This designation allows the commission to work toward creating strategic commercial ties between New Jersey and Israeli companies through financial support on behalf of the BIRD Foundation to those who qualify.

Yesterday, Governor Jon S. Corzine met with BIRD’s Executive Director, Dr. Eitan Yudilevich during his official visit to Israel.

“Since 2004, this collaboration has enhanced the state’s relationship with Israel as significant global trading partners and places particular emphasis on New Jersey’s strength as a foremost leader in research and development,” said Governor Corzine. “The agreement will continue to cultivate new opportunities to form strategic commercial ties to advance our strongest industry sectors.”

The BIRD Foundation serves as a catalyst to bring together American and Israeli companies in a variety of research and development sectors, by offering conditional grants for joint development projects on a risk-sharing basis for novel technologies. To date, BIRD has supported more than 770 projects with US-based companies. Recently, the New Jersey based company Schering Plough and the Israeli company Mileutis, were awarded BIRD funding to carry out a joint development. Cumulative sales of products developed through BIRD-supported projects now exceed $8 billion.

“This partnership between the New Jersey-Israel Commission and the BIRD Foundation has fostered great advancements in state-of-the-art technologies and other key industry sectors for both Israel and the State of New Jersey,” said Dr. Eitan Yudilevich, executive director of the BIRD Foundation. “As we move forward we are emphasizing new areas, such as Renewable and Alternative Energy, with the potential for significant success.”

The New Jersey-Israel Commission will assist BIRD in identifying and introducing Israeli businesses to New Jersey companies able to effectively offer joint development of cutting-edge technologies and commercialization of the jointly developed projects. BIRD can provide matching funds for the joint venture to the mutual benefit of both companies and both economies.

“Our relationship with the BIRD Foundation has been greatly beneficial to both New Jersey and Israel,” said Ambassador Daniel C. Kurtzer, chairman of the New Jersey-Israel Commission. “Since 2004, BIRD has approved funding of over $8 million to projects between New Jersey and Israeli companies including such companies as Johnson & Johnson, Telcordia, and Avaya. In addition to the funding, these projects bring new innovative technology and future revenue in sales to our state.”

About the New Jersey-Israel Commission

The New Jersey-Israel Commission was created to foster increased economic, scientific, educational and cultural relations with the State of Israel, one of the Garden State's most important trading partners. Israel is New Jersey’ s 9th largest export market, with exports totaling nearly $12 billion since 1991. New Jersey is home to over 70 Israeli companies.

The New Jersey-Israel Commission was established in 1989 by Executive Order to enhance the special relationship that exists between New Jersey and the State of Israel. The mission is to foster economic, scientific, educational and cultural ties between the two states. The Governor appoints the commission’s public and legislative members.

The New Jersey-Israel Commission is a division of the Department of State. This year, as Israel celebrates 60 years of statehood, New Jersey celebrates 20 years since the signing of its sister-state agreement with Israel. For more information, please call 609-633-8600 or email njic@sos.state.nj.us.

About the BIRD Foundation

The BIRD (Binational Industrial Research and Development) Foundation works to encourage cooperation between Israeli and American companies in the various areas of technology, and provides free assistance in locating strategic partners from both countries for developing joint products.

During its 31 years, the BIRD Foundation has invested in more than 770 projects, which have yielded direct and indirect revenues of about $8 billion. The BIRD Foundation supports projects without receiving any rights in the participating companies or in the project itself. The financial assistance is repaid as royalties from sales. The Foundation provides support of up to 50% of a project’s budget, beginning with R&D and ending with the initial stages of sales and marketing. The Foundation shares the risk and does not demand that the investment be repaid if the project fails to reach the sales stage.

The BIRD Foundation works in full cooperation with the Chief Scientist’s Office at the Ministry of Trade, Industry and Employment in Israel, and with the U.S. Commerce Department’s National Institute of Standards and Technology (NIST) Visit our website at: http://www.birdf.com