The film-makers receive one month's use of the $60,000 35mm Panavision camera package to use on their next film within two years.
Aviva My Love won six Israeli Academy Awards including best film, best director and writer for Zarhin, and best actress for Assi Levy, who stars as a hard working mother with a secret talent for writing.
Arik Henig won the best documentary prize for Rabin-Peres, which explores the professional and personal relationship between the former Israeli leaders Yitzhak Rabin and Shimon Peres.
The festival ran from October 23-November 8. For further details visit the official website at www.israelfilmfestival.com/iff07