Yesterday, we reported how India and Israel have deepened their business relationship by announcing the launch of a technology fund, the Israel India Innovation Initiative Fund, or I4F, that will focus towards growing the two countries' business relations. And now, the two countries have unveiled a bilateral innovation challenge that will see Indian and Israeli startups coming together to conceive solutions to fight some of the most critical challenges that the world is facing right now like water, agriculture and digital healthcare etc.

The bilateral innovation challenge will be hosted on a new online platform called the India-Israel Innovation Bridge. The platform's main aim is to help facilitate collaboration between Indian and Israeli startups, corporations and other existing innovation ecosystem members.

The challenge aspires to leverage Israel's technological strengths, with the massive Indian market access in order to give birth to some really innovative technological solutions that can have a real shot at solving the world’s most critical challenges staring humanity right in their face.

The first step of the challenge requires a joint panel of judges choosing entrepreneurs from both the countries who will get an opportunity to fight the world's challenges with their innovation. The selected ones will then get to develop their innovative solutions through a unique accelerator, with participation from Ahmedabad's iCreate, Hyderabad's T-Hub, and some other additional Israeli partners.

The selected startups will get abundance help and have open access to investors, end users, corporations and other potential partners of the developed solutions in both the countries.

According to a statement issued by Israeli Prime Minister Benjamin Netanyahu's Office, the Innovation Bridge will act as a great platform for promoting knowledge-exchange by providing comprehensive guides and toolkits to help startups explore expansion opportunities.

After concluding a historic three-day visit to Israel, which saw Narendra Modi becoming the first Indian Prime Minister to visit the country after 70 years, Modi has now landed in the German city Hamburg to attend the G20 Summit.

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