The G20 Startup20 Engagement Group will meet for the first time this week in Hyderabad, with delegates from the G20 countries and nine special invitees from observer countries, representatives from multilateral organisations, and representatives from the Indian startup ecosystem.
The G20 group formed after India assumed the presidency will meet on January 28–29 to develop policy recommendations on entrepreneurship and innovation priorities in and across G20 countries for the coming years.
The meeting will establish a global narrative for assisting startups and fostering synergies among startups, corporations, investors, innovation agencies, and other key ecosystem stakeholders.
Dr. Chintan Vaishnav, Chair of Startup20 India, stated that as the world’s third-largest startup ecosystem, India is well-positioned to lead the charge in supporting innovative startups, particularly in sectors of global importance. The Startup20 Engagement Group will work to harmonise the global startup ecosystem through consensus-based definitions, as well as to promote a global community of knowledge sharing among startup ecosystems in order to explore opportunities. Furthermore, Chintan stated that the goal is to develop policies that encourage industry players and government organisations to collaborate with startups.
Startup 20 is divided into three task forces: Foundation and Alliances, Finance, and Inclusion and Sustainability.
The Foundation and Alliances Taskforce will work to unify the global startup ecosystem through consensus-based definitions and foster a global community of knowledge sharing among startup ecosystems in order to explore opportunities. Through partnerships, it will also bridge the knowledge gap between the Startup ecosystems of G20 member countries and emerging economies, allowing more industry players across G20 nations to work with Startups and develop concrete solutions. Finally, it will seek to develop policies that encourage industry players and government organisations to collaborate with startups, as well as provide points of contact for the participating G20 countries to maintain their collaboration.
The Finance Taskforce will aim to increase Startups’ access to capital by providing financing and investment platforms tailored to early-stage Startups. It will work to establish a framework based on best practices for global investors to fund startups in G20 member countries.
The roadmap for inclusion and sustainability includes increasing support for female-led startups and organisations, promoting startups working to make communities more inclusive, and promoting startups working on SDGs in areas of global interest. Furthermore, this Task Force aims to encourage mentorship support for the Startup ecosystems of G20 member countries and emerging economies, as well as to enable more investors to invest responsibly in Startups built on sustainable practices.
Meanwhile, Startup20 will host five events, beginning with the inception event on January 28–29, 2023, in Hyderabad and ending with the summit event on July 3, 2023, in Gurugram. Three intervening events will take place in various parts of India.
The official Policy Communique, a Startup Handbook with a set of commonly agreed upon definitions and terminologies, a Global Innovation Center to foster cross-border collaborations, and promotion of Startup20 as a global point of contact for startup ecosystems worldwide are among the expected outcomes and key deliverables of Startup20.
