Today: Jul 20, 2024

PM Modi green-lights ‘Innovation Handshake’ with US for startup surge.

7 months ago

Indian Prime Minister Narendra Modi’s cabinet has approved a strategic partnership with the US focused on boosting ventures in Critical & Emerging Technologies (CET). Known as the ‘Innovation Handshake’, the collaboration was rooted in the 5th India-US Commercial Dialogue in March 2023. It later saw the establishment of the ‘TIIG Working Group’ to help startups navigate CET sectors. The formal agreement to collaborate was signed in a Government-to-Government (G2G) Memorandum of Understanding (MoU) in November 2023.

  • The ‘Innovation Handshake’ is a strategic collaboration between the US government and PM Narendra Modi’s cabinet to boost ventures in Critical & Emerging Technologies.
  • The TIIG Working Group was established as part of this collaboration to support startups navigating these sectors.
  • A Government-to-Government (G2G) Memorandum of Understanding (MoU) was formally signed in November 2023 to solidify the collaboration.

The ‘Innovation Handshake’ was first mentioned in a joint statement by President Biden and PM Modi in June 2023, with a goal of connecting the dynamic startup ecosystems in both nations. Key ideas and objectives include removing obstacles for businesses, fostering innovative new ideas, and promoting job creation in emerging technology areas. To achieve this, a myriad of strategies has been outlined, such as events titled ‘Innovation Handshake’, private meetings, hackathons, and programs for “Open Innovation”.

  • Part of the collaboration’s main goals is to remove obstacles for businesses, promote innovative new ideas, and encorage more job opportunities in emerging tech areas.
  • It also includes strategies like ‘Innovation Handshake’ events, private meetings, hackathons, and “Open Innovation” programs.

There are two primary events slated for early 2024 as an initial part of these efforts. The first is an investment forum to provide support for US and Indian startups in marketing their innovative ideas and products. Subsequently, a competition will take place in Silicon Valley, wherein startups from both nations can share their technological ideas aimed at resolving significant global issues.

  • An investment forum for US and Indian startups will be held in early 2024 as part of this collaboration.
  • A competition in Silicon Valley will also take place for startups from both countries to share their techie ideas for solving significant global issues.