India-US Sign MoU To Enhance Innovation In Startup Ecosystem.
A Memorandum of Understanding (MoU) on “Enhancing Innovation Ecosystems through an Innovation Handshake” under the framework of India – US Commercial Dialogue was signed between the two countries on November 14, 2023 in San Francisco.
According to a media brief issued by the Ministry of Commerce, the MoU was signed at the kick-off industry roundtable titled, “Decoding the “Innovation Handshake”: US – India Entrepreneurship Partnership” in San Francisco.
The MoU was signed between Piyush Goyal, India’s Minister of Commerce & Industry and the US counterpart Gina Raimondo, Secretary of Commerce.
The latest development comes after the leaders’ joint statement during the official state visit of Prime Minister Narendra Modi to the US in June 2023, which announced the establishment of the “Innovation Handshake”.
Objective of the MOU
The statement added that the MoU is signed with the objective to connect the two sides’ dynamic startup ecosystems, address specific regulatory hurdles to cooperation, share information and best practices for startup fundraising and promote innovation and job growth, particularly in critical and emerging technologies (CET) as identified under India -US initiative for Critical and Emerging Technology (iCET).
The ministry added that the MoU signals a joint commitment to strengthen the startup ecosystem in deep tech sectors and promote cooperation in CET. It is poised to positively impact economic activity, attract investment, and generate employment, especially in start-ups working in CET areas.
The scope of cooperation would include a series of India- US Innovation Handshake events, including hackathon and “Open Innovation” programs, information sharing and other activities.
The announcement laid the groundwork for two future Innovation Handshake events scheduled to take place in India and the United States in early 2024.
The events include an investment forum aimed toward helping US and Indian startup companies take their innovative ideas and products to market and a “hackathon” in Silicon Valley where US and Indian startups will pitch ideas and technologies to help address global economic challenges.
It included the launch of a new Working Group on Talent, Innovation and Inclusive Growth (TIIG) under the Commercial Dialogue. It was noted that this Working Group would also support efforts of Startups working towards goals of iCET, particularly in identifying specific regulatory hurdles to cooperation and fostering greater connectivity between our innovation ecosystems with focus on start-ups through specific ideas for joint activities.
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