Relation between India and Israel is at its peak after PM Narendra Modi’s visit to the nation known as the ‘hub of technology startups’. In the same line, to help startups to grow and nurture, the Nasscom Product Council and Accenture, an IT consulting major plans to collaborate with Israel Innovation Authority. This step is taken to help both the countries startups in joint product development, knowledge transfer and in the creation of hardware ecosystem.
This move comes after the Prime minister Narendra Modi visited Israel in July 2017. During his visit to the country, Prime Minister had promised collaboration in technology, defence, and security along with bilateral cooperation in entrepreneurship and cyber security.
According to ET report, the Nasscom Product Council’s co chair Somdutta Singh and Avnish Sabharwal, MD, Accenture Ventures and Open Innovation, Accenture India plan to take the delegation of product council leaders, startups to Israel in the first week of September.
Commenting on the development, Somdutta Singh said, “We are working with startups in Israel and the collaboration between the two countries will benefit the world at large with new hardware innovation. This will also overcome the cultural challenges in workspaces in both the countries.”
As per the Avnish Sabharwal, the collaboration will happen around artificial intelligence (AI), machine learning (ML), blockchain, cybersecurity and in the areas of healthcare, pharmacy, agriculture among other industries.
“Every year, around 40 delegations go to Silicon Valley from India. We want the kind of traffic between Israel and India. We shall figure out MoUs with Israel Innovation Authority and other bodies there,” said Sabharwal.
Sabharwal believes that with this collaboration they would be able to make the Israel-India corridor as strong as the Silicon Valley-India corridor and bring Israel based accelerators to India. Further Singh highlighted that for India to go ahead and change its image from an IT services nation, it’s important to frame policies better which will encourage the current product startup space.
Further, Singh highlighted that for India to go ahead and change its image from an IT services nation, it’s important to frame policies better which will encourage the current product startup space.
This is not the first time when such initiative is taken. Earlier in July 2017, Idein Ventures, a global private equity firm with its India offices in Hyderabad and Mumbai, had expanded to Israel.
In the same month, India’s Reliance Industries Ltd (RIL) announced that they are going to invest a whopping $ 25 million in Israel-based technology incubator, Jerusalem Innovation Incubator (JII).