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Startup20 Group For Raising Annual Investments In Global Start-Ups Ecosystem To $1 Trillion By 2030

The Group, under the India G20 Presidency, is holding its 'Startup20 Shikhar', the summit meeting in Gurugram on July 3-4

Startup20 Group For Raising Annual Investments In Global Start-Ups Ecosystem To $1 Trillion By 2030

Press Trust Of India

POSTED ON June 28, 2023 9:27 AM

The Startup20 Engagement Group will press for raising the annual investment in the global start-up ecosystem to $1 trillion by 2030 from $700 billion last year, a senior official said on Tuesday.
     
The Group, under the India G20 Presidency, is holding its 'Startup20 Shikhar',  the summit meeting in Gurugram on July 3-4.
    
"This group concurred that they will call on the G20 leaders to raise their annual investment in the global start-up ecosystem to a trillion dollars by 2030," Startup20 India Chair and Mission Director Atal Innovation Mission, Niti Aayog, Chintan Vaishnav told reporters here.
     
He said that increasing investments would help make start-ups a true engine of economic growth globally.
     
Briefing media about the summit meeting, he said India is hosting global start-ups on such a large scale.
     
On a common framework to define start-ups in the G20 countries, Vaishnav said the framework has five components.
     
These components are "what kind of legal entity or start-up is this, what is the age of this start-up, size, scalability of the start-up, and what is the innovation in the start-up," he said.
     
A common framework to define these entities would help attract talent and investments.
     
"We want to harmonise the global ecosystem while retaining the autonomy of local or national ecosystems. We have realised that having a single definition for start-ups is not a practical idea but having a framework for people to choose from, given their legacy and interests is the way to go," Vaishnav added.
     
Under India's G20 presidency, Startup20 serves as a prime opportunity to foster collaboration, exchange ideas, and shape the future of start-ups and entrepreneurship on a global scale.
     
In the summit meeting, over 700 start-ups from different G20 members are expected to participate.
     
"In the last meeting in Goa, 95 per cent of the communique was agreed right there. We would now submit the communique to the world leaders," he said.
     
The group, he said, is proposing ideas along four dimensions which include creating and embracing some common definitional framework, governance framework, and due diligence framework.
     
It would help the members to understand and evaluate start-ups globally in some common ways.
     
In the Gurugram meeting, he said "We will propose ways to create channels across these ecosystems of the world so that finance, access to market, access to talent becomes easier for start-ups".
     
The group will also talk about the best ways to make the start-up ecosystem inclusive for under-represented groups and communities.
     
Besides, it would discuss ways to identify budding enterprises that have global interests so that countries can support them and make them global.
     
"To do all of these, we will discuss how there can be a globally networked institution that can implement these ideas so that we can scout start-ups internationally, invest in them collectively, mentor them, and scale them globally," Vaishnav said.
     
In the summit meeting, the group will officially release the final policy communique, which may find a place in the leaders' communique in September.
     
The communique will lay the foundation for a transformative and inclusive start-up ecosystem, fostering economic growth, innovation, and cross-border collaboration.
     
In addition to the discussion on building a global start-up ecosystem, the summit will host a large conclave, where start-ups will not only showcase their products and services but will engage in investor pitches, mentoring sessions, and other networking opportunities.
     
The Startup20 Engagement Group operates under the India G20 Presidency, aiming to shape the future of the global start-up ecosystem.
 

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