The Ministry of Industry, Labor and Trade has established a fund that will help Israeli startups in the biotech field. The Chief Scientist's Office, a division of the Ministry, along with the Treasury, have published an international tender for management of the fund, into which the government will sink $80 million.

The fund, which will seek other investors as well, will itself invest money in promising biotech startups. The field has a great deal of potential, but the startup costs for many companies are often too high, since companies usually have to invest in expensive equipment. The fund, said the Ministry said, will allow more good ideas to see the marketplace, and help grow the Israeli biotech industry.