Today: Apr 17, 2024

Innovation handshake between US and Modi’s Cabinet uplifts Startups.

4 months ago

Key Points:

  • The Cabinet of Indian Prime Minister Narendra Modi has given its approval for an ‘Innovation Handshake’ strategic partnership with the United States to stimulate startup growth, particularly with regard to Critical & Emerging Technologies (CET).
  • The initiative stemmed from the 5th India-U.S. Commercial Dialogue in March 2023, with a TIIG Working Group established to aid startups in CET.
  • An official Government-to-Government Memorandum of Understanding was signed in November 2023, formalizing numerous collaborative plans.

The ‘Innovation Handshake’ promises to foster greater collaboration between Indian and American startups, specifically concerning ventures focused on Critical & Emerging Technologies (CET). The initiative represents an evolution of discussions that commenced during the 5th India-U.S. Commercial Dialogue in March 2023, during a visit from US Secretary of Commerce, Gina Raimondo. A special team called the ‘TIIG Working Group’ has since been formed to lend support to startups focusing on crucial technological advancements.

In June 2023, a Joint Statement by President Biden and PM Modi brought the ‘Innovation Handshake’ to the fore, unveiling plans to connect the vibrant startup ecosystems of both nations. The main objectives of the partnership include streamlining business processes by overcoming regulatory challenges, stimulating the generation of novel ideas, and nurturing job creation, especially in emerging technological sectors.

The collaboration was officially fortified through a Government-to-Government Memorandum of Understanding (MoU) signed on November 14, 2023. This significant agreement lays the groundwork for “Open Innovation”, comprising various special events such as Innovation Handshake private meetings and hackathons.

Looking forward, two key events are slated for early 2024 as part of this collaboration. The first is an investment forum designed to facilitate U.S. and Indian startups in bringing their innovative ideas and products to market. The second is a large-scale competition based in Silicon Valley, enabling startups from both countries to present their solutions for tackling global challenges.