A Memorandum of Understanding (MoU) on “Enhancing Innovation Ecosystems through an Innovation Handshake” under the framework of India – U.S. Commercial Dialogue was signed between the two countries on the 14th of November 2023 in San Francisco.
- The leaders’ Joint Statement during the historic official State Visit of Prime Minister in June 2023 announced the establishment of the “Innovation Handshake”.
- 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 -U.S. initiative for Critical and Emerging Technology (iCET).
- The MoU signals a joint commitment to strengthen the startup ecosystem in deep tech sectors and promote cooperation in Critical and Emerging Technologies (CET).
- It is poised to positively impact economic activity, attract investment, and generate employment, especially in start-ups working in CET areas.
- The scope of cooperation would include a series of India- U.S. Innovation Handshake events, including hackathon and “Open Innovation” programs, information sharing and other activities.
