In a collaborative effort, NASSCOM and MassChallenge Israel have partnered to support entrepreneurship with a scholarship agreement.

10 Indian startups will be selected for a $5000 scholarship each, funded by NASSCOM and the Deshpande Foundation. The finalists will then attend a four-month equity-free accelerator programme. The programme which is held in Jerusalem will also be attended by finalists of MassChallenge Israel 2018. MassChallenge Israel is a startup accelerator.

“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,” NASSCOM President R Chandrasekhar said in reference to India, Israel, and the US.

The scholarship funds received by the selected startups will enable overall business growth as well as allow access to resources by MassChallenge Israel. The announcement about the collaboration and scholarships came around the same time as the Israeli Prime Minister Benjamin Netanyahu’s India visit.

According to a report by Zinnov titled ‘USA-India-Israel: An Ocean of Opportunities’, both Israel and India are home to 5,000 startups, with those in Israel having raised $5 billion and Indian startups having raised $4 billion.

In addition, the Israel-India Technology Group (I-ITG) has created a Trilateral Fund to promote and encourage entrepreneurship and collaboration between India, Israel and the US. The fund is worth $50 million.

“With MassChallenge Israel’s resources and role as a leader in Startup Nation, Indian startups will be able to take their businesses to the international stage,” Israel Ganot, Managing Director of MassChallenge said.

The Trilateral Fund will help bring new technologies into Indian markets, looking toward startups working within fields such as clean water and drones. According to the Zinnov report, the collaboration could show progress in sectors including healthcare and agriculture.

“India is a large market with a high growth rate, while Israel has the best technology in the world,” I-ITG CEO and Chairman Dennis Mehta said. “US companies and investors have the capital and are looking at investing in high growth regions. I-ITG is bringing market-technology-capital together.”

(Picture courtesy: https://thetechportal.com/)