New Delhi, Sep 9 (KNN) In order to promote innovation and entrepreneurship through the application of science and technology, the governments of India and United States of America will provide fund to the tune of Rs 2.50 crore for US-India entrepreneurial initiatives.

The governments of the United States of America (through the Department of State) and India (through the Department of Science & Technology) have established the United States–India Science & Technology Endowment Fund (USISTEF).

The fund aims to promote joint activities that would lead to innovation and entrepreneurship through the application of science and technology.

The aim of the Fund is also to support and foster joint applied R&D to generate public good through the commercialization of technology developed through sustained partnerships between US and Indian researchers and entrepreneurs. 

USISTEF activities are implemented and administered through the bi-national Indo-US Science and Technology Forum (IUSSTF).

The fund will select and financially support promising joint US-India entrepreneurial initiatives that address the theme of ‘’Commercializing Technologies for Societal Impact’’ through a competitive grants program.

The fund size can go up to INR 2.50 crore or approximately USD 400,000. 

Priorities will be given on to support the development of affordable biomedical devices, diagnostic, preventive, curative measures, food and nutrition products to improve health.