G20 member countries, including India and the US, are joining forces to establish a common framework for defining startups. The aim is to promote the growth of new ventures and foster a conducive environment for innovation. This initiative will be discussed during the third meeting of the Startup20 Engagement Group, scheduled to take place on June 3-4 in Goa, under India’s G20 presidency.
Chintan Vaishnav, the Startup20 India Chair and Mission Director at Niti Aayog, briefed the media about the upcoming meetings and emphasized the need for a comprehensive startup definition framework. While acknowledging the challenges of achieving a universal definition, Vaishnav stated that the Goa meeting will strive to develop a framework applicable across the G20 countries.
The primary focus of the meeting in Goa will be to build consensus on the Draft Policy Communique, which was recently published by Startup20, seeking public feedback. Following the Goa meeting, the group will finalize the communique and present it at the Gurugram meeting scheduled for July 3-4.
To support the startup ecosystem, the engagement group has identified several measures in the areas of foundation, alliances, finance, inclusion, and sustainability. These measures have been incorporated into the Draft Policy Communique. The foundation’s objective is to establish a startup definition framework that can be adapted by different economies. The alliances aspect aims to promote cooperation between key stakeholders such as incubators and regulators. The finance task force seeks to unlock funding opportunities for startups, both domestically and through cross-border investments. Addressing taxation challenges, the inclusion task force focuses on empowering marginalized groups and implementing best practices. Lastly, the sustainability task force aims to identify startups willing to align with the sustainable development goals (SDGs).
Vaishnav outlined the potential outcomes expected from the summit meeting in Gurugram, including the adoption of a policy communique on startups and the establishment of a common definition framework. Additionally, there is hope for the creation of a global innovation center or network, facilitating the implementation of Startup20’s objectives. The establishment of global points of contact and mechanisms for common financing of startups are also under consideration. Moreover, the group aims to support marginalized communities and startups contributing to the achievement of the SDGs.
Under India’s G20 presidency, Startup20 serves as a crucial opportunity to foster collaboration, exchange ideas, and shape the future of startups and entrepreneurship on a global scale. The meeting in Goa will feature a startup showcase, engaging discussions, and cultural experiences, highlighting the implementation and benefits of the ideas outlined in the Draft Policy Communique.
With over 850,000 startups across the G20 countries, including more than 98,000 recognized startups in India alone, this collaborative effort holds tremendous potential for driving global economic growth and innovation. By establishing a common framework and promoting cooperation, the G20 countries can facilitate the expansion of startup ecosystems, enhance cross-border investments, and empower marginalized groups. The outcomes of the Startup20 meetings have the potential to reshape the startup landscape and contribute to the achievement of sustainable development goals on a global scale.