Today: Jun 14, 2024

US, PM Modi seal Innovation Handshake for Startup Surge

6 months ago
  • Prime Minister Modi’s Cabinet has approved an agreement with the US, known as the ‘Innovation Handshake’, focused on boosting collaborations between Indian and American startups in Critical & Emerging Technologies (CET).
  • This collaboration was initially discussed during the 5th India-U.S. Commercial Dialogue in March 2023 and was formalized through a Government-to-Government Memorandum of Understanding signed on November 14, 2023.
  • As part of this collaboration, there are plans for events like Innovation Handshake, private meetings, hackathons, and programs focused on “Open Innovation”, all aimed at fostering joint efforts and fostering innovative idea generation.
  • For early 2024, two significant events are scheduled: an investment forum for assisting startups in bringing their products to the market, and a competition in Silicon Valley for the presentation and evaluation of novel solutions for worldwide pressing issues.

The ‘Innovation Handshake’ agreement symbolizes a significant step in the cooperation between the US and India, especially in the field of technology and entrepreneurship. The roots of this partnership trace back to the visit of US Secretary of Commerce, Gina Raimondo, to India in March 2023 during the 5th India-U.S. Commercial Dialogue. With the goal to boost the startup ecosystem and to further the development of Critical & Emerging Technologies (CET), a special team, the ‘TIIG Working Group’, was formed.

Following a Joint Statement by US President Biden and PM Modi in June 2023, the concept of the ‘Innovation Handshake’ gained popularity, outlining the intentions to strengthen the bonds between the dynamic startup ecosystems of both nations. This initiative was formalized with the signing of a Government-to-Government (G2G) Memorandum of Understanding (MoU) on November 14, 2023. This MoU further solidified the commitment between both nations, with a series of events, such as the Innovation Handshake, private meetings, hackathons, and programs for “Open Innovation”, planned as part of the agreement.

Looking ahead, two significant events are lined up for early 2024. Firstly, an investment forum that would assist US and Indian startups in bringing their innovative ideas to the market. Secondly, a competition in Silicon Valley is scheduled, providing a platform for startups from both countries to showcase their unique solutions for tackling global challenges. This friendly competition for technological and entrepreneurial prowess serves as a platform for global problem-solving and is a highlight of the ‘Innovation Handshake’ initiative.

The ‘Innovation Handshake’ not only represents a technological partnership between the US and India but also an endeavor to spark innovation, entrepreneurship, and job creation in both nations. Ultimately, this initiative fosters a spirit of collaboration, leveraging each nation’s strengths for the collective pursuit of advanced technology and the common goal of global progress.