The institute has secured grant funding to coalesce its entrepreneurial services into a new centre partnered with corporates including Teva, Rafael Advanced Defense Systems and Alpha Omega.

Technion – Israel Institute of Technology has secured NIS10m ($2.7m) in government grant funding to establish the Technion Entrepreneurship and Innovation Center (T-Hub) assembling the institute’s various entrepreneurial services.

The cash was awarded through the New Campus Vision scheme, a competition launched by the Israeli government’s Council for Higher Education with a reported budget of $28.5m to foster innovation schemes at higher education institutions.

T-Hub is the result of a strategy for entrepreneurship and innovation drawn up by Technion over the past two years, and will focus on providing entrepreneurial training, research and experience to the institute’s faculty and students.

The scheme will be led by Eyal Zussman, a professor at Technion’s Faculty of Mechanical Engineering, and Dana Sheffer, executive director of the institute’s Bronica Entrepreneurship Center.

It will partner Israel-based corporates including drug developer Teva Pharmaceutical Industries, defence technology supplier Rafael Advanced Defense Systems and neuroscience product maker Alpha Omega.

Imad Younis, president of Alpha Omega, said: “The establishment of an entrepreneurship centre at the Technion is a necessary step for the northern region which will lead to a change in the socio-economic situation in the area.

“In light of the high level of technological education at Technion, and in view of the entrepreneurship gap between Israel’s centre and its periphery, Technion is the academic body best-suited to connect the various populations in the periphery and lead a significant change in the field of entrepreneurship making it accessible to all.”