The Bay Area Council recently held a meeting in its San Francisco-based office with senior director Sean Randolph getting a visit from Bangalore-based IETO director Nanjundaiya Ramesh Kumar, which led to potential avenues for bilateral relations.
Among the topics for discussion were explorations of ways to reconnect the growing Bay Area/Silicon Valley with India to examine avenues for two-way general trade, high end research collaboration, business and investments, according to a news release.
The latest Indian economic scenarios were discussed, including Digital India initiatives and solar energy generation, among others.
The hope is for the Bay Area Business Council to connect with Karnataka through technology and innovation.
The news release, provided by Kumar, said that it is well known that today the Bay Area and Silicon Valley excel at transformational innovation.
“It seems apparent that today the Bay Area region's institutional research infrastructure makes the region a magnet for funding of research, licensed by active entrepreneurs to produce evolving, cost effective and new commercial products and services with wide applications,” Kumar said.
“Added to this, the Bay Area venture capital industry fuels the transition with an unmatched record of turning ideas, disruptions into high end products and services with a global vision,” he added.
The council is reportedly planning to produce a report titled “California and India – Business and Trade Potential” for a soft release during the latter part of this year, the release said.
“It is observed that, while under the new central government in India, a lot of economic transformation seems to have been undertaken and results are trickling in, but the start-up support ecosystem remains a work in progress, it was felt. It is also felt that most Indian universities are lagging behind the curve when it comes to programs that generate and support entrepreneur led start-ups,” Kumar said.
The IETO director added that, in India, it was felt that the academia and industry connect is rather undeveloped.
“Under the innovation inputs research analysis, the Bay Area Council looks at countries at several metrics as the level of government funding for scientific research, share of articles published in international scientific publications, the level of scientific and engineering talent, situation of patents, activities at established technology parks, development on quantum communication, developments in the field of robotics and artificial intelligence, mobile commerce and activities of other industries as software, biopharma, semiconductors, automobiles, etc.,” he said.
“It is felt that there are some good avenues to further the bilateral business, trade and investment relations between the Bay Area/Silicon Valley and centers like New Delhi, Mumbai and Bangalore,” Kumar added. “The proposed economic report should be able to throw some light on the business potential and possible areas of collaboration.”
Additionally at the meeting, a revival of the San Francisco and Bengaluru sister city initiative was discussed, which now Kumar believes would be a good time to do so, as well as Bay Area business and trade delegations from Karnataka.
“IETO, Bengaluru will be able to facilitate two ways’ delegation visits for deal closures,” he said. “Various mutually beneficial business opportunities could be in the broad areas as direct investment, accelerators, corporate innovation centers, participation in start-up events, tapping venture funds and private equity from the bay area and university research partnerships.”