BENGALURU: The year 2015 had been quite triumphant for the Indian startup sector. Despite the exorbitant red-tapism in India, young talent is increasingly stepping into the entrepreneurial ventures giving birth to innovative startups here. Moreover, Narendra Modi’s Startup India initiative has also given that quintessential backing to entrepreneurship, rolling out a clutch of schemes.

The initiative to nurture innovation also has propelled the Indian ventures to forge partnerships with the vibrant startup industry in the land of Silicon Valley. As the startup sector is mushrooming, diplomats are recognizing the beneficial joint ventures between innovations in India startup ecosystem and the U.S.

Taking this into account, the ministry in both the nations have laid the foundation of the United States – India Science & Technology Endowment Fund (USISTEF) to bolster joint activities paving way for a new paradigm in the innovation space and technopreneurship. The Endowment Fund activities are supported and monitored by the bi-national Indo-U.S. Science and Technology Forum (IUSSTF).

Joint U.S.-India entrepreneurial initiatives with a dint of creativity and cutting-edge innovation can be opted for financial support from this fund. This competitive grant program based on the theme of “commercializing technologies for societal impact” has created an opportunity for social impact startups to get $400,000 of grants from the U.S. India Endowment Fund.

Proposals with a reasonable balance in the distribution of work between Indian and U.S. partners carry a high probability to get selected for grants up to 2.50 Cr or approximately $400,000 (subject to prevailing exchange rates). The process of awarding the grants includes completion of specific milestones like requirements to raise/ invest funding to match the grant at some stage. The board has recently announced its seventh Call for proposals where the last date for online submission is June 15, 2016.

Following are the aspects/Priority Areas that the program incorporates:

 1) Healthy Individual with a focus on affordable biomedical devices, diagnostic/ preventive/curative measures, or food and nutrition products to improve health, and

2) Empowering Citizens with a focus on reducing the digital/technology divide including others, information and communication technologies with societal impact in areas such as water, agriculture, financial inclusion, and education.

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