From India’s evolving startup ecosystem
Author: Dr. Chintan Vaishnav
Startups are powering recovery, reorientation and growth in innovation-driven economies, building decentralized yet collective futures aligned with the evolving needs and value systems of their countries. The global startup economy is worth about $3 trillion out of the $90 trillion global economy and is growing exponentially.
The role of startups in driving innovation to respond to a rapidly changing global scenario is clear during the pandemic, not only in helping save lives, but also in paving the way for economic rejuvenation. is expressed. A growing number of startups are providing platforms and tools to foster cross-border collaboration and innovation, helping economies reach the Sustainable Development Goals. As such, they play an important role around the world 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 currently the third largest in the world, with 107 unicorns, over 83,000 startups and a growing innovation ecosystem to support them.
Through the 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.
1. Foundations and Alliances: Across the G20 economies, there are multiple definitions of startups and their activities. Through the first pillar, consensus-based definitions and terminology will be evaluated to create a startup handbook to lay the foundation for 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.
2. Finance: The second pillar focuses on policies and frameworks to facilitate startup funding and create a supportive environment by providing networking and pitching opportunities.
3. Inclusiveness and Sustainability: The third pillar will focus on setting up mechanisms to facilitate startups that address key SDG gaps or groups that need special focus on inclusion (women entrepreneurs, individuals with disabilities, , etc.).
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 the 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 communiqué outlining recommendations commonly agreed upon by G20 countries will be compiled and presented. In addition, several publications on guidelines, best practices, frameworks and strategic recommendations resulting from the above interactions will also be procured. Moreover, India also aims to create a ‘Global Innovation Hub’ where such activities and results from this engagement can be anchored.
Through its G20 Presidency, India envisions bringing the world 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 that makes them part of our collective future. I’m here.
I am the mission director of the Atal Innovation Mission and the chair of Startup20.
(courtesy PIB Srinagar)
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