The meeting comes not long after the release of the Federal Government’s National Innovation and Science Agenda, which included a $36 million global innovation fund to create strategic links with key economies around the world.
The innovation strategy announced by the Prime Minister Malcolm Turnbull includes five 'landing pads' for start-up entrepreneurs in different countries, one of which will be located in the Israeli capital of Tel Aviv.
“Israel has one of the highest concentrations of innovation and entrepreneurship in the world,” Minister Pyne said.
The Minister said Australia has a lot of similarities with Israel, including its educated workforce and small population, “but when it comes to start-ups and commercialising research, we are failing to keep up”.
“The Australian Government is proud of the friendship we have with Israel. We value the people-to-people links and the commercial and diplomatic ties we share.
“But we also value our educational and research ties, which have never been more important, given Australia’s new emphasis on innovation.
“Israel has a remarkable rate of success in commercialising innovation and turning bright ideas into viable commercial outcomes.”