In a bid to promote trilateral innovation and business opportunities between the US, India, and Israel, Israel-India Technology Group has launched a trilateral fund of $50 million.
"We are launching a trilateral investment partnership, a platform which is primarily for the needs and aspirations of the trilateral opportunities," Dennis Mehta, a member of the Israel-India Technology Group said at the Tech Triangle Summit n New Delhi on the sidelines of Israeli Prime Minister Benjamin Netanyahu's six-day visit to India.
"Our model uses Israel as the supplier of technology, India as a mass market opportunity and the US -- which is the third important part of the equation -- brings in capital," he added.
The summit held by Indian IT industry's apex body Nasscom in partnership with US-based Indiaspora was aimed at building on the strong economic and intellectual engagement between India and Israel, as well as setting another example of the growing convergence, collaboration and cooperation between the US and India.
"While the relationships and collaboration between India, Israel and the 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 complementarities," said R. Chandrashekhar, President, Nasscom.
"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," he added.
On the same occasion, Nasscom signed an agreement with Israel-based start-up accelerator organisation MassChallenge, 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," said Israel Y. Ganot, Managing Director, MassChallenge.
Indiaspora founder M R Rangaswami, a Silicon Valley entrepreneurial veteran and community activist, said the organisations were working in close consort with American Jewish Committee, the Global Indian-Jewish Relations Institute and the Hindu American Foundation to foster closer ties between the Indian American and Jewish communities to create a triangular strategic business and technology ties between the three countries.
During the summit, global management and strategy consulting firm 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.