Thursday, September 16, 2021

India, Israel and US announce Trilateral Fund of $50 million for technology innovation

Coinciding with Israeli Prime Minister Netanyahu's visit to India, the summit brought alive the trilateral alliance between these three natural partners - India, Israel and USA

New Delhi: Building on the strong economic and intellectual engagement between India and Israel, as well as setting another example of the growing convergence, collaboration & cooperation between United States and India, the Tech Triangle Summit organized by NASSCOM in partnership with Indiaspora today, saw a confluence of senior level entrepreneurs, government officials and investors. Coinciding with Israeli Prime Minister Netanyahu’s visit to India, the summit brought alive the trilateral alliance between these three natural partners – India, Israel and USA – underscored by their common intrinsic strengths of innovation and entrepreneurship.

The day-long summit witnessed the presence of R. Chandrashekhar, President, NASSCOM, Rajan Navani, Board Member, Indiaspora, MR Rangaswami, Founder, Indiaspora and Israel Y. Ganot, Managing Director, Mass Challenge among other business leaders, government officials, investors and subject matter experts. While the immense potential of deepening linkages between the three countries in geopolitics, business and industry, innovation and entrepreneurship, and financial investments in future remained the foremost focus during event, several ssubstantive examples of trilateral collaboration – in the technology, entrepreneurship or investment realms – were highlighted.

Emphasizing the mutual synergies that strengthen this ‘tech triangle’, R. Chandrashekhar, President, NASSCOM commented “While the relationships and collaboration between India, Israel and US, ranging from economic to socio-cultural exchanges have nurtured mutual ties over several decades, today the three nations are natural allies more than ever before, as they share commonalities as well as complementary. By streamlining intellectual and economic exchange, as well as forging new alliances that foster collaboration, innovation and entrepreneurship, we can create an osmosis of ideas within this tech triangle unlocking the joint potential of the three allies.”

India and Israel have enjoyed extensive economic, military and strategic relationships. At the time when ties between the two nations are scaling new heights, to impart further momentum to productive dialogue and mutual cooperation, particularly in the entrepreneurial and start-up arena between the regions, NASSCOM and MassChallenge signed a MoU committing, along with the Deshpande Foundation, to support a scholarship of $5,000 each for up to 10 Indian startups to help them access MassChallenge Israel’s industry-leading resources and focus on growing their businesses. Selected Indian startups will join the other MassChallenge Israel 2018 Finalists for the four-month equity-free accelerator in Jerusalem gaining access to MassChallenge Israel’s award winning accelerator in Jerusalem.

Highlighting the entrepreneurial zeal among the three nations and drawing the attention towards the need to streamline the channels of doing business, Israel Y. Ganot, Managing Director, Mass Challenge said “Building on the blossoming economic ties between Israel and India, we are proud to partner with NASSCOM and Deshpande Foundation. With MassChallenge Israel’s award-winning, zero-equity resources and role as a leader in Startup Nation, Indian startups will be able to take their businesses to the international stage. We look forward to becoming a part of their founding journey.”

With an aim to promote trilateral business opportunities between the U.S., India, and Israel and advance projects and enterprising ideas, a Trilateral Fund of $50 million was announced by Israel India Technology Group.

During the summit, Zinnov and Indiaspora jointly unveiled a report titled “USA-India-Israel – An Ocean of Opportunities” outlining the promising troika of technology, investment and entrepreneurial opportunities across the three markets. The report illustrated how rapid growth of start-up ecosystems has emerged as a driving force of mutual engagement between the nations and stressed on need to intensify trilateral collaboration to unlock full potential.


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