BCAN - Israel's Finance Ministry Increases Israel Innovation Authority's High-Tech Sector Fast-Track Fund to $100 Million During Wartime | Benzinga
- Israel's Finance Ministry has increased the Israel Innovation Authority's Fast-Track Fund up to US$100 Millioni, Empowering its high-tech sector amid wartime challenges
- Israel-based BYND Cannasoft has submitted a research and development plan to develop CRM software combined with AI for the medical cannabis industry
ASHKELON, Israel and VANCOUVER, British Columbia, Nov. 16, 2023 (GLOBE NEWSWIRE) -- BYND Cannasoft Enterprises Inc. (NASDAQ:BCAN) (CSE:BYND) ("BYND Cannasoft" or the "Company"), announced today on submitting a research and development plan based on a planned budget of US$1.5 million (grant of up to US$0.75 million) to develop CRM software combined with AI for the medical cannabis industry (File number 82745 – Application number 01125047). Israel's Finance Ministry recently clarified its decision to increase the wartime high-tech sector fund to provide short- and long-term measures designed to assist startup companies in Israel's high-tech sector. The Company was found suitable for submitting the application according to the criteria required in the grant program as detailed on the Israel Innovation Authority website.
Ministry officials recently met with prominent high-tech sector members, the Israel Innovation Authority (IIA), and other government representatives to discuss strategies for supporting companies during the ongoing conflict and formulate long-term industry plans for post-war recovery. The high-tech industry plays a pivotal role in Israel's economy. In 2022, it contributed over 18 percent of the national GDP, amounting to $78 billion (290 billion shekels), as the Israel Innovation Authority reported. Additionally, it was responsible for 50 percent of the country's foreign exports.
Yftah Ben Yaackov, CEO and Director of BYND Cannasoft, said, "While the Israeli economy and its high-tech sector suffered setbacks during the crisis, the swift support policy developed in conjunction with the Ministry of Finance is geared toward averting serious economic damage and business as usual. This policy will be pivotal in restoring the Israeli economy and its growth engine to a trajectory of rapid recovery once the conflict concludes." Mr. Ben Yaackov continued, "While the final decision to receive a grant from the Israel Innovation Authority's Fast-Track Fund is pending a committee decision, our initial assessment indicates BYND Cannasoft meets all of the criteria to receive such a grant."
The Finance Ministry's commitment to increasing support for the high-tech sector underscores the ...