India and the US governments have signed a pact with the aim of connecting both the countries’ startup ecosystems, particularly in critical and emerging technologies (CET).
India has signed the memorandum of understanding (MoU) with the US on “Enhancing Innovation Ecosystems through an Innovation Handshake” in San Francisco.
The idea behind the MoU is to 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, the Indian government said in a statement.
The pact also underlines a joint commitment to fortify the startup ecosystem in deeptech sectors and promote cooperation in CET.
Under this initiative, both countries will explore a range of India-US joint events, including hackathons and “Open Innovation” programs, information sharing and other activities.
The statement further said that already two events under this partnership have been scheduled for early next year. One of the events will be an investment forum aimed at helping the startups of the two nations take their innovative ideas and products to market. The other event will be a hackathon in Silicon Valley where the participating startups will pitch ideas and technologies to help address global economic challenges.
India and the US are also holding Commercial Dialogue (CD), which is a ministerial-level discussion to facilitate regular talks between the two sides and deepen ties between business communities. This initiative aims at facilitating trade, and maximising investment opportunities across a broadening range of economic sectors.
Further, with the CD, the two sides look forward to strategically focusing on supply chain resiliency, climate and clean technology cooperation, advancing an inclusive digital economy, and facilitating post-pandemic economic recovery, especially for SMEs and startups.
This is the second such meeting between the representatives of the two countries this year. In June, the US-India Business Council hosted the inaugural INDUS X Summit and a startup-focussed defence exhibition this week in Washington DC.
Referring to the event as the preliminary step towards bolstering the startup ecosystems of the two countries, the US Ambassador to India Eric Garcetti said that more startups should participate in the government organised events to discuss the challenges and find technological solutions to the most pressing problems.
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