Startups are powering the recovery, reorientation and growth of innovation-fueled economies, building decentralized yet collective futures aligned with the evolving needs and value systems of their countries. The global startup economy is worth nearly $3 trillion of the total global economy of about $90 trillion and is growing exponentially. The role of startups in driving innovation to respond to a rapidly changing global scenario is evident during the pandemic, not only by helping save lives, but also by leading the way in restoring economic vitality. was. A growing number of startups are providing platforms and tools to foster cross-border collaboration and innovation, helping economies achieve the Sustainable Development Goals (SDGs). They therefore play an important role in terms of job creation, technological progress, long-term growth and crisis management.
Launched under India’s G20 Presidency in 2023, the Startup-20 Engagement Group aims to support startups and bring together startups, companies, investors, innovation institutions, and other key ecosystem stakeholders. We aim to create a global narrative to realize the synergy of India’s startup ecosystem is his third largest in the world, with 1,072 unicorns, over 83,000 certified startups, and the ever-expanding innovation ecosystem that supports them.
Through its newly launched Startup-20 Engagement Group, India aims to help the world develop a comprehensive framework to support innovative startups through strategic cooperation among G20 countries. While each of the G20 countries is building startup ecosystems in-house, the group will work together to enable startup funding models, bringing coherence and co-creation, especially in globally important sectors. .
In the inaugural year of this engagement group, India identified three common pillars. The first is foundations and alliances. Across the G20 economies, there are multiple definitions of startups and their jobs. Through the first pillar, consensus-based definitions and terminology are evaluated to create a handbook for startups to lay the groundwork for his Startup20. In addition, this pillar also aims to generate a framework and facilitate cross-border collaboration to create global alliances among stakeholders in the startup ecosystem of the G20 economies.
The second is finance. This pillar will focus on policies and frameworks to facilitate startup funding and create a supportive environment by providing networking and pitching opportunities. The third is inclusiveness and sustainability. This pillar could be used to set up mechanisms to facilitate start-ups that address gaps in the SDGs, or groups that need special focus for inclusion in areas of common interest for all countries (e.g. women and people with disabilities). Concentrate on setting up mechanisms to represent people’s entrepreneurs.
Startup-20 envisions hosting events and sessions to achieve its mission of developing a startup ecosystem across the G20 countries. These activities span his six events starting with the opening event on 28th January 2023 (Hyderabad) and his summit on 3rd July 2023 (Gurugram). Multiple intervening events have also been proposed in different parts of India. Additionally, a large scale startup showcase is planned to introduce the Indian startup ecosystem to the world.
Through this engagement group, a formal policy statement outlining the recommendations commonly agreed upon by the G20 countries will be compiled and presented. In addition, several publications will be procured on guidelines, best practices, frameworks and strategic recommendations resulting from the above interactions. Moreover, India also aims to create a global innovation hub where such activities and the results from this engagement can be anchored. Through its G20 presidency, India envisions bringing to the world her one planet, one family and one future spirit. In the same spirit, the Startup-20 Engagement Group aims to help startups through inclusive and diverse participation to create and sustain a global narrative to make them part of our future. .
Chintan Vaishnav is the Mission Director of the Atal Innovation Mission and Chair of Startup20.
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