The Virginia Israel Tech Alliance (VITAL), a new program designed to bolster Research & Development (R&D) initiatives underway in Israel today while encouraging economic growth throughout Virginia, announced more details concerning “The VITAL Business Summit,” which takes place October 16-17 at Virginia Tech and at the Hotel Roanoke and Conference Center. The conference will highlight emerging markets in Israel, new cutting-edge technologies, and the environment that the Virginia Tech Corporate Research Center (VTCRC) offers to Israeli companies. It is a must-attend event for Virginia companies looking to develop successful business relationships with Israeli companies.

The conference will provide two days of intense networking and conferences for Virginia companies and Israeli emerging growth companies, venture capitalists and state and education officials. Those expected to speak include:

• Mr. Michael Schewel, Virginia secretary of trade and commerce;
• Mr. Danny Ayalon, Israel Ambassador to the United States; 
• Prof. Yoseph Ben Dak, executive vice president and chief scientist, Xybernaut; and
• Mr. Zohar Zisapel, an Israeli industrialist who has launched eight companies currently listed on NASDAQ.

“There are a number of exciting business opportunities between Israeli and Virginia-based companies and the state of Virginia,” said Ralph Robbins, executive director of the Virginia-Israel Advisory Board (VIAB), and office of the Governor. “Hand-picking the best and brightest for this summit, these select emerging players will leave here with the tools to build a strong foundation here and effectively expand operations in both regions.”

In selecting the top Israeli companies eligible for this summit, the selection committee prescreened over 200 firms in Israel spanning markets such as IT, biotechnology, environmental sciences, nutrition/health, materials and transportation. The selection committee narrowed the field to a select 20 companies in the high tech area and an additional 12 companies in the biotech and biotech device area. The selection committee that visited Israel included Prof. Ben Dak, committee chairman; Joe Meredith Ph.D., president of the VTCRC; Tom Bowden, attorney with McCandish Holton and former high tech founder and COO; and Robbins.

Highlights of the conference will include high tech and biotech venture capital tracks on October 17, which will feature 15 Israeli companies presenting their business models to influential venture capitalists such as AOL Time Warner Investments and Monumental Venture Partners. Another track on October 17 will feature presentations by leading international business visionaries with vast experience in working with Israeli companies.

Virginia companies will have a chance to talk individually with these experts about potential opportunities in Israel. Attendees will learn about funding for cooperative R&D projects, including opportunities with the BIRD Foundation and BARD Foundation. They will also receive an overview of Israel’s economic structure, the government’s role in business development, and tips on cross-cultural communication for successful business negotiations.