Innovation Fund for collaborations in global marketplace

India and Israel are working on Industrial Research & Development and Innovation cooperation in the fields of science and technology in areas such as water, agriculture, energy and digital technologies.

The two countries have set up a joint Innovation Fund, with each side contributing US$4 million a year for the next five years duration of the R&D work.

The “India-Israel Industrial R&D and Technological Innovation Fund (I4F)” was under the Memorandum of Understanding concluded in July, 2017, and approved by the Indian government on 30 August 2017.

The work scope will include institutional support in building up consortia of private industry, enterprises and R&D institutions from India and Israel to work collaborative projects.

The activities supported by the Joint Fund would increase the techno-economic collaboration between the two countries by investing in jointly developed technology projects and collaborations based on technological innovation.

It would leverage the complementary strengths of Israel and India to encourage Israel-Indian joint projects that capitalize on both the national and global marketplace.

It would provide a comprehensive set of support tools to encourage joint projects that convert “know-how” into “show-how”.

It is expected that this will foster and strengthen the eco-system of innovation and techno-entrepreneurship in India and will contribute directly to the Start-up India programme. fii-news.com