Reliance Industries (RIL) has received an approval to set up and invest in a technology incubator by the name Jerusalem Innovation Incubator (JII), licensed by Israel Innovation Authority (IIA), Ministry of Economy, Israel, under competitive bidding process. The company proposes to invest up to $25 million in JII and in frontier technology start-ups in tranches, over a period of about 8 years.
The investment in JII shall be done in partnership with OurCrowd (Israel-based leading start-up crowd-funding platform), Motorola Solutions (global provider of mission-critical communication solutions and services) and Yissum (technology transfer company of Hebrew University of Jerusalem - ranked as the number 1 university in Israel by the 2018 QS World University Rankings).
JII will be in the form of a Limited Liability Partnership (LLP) with the Company holding 20% interest. The balance will be held by OurCrowd (60%), Motorola (20%) and Yissum, a non-investing partner will collaborate with JII to provide R&D and other support. The board of directors at their meeting held on July 20, 2017, has approved for the same.
