Today: Apr 16, 2024

Modi’s Crew OKs US Innovation Handshake, Startup Surge in Sight

4 months ago

• Prime Minister Narendra Modi’s government has approved a strategic partnership with the United States, termed the ‘Innovation Handshake’, to boost Indian and American startups focusing on Critical & Emerging Technologies (CET).
• A special team, the ‘TIIG Working Group’, has been formed to support startups working on CET.
• The collaboration seeks to connect the startup ecosystems of the two nations, simplifying business rules, facilitating new ideas, and creating jobs in innovative sectors.
• The collaboration has been formalized through a Government-to-Government (G2G) Memorandum of Understanding (MoU) signed in November 2023, outlining a series of collaborative activities including Innovation Handshake events, private meetings, hackathons and programs for “Open Innovation”.
• Two major events are scheduled for 2024 as part of this initiative, including an investment forum aimed at helping startups in both countries bring their innovative ideas to market, and a competition in Silicon Valley for startups to present their solutions to global problems.

The government of Prime Minister Narendra Modi has approved a strategic partnership with the United States, termed the ‘Innovation Handshake.’ This exciting collaboration aims to foster stronger ties between Indian and American startups, with a particular emphasis on ventures in Critical & Emerging Technologies (CET).

The partnership stems from the 5th India-U.S. Commercial Dialogue held in March 2023, during the visit of US Secretary of Commerce, Gina Raimondo. To facilitate this collaboration, a special team named the ‘TIIG Working Group’ was established to provide support to startups centered on CET.

The ‘Innovation Handshake’ came into the limelight following a Joint Statement in June 2023 by President Biden and Prime Minister Modi. The initiative aims to connect the dynamic startup ecosystems of both countries, simplifying business rules, nurturing new ideas, and creating job opportunities in new and important tech sectors.

To formalize this collaboration, a Government-to-Government (G2G) Memorandum of Understanding (MoU) was signed on November 14, 2023. This agreement outlines various collaborative initiatives, like Innovation Handshake events, private meetings, hackathons, and programs for “Open Innovation.” These diverse platforms provide opportunities for collective ideation and problem-solving.

Looking into the future, two major events are scheduled for early 2024 as part of this partnership. The first is an investment forum designed to assist U.S. and Indian startups in bringing their innovative ideas and products to market. The second is a significant competition in Silicon Valley, where startups from both countries can present their innovative solutions to address major global issues.

This collaborative agreement paves the way for enhanced bilateral startup cooperation between India and the United States, fostering innovation in critical and emerging technologies and offering startups a robust support system for success.