San Francisco: A historic Memorandum of Understanding (MoU) titled “Enhancing Innovation Ecosystems through an Innovation Handshake” was signed on November 14, 2023, in San Francisco between India and the USA. This landmark agreement, established under the framework of the India-U.S. Commercial Dialogue, traces its origins back to the official State Visit of the Indian Prime Minister in June 2023.
The signing took place during the kickoff industry roundtable event, “Decoding the ‘Innovation Handshake’: U.S. – India Entrepreneurship Partnership,” held in San Francisco. The roundtable, co-hosted by the U.S.-India Business Council (USIBC) and the Confederation of Indian Industry (CII), received support from the National Association of Software and Service Companies (NASSCOM) and Startup India.
CEOs from major ICT companies, venture capital executives, and founders of startups in critical and emerging technology fields gathered to discuss strategies for enhancing U.S.-India technology collaboration. The primary focus was on overcoming regulatory hurdles, sharing startup fundraising best practices, and promoting innovation and job growth, particularly in critical and emerging technologies (CET) identified under the India-U.S. initiative for Critical and Emerging Technology (iCET).
The MoU signifies a joint commitment to strengthen startup ecosystems in deep tech sectors and promote cooperation in CET. Its objectives include connecting dynamic startup ecosystems, addressing regulatory challenges, sharing information and best practices, and fostering innovation and job growth.
The collaboration is expected to have a positive impact on economic activity, attracting investment, and generating employment, especially in startups focusing on CET areas. The scope of cooperation includes a series of India-U.S. Innovation Handshake events, including hackathons and “Open Innovation” programs.
The announcement sets the stage for two upcoming Innovation Handshake events in India and the United States in early 2024. These events will feature an investment forum aimed at helping U.S. and Indian startup companies bring innovative ideas and products to market, and a hackathon in Silicon Valley where startups from both countries will pitch ideas and technologies to address global economic challenges.
This significant step reflects the commitment of both nations to fostering innovation, creating opportunities, and promoting mutual growth in the dynamic field of emerging technologies. The “Innovation Handshake” marks the beginning of a new era of collaboration between the United States and India.
The India-U.S. Commercial Dialogue (CD) is a cooperative endeavor at the ministerial level to facilitate regular discussions between India and the U.S., aiming to deepen ties between business communities. The 5th India-U.S. Commercial Dialogue, held on March 10, 2023, during the visit of U.S. Secretary of Commerce Gina Raimondo, focused on supply chain resiliency, climate and clean technology cooperation, advancing the inclusive digital economy, and facilitating post-pandemic economic recovery, especially for SMEs and startups. It included the launch of a new Working Group on Talent, Innovation, and Inclusive Growth (TIIG) under the Commercial Dialogue, supporting the efforts of startups working towards iCET goals.