Aid launched for young tech cos hit by strong shekel

The Israel Innovation Authority and the Ministry of Finance are launching a new NIS 1 billion fast-track funding program to support startups and early-stage growth companies adversely affected by the appreciation of the shekel against the US dollar. The Innovation Authority explains that many companies raise capital or sell their products in dollars, while most of their expenses, among them employee salaries, are paid in shekels. Every dollar they raise or earn is now worth less in shekels, and so their cash is sufficient for less time than they planned.