Today: Apr 23, 2024

PM Modi seals Innovation Handshake for US-India startup surge

4 months ago
  • The Indian government, led by Prime Minister Narendra Modi, has approved a strategic partnership named ‘Innovation Handshake’ with the United States to boost startups with a focus on Critical & Emerging Technologies (CET).
  • This collaboration was formalized through a Government-to-Government (G2G) Memorandum of Understanding (MoU) signed in November 2023, with the aim of convening Innovation Handshake events, private meetings, and hackathons for Open Innovation.
  • As part of this initiative, two significant events are planned for early 2024: an investment forum and a competition at Silicon Valley, encouraging cross-border sharing of innovative ideas.

The ‘Innovation Handshake’ collaboration came into focus after a Joint Statement released in June 2023 by President Biden and Prime Minister Modi, with an outlined plan to synergize the dynamic startup ecosystems of India and the U.S. The main objectives include easing business operations by addressing regulatory issues, fostering innovation and job creation particularly in cutting-edge technology sectors.

The underpinnings of this partnership can be traced back to the 5th India-U.S. Commercial Dialogue held in March 2023. This initiative saw the formation of a unique team known as the ‘TIIG Working Group’, dedicated to supporting startups working on CET breakthroughs.

The formalized G2G MoU signed on November 14, 2023, not only validates this partnership but also infuses it with actionable strategies for broader cooperation. The agreement proposes a plethora of cooperative mechanisms, such as private meetings, hackathons, and programs designed for “Open Innovation”, in an effort to inspire fruitful collaboration and innovative solution generation.

In early 2024, the first significant event will be an investment forum with the objective of assisting startups in launching their innovative ideas and products in both the American and Indian markets. This will be followed by a competition in Silicon Valley, offering a platform for startups from both countries to present their innovative solutions aimed at tackling global challenges.

The ‘Innovation Handshake’ thus represents a promising initiative to boost the startup ecosystem and promote tech advancement through cross-border collaboration between India and the United States.