PM Modi's Cabinet high-fives US Innovation for Startup Surge

• The Indian government, led by Prime Minister Narendra Modi, has given its approval for a collaboration known as the ‘Innovation Handshake’ with the United States.

• This strategic partnership is set to generate a new age of cooperation between Indian and American startups, particularly those operating in the Critical & Emerging Technologies (CET) space.

• The joint venture was formalized through a Government-to-Government Memorandum of Understanding (MoU) signed on November 14, 2023.

• The timeline includes two important events in 2024, an investment forum and a competition in Silicon Valley for startups from both countries.

Prime Minister Narendra Modi’s government has given the green light to the ‘Innovation Handshake’ – a collaboration with the US that aims to foster significant partnership between Indian and American startups, particularly in the Critical & Emerging Technologies (CET). The roots of this initiative trace back to the 5th India-U.S. Commercial Dialogue held in March 2023, which led to the formation of a collaborative group known as the ‘TIIG Working Group,’ dedicated to supporting startups in CET.

The ‘Innovation Handshake’ initiative received significant attention following a joint statement made by President Biden and PM Modi in June 2023. The leaders outlined plans to connect the dynamic startup ecosystems of both countries, proposing to streamline processes for businesses, foster innovation, and create jobs, particularly within the sector of emerging technologies.

To formalize this collaboration, a Government-to-Government (G2G) Memorandum of Understanding (MoU) was signed on November 14, 2023. The agreement details numerous collaborative endeavors, including Innovation Handshake events, private meetings, hackathons, and programs for “Open Innovation”. These activities provide a platform for all participants to work together and generate innovative ideas.

Looking ahead to early 2024, two key events have been planned as part of this collaborative initiative. The first is an investment forum designed to aid U.S. and Indian startups in commercializing their innovative products and ideas. The second is a competition in Silicon Valley, presenting an opportunity for startups from both nations to brainstorm solutions to global challenges.