Israel willing to cooperate with Ho Chi Minh city in innovation start-up

According to Mr. Amiram Aplebaum, President of the Israel Innovation Authority, Israel’s start-up ecosystem had been formed some 100 years ago, while the Israeli Government started to issue policies in support of businesses’ start-up over 40 years ago.

He stressed that to reach the success of the present situation requires global thinking by gathering talented persons globally.

Introducing the Israel Innovation Authority, he said that the authority has six agencies specialized in different work. It will allocate capital for businesses with good ideas but lacking capital. If the products are successful, the businesses will return 3-5% of the products’ value to the authority, while if they fail, they do not have pay the debt, and the failed businesses have a chance to do start-up again.  

Calculations show that over the past years, each USD1 in innovation start-up invested by the Israeli Government will earn USD5-8, even USD17.

The President of the Israel Innovation Authority also noted that his agency had signed cooperation deals with diverse countries, including Vietnam, suggesting that the two sides should cooperate in building smart city services, education and training, hi-tech agriculture and innovation start-up./.