WASHINGTON: In a bid to facilitate the movement of innovation from discovery to commercialisation, a forum to forge new partnerships between India and the US will be held in New delhi next week.
The Innovation Forum will be formally launched in New Delhi on August 29 on the sidelines of the second annual Strategic and Commercial Dialogue between the two countries.
"The Innovation Forum will facilitate the movement of innovation from discovery to commercialisation by focusing on the complex interplay of relationships between academic researchers, small businesses, the investor community, multinational companies, and governments that are central players in an innovation ecosystem," Arun Kumar, Director General of the US & Commercial Service said.
It will be hosted by Federation of Indian Chambers of Commerce and Industry.
The launch event will highlight its planned activities and featuring groups that are already showing leadership in the US-India innovation space.
Kumar said it is an important component of the US-India Strategic and Commercial Dialogue.
"It will forge new partnerships between the numerous sectors across the innovation ecosystems of both countries," he said.
The Forum was first announced by the two countries last year on September.
In a joint statement, the two countries agreed to facilitate an innovation forum in 2016, a platform for the US and Indian entrepreneurs to share best practices in promoting a culture of innovation and the creation of sister innovation hubs.
It was launched to help recognise the important role that innovation partnerships already play in the US-India economic ties, and the powerful role they will play in the future, said Rick Rossow, who holds the Wadhwani Chair in the US.
India Policy Studies at the Center for Strategic and International Studies (CSIS).
He was asked to act as the secretariat for the Innovation Forum, with Romesh Wadhwani as the chairman of the initiative.
Since it was first announced, CSIS has organised a steering committee which has highlighted three key areas for focused actions: expanding university commercial research collaboration; strengthening the innovation ecosystems critical for entrepreneurial success; and strengthening government grant-making to innovators.
The forum will see participation of several businessmen, including Deveng Khakhar, Director of IIT Mumbai, Vijay Chandru, Chairman and CEO of Strand Life Sciences and Didar Singh, Director General of FICCI.