India Inks MoU With US To Promote Innovation Among Startups

New Delhi, Nov 16 (KNN) With the aim to promote innovation through increasing cooperation among startups, India and the US signed an agreement on November 14 in San Francisco.

Indian industry players, CEOs from major ICT companies, executives from venture capital firms, and founders of startups in the critical and emerging technology space participated and discussed ways to enhance US-India technology collaboration.

“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 said.

It said the MoU signals a joint commitment to strengthen the startup ecosystem in deep tech sectors and promote cooperation in critical and emerging technologies.

“It is poised to positively impact economic activity, attract investment, and generate employment, especially in startups working in CET areas,” it added.

The scope of cooperation would include a series of India-US Innovation Handshake events. Two events are scheduled to take place in India and the US in early 2024, which include an investment forum aimed toward helping startup companies of the countries take their 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 added.

Goyal said that the Handshake signals a joint commitment to strengthen the startup ecosystem and promote cooperation in CET between the two nations.

(KNN Bureau)