7 MoUs Signed to Boost Startups in India


To be successful, you have to have quantity of quality – Mark Frauenfelder, Co-founder, Boing Boing

With the vision of injecting an immense quantity of quality in the budding startups in the country, there was a major development in store during PM Narendra Modi’s visit to the US. The meet-up between Mark Zuckerberg and Narendra Modi was heavily covered across several Indian media channels. Along with an event that looked like a tete-a-tete with the Zuckerberg, Modi also had plans to attend the India-US Startup Konnect 2015. Presented by Nasscom in a partnership with TiE Silicon Valley & IIM Ahmedabad’s CIIE India, the event featured 36 startups from India and 5 startups from the US. News which can be deemed as seven more home runs by PM Modi in termed of strengthening the Indo-US relations to dish out more innovative ideas and solutions, seven MoUs were signed. These MoUs were signed to boost the startup segment in India in conjecture with the various organizations from the US.

The first MoU was signed between the Centre for Cellular and Molecular Platforms and the California Institute for Quantitative Biosciences. The main motive of the partnership is to develop Indo-US Life Science Sister Innovation Hub to promote science-based entrepreneurship, research, academia and business by leveraging each other’s ecosystem. The second MoU was signed between the Department of Biotechnology and Prakash Lab, Stanford University on Foldscope — a frugal science innovation that has emerged from a lab of an Indian with majority of Indians working in this laboratory. The lab and the Department of Biotechnology will work in tandem to develop and deploy more products from this lab. National Association of Software and Service Companies (NASSCOM) and the Indus Entrepreneurs signed an MoU to collaborate in a mutually satisfactory form and manner in order to support the creation of a vibrant ecosystem to foster technology entrepreneurship in India and Silicon Valley. IIM Ahmedabad’s Centre for Innovation and Entrepreneurship (CIIE) and Lester Centre for Entrepreneurship of the Haas Business School of the University of California, signed a MoU to collaborate on mutual incubation, and support each other’s activities of mutual interest. CIIE also signed a couple of more MoUs with Los Angeles Cleantech Incubator & Google to extend NGIN Membership benefits and support technology and impact entrepreneurs for strategic support respectively.

In further developments at the India-US Startup Konnect 2015, Prime Minister Modi also launched the Bharat Fund to provide seed funding for Indian entrepreneurs. Based on the excerpts from his speech at the event, PM Modi spoke at lengths about data security and cyber security being of the utmost importance & had some kind words about LinkedIn co-founder Reid Hoffman.


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