Today: Apr 17, 2024

Modi’s Cabinet greenlights US ‘Innovation Handshake’ to sparkle Startups

4 months ago
  • The Indian government, under Prime Minister Narendra Modi, has approved a collaborative initiative with the US known as the ‘Innovation Handshake.’
  • This strategic partnership aims to foster collaboration between Indian and American startups, particularly in the field of Critical & Emerging Technologies (CET).
  • A Government-to-Government (G2G) Memorandum of Understanding (MoU) outlining this collaboration was signed on November 14, 2023.
  • As part of this initiative, events including Innovation Handshake private meetings, hackathons, and programs for “Open Innovation” are planned.
  • Early 2024 will witness two significant events – an investment forum and a Silicon Valley competition, where startups from both countries can share their ideas to address global issues.

Prime Minister Narendra Modi’s government has gained approval for a novel initiative named the ‘Innovation Handshake,’ a collaboration with the United States. Targeting the fostering of partnerships between Indian and American startups, this initiative is predominantly focused on propelling business ventures within the Critical & Emerging Technologies (CET) sector.

The initial discussions for this collaborative endeavor can be traced back to the 5th India-U.S. Commercial Dialogue conducted in March 2023 and was headlined by the US Secretary of Commerce, Gina Raimondo. This was followed by a breakthrough with the formation of the ‘TIIG Working Group,’ specifically dedicated to assisting startups aspiring to innovate within the CET technological space.

This collaboration was formally acknowledged in June 2023 through a joint statement by President Biden and Prime Minister Modi. They shared a vision to interconnect the dynamic startup ecosystems of both countries, making it easier for businesses by smoothening regulations, inspiring innovation, and creating jobs, especially in the technological sector. The Government-to-Government (G2G) Memorandum of Understanding (MoU) signed on November 14, 2023, is a testament to this commitment.

Highlighting the diverse collaborative opportunities, the agreement entails planned events such as Innovation Handshake meetings, fun hackathons, and programs for “Open Innovation”.

Looking forward to 2024, two significant events have been scheduled as part of the ‘Innovation Handshake.’ The first is an investment forum dedicated to assisting U.S. and Indian startups in driving their innovative ideas and products to market. Following this, a competition will be held in Silicon Valley, providing a platform for startups from both countries to share innovative solutions to address worldwide problems. Evidently, this initiative reflects a promising outlook for the startup ecosystems of both countries.