Hadasit - the Technology Transfer Company of Hadassah Medical Organization has launched in Afula last Friday WAYS, an incubator for joint Jewish-Arab biomed ventures in Northern Israel. WAYS is a joint venture with a group of investors and business people from the region.
In addition to joint Jewish-Arab biotechnology ventures, WAYS will also foster entrepreneurship among new immigrants and outstanding teenagers from Northern Israel in the field.
It is expected that NIS 7.5 million will be invested in WAYS over the next five years. In addition, several million dollars have been pledged to WAYS from social organizations. WAYS initial aim is to launch 12 biotech projects of $500,000 – 1million each.
WAYS will help its portfolio companies become commercial companies based at the Jezreel Valley and lower Galilee. It will encourage young Arab physicians and new immigrants in Northern Israel to become entrepreneurs while providing a professional response to the various challenges they face.
The new incubator was established by Yaron Bar-Ilan, an entrepreneur who will serve as CEO; Dr. Yaron Lev-Or, Biotech entrepreneur; Prof. Yaron Ilan, Head of Internal department B at HMO; and Wafa Laham, an Arab business woman from Nazareth.
The name of the new incubator is the acronym of the names of the four founders - Wafa And YaronS.
Hadasit CEO Dr. Einat Zisman said, "WAYS is a unique first of its kind venture to foster life sciences and drug development companies through social activity from different sectors of the population. Hadassah is proud to be part of this pioneering initiative".
Ways will help its portfolio companies become commercial companies based at the Jezreel Valley and lower Galilee. Ways was established by Yaron Bar-Ilan, who will serve as CEO, biotech entrepreneur Dr. Yaron Lev-Or, Prof. Yaron Ilan of Hadassah Medical Center, and Nazareth businesswoman Wafa Laham.