On November 14, 2023, the two countries signed a Memorandum of Understanding (MoU) on “Enhancing Innovation Ecosystems through an Innovation Handshake” as part of the India-US Commercial Dialogue. The establishment of the “Innovation Handshake” was announced in the leaders’ Joint Statement during the historic official State Visit of Prime Minister in June 2023.
The Memorandum of Understanding was signed in San Francisco at the kick-off industry roundtable titled “Decoding the “Innovation Handshake”: US-India Entrepreneurship Partnership.” CEOs from major ICT companies, executives from venture capital firms, and founders of startups in the critical and emerging technology space discussed how to improve US-India technology collaboration at the event, which was co-hosted by the US-India Business Council (USIBC) and the Confederation of Indian Industry (CII) and supported by the National Association of Software and Service Companies (NASSCOM) and Startup India.
The MoU was signed with the goal of connecting the two sides’ dynamic startup ecosystems, addressing specific regulatory barriers to cooperation, sharing information and best practices for startup fundraising, and promoting innovation and job growth, particularly in critical and emerging technologies (CET) as identified under the India-US Critical and Emerging Technology (iCET).
The Memorandum of Understanding (MoU) represents a joint commitment to strengthen the startup ecosystem in deep tech sectors and promote collaboration in Critical and Emerging Technologies (CET).
It is expected to have a positive impact on economic activity, attract investment, and create jobs, particularly in CET start-ups. A series of India-US Innovation Handshake events, including hackathon and “Open Innovation” programs, information sharing, and other activities, would be part of the scope of cooperation.
The announcement laid the groundwork for two future Innovation Handshake events scheduled to take place in India and the United States in early 2024, which include an investment forum aimed toward helping U.S. and Indian startup companies take their innovative ideas and products to market and a “hackathon” in Silicon Valley where U.S. and Indian startups will pitch ideas and technologies to help address global economic challenges.
This momentous step signifies the commitment of both nations towards fostering innovation, creating opportunities, and promoting mutual growth in the dynamic field of emerging technologies. The “Innovation Handshake” sets the stage for a new era of collaboration between the United States and India.
The Commercial Dialogue (CD) is a cooperative undertaking at Ministerial level between India and the U.S. to facilitate regular discussion to deepen ties between business communities, encompassing regular government-to-government meetings to be held in conjunction with private sector meetings, with an aim to facilitate trade, and maximize investment opportunities across a broad range of economic sectors.
The 5th India-U.S. Commercial Dialogue was held on 10th March 2023 during the visit of U.S. Secretary of Commerce Gina Raimondo between 8-10 March. At the meeting the Commercial Dialogue was re-launched with strategic focus on supply chain resiliency, climate and clean technology cooperation, advancing inclusive digital economy, and facilitating post-pandemic economic recovery especially for SMEs and startups.
It included 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.
The Commercial Dialogue (CD) is a Ministerial-level cooperative effort between India and the United States to facilitate regular discussion to deepen ties between business communities, encompassing regular government-to-government meetings to be held in conjunction with private sector meetings, with the goal of facilitating trade and maximizing investment opportunities across a broad range of economic sectors.
The 5th India-US Commercial Dialogue took place on March 10, 2023, during the visit of US Secretary of Commerce Gina Raimondo from March 8 to March 10. The Commercial Dialogue was relaunched at the meeting, with a strategic focus on supply chain resilience, climate and clean technology cooperation, advancing inclusive digital economy, and facilitating post-pandemic economic recovery, particularly for SMEs and startups.
It included the formation of a new Commercial Dialogue Working Group on Talent, Innovation, and Inclusive Growth (TIIG). It was noted that this Working Group would also support Startups working towards iCET goals, specifically in identifying specific regulatory barriers to cooperation and fostering greater connectivity between our innovation ecosystems with a focus on start-ups through specific ideas for joint activities.
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Source: PIB
