Offering a platform for ground-breaking innovation, the G20 takes center stage with the launch of Startup20 under India’s prestigious global presidency. Comprising an esteemed gathering of 20 influential nations, the G20 sets the tone for the world’s most powerful economies and leaders.

Anchored by the overarching theme of “Vasudhaiva Kutumbakam” — one earth, one family, one future — this year’s summit emphasizes the intrinsic value of life and its interconnectedness with environmental sustainability, paving the way for a cleaner, greener, and bluer future on the individual. , national, and global scales.

The G20 consists of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkiye, the United Kingdom, the US and the European Union. India has invited Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and the UAE as guest countries this year.

The G20 forum represents around 85 percent of global GDP, and over 75 percent of trade, with Saudi Arabia, Germany, Canada & France as members. It also covers two-thirds of the world’s population, with being India, China, Indonesia and the US as members. It also includes four countries with large Muslim populations such as Indonesia, India, Saudi Arabia and Turkey.

The notable invitees among international organisations are the United Nations, World Bank, International Monetary Fund, World Health Organization, World Trade Organization, ILO, FSB, OECD, ASEAN Chair, ISA etc. In other words, G-20 represents the wealthiest, largest and most influential countries, organizations and leaders in the world.

In addition, by virtue of its privilege as the host, India has invited Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and UAE as special guest countries. G-20 meets consist of interaction of various engagement groups such as Business20, Labour20, Parliment20, Science20, SAI20, Think20, Urban20, and the Startup20 engagement group constituted the first time under present G20 of India’s Presidency to recognize the role of startups in driving innovation. A new working group on Disaster Risk Reduction has been set up to encourage collaboration, multi-disciplinary research and the exchange of best practices.

The Business 20 (B20) is the official G20 dialogue forum with the global business community. B20 is among the most visible Engagement Groups in G20, with companies and business organizations as participants. The B20 shepherds the process of mobilizing global business leaders for their views on issues concerning global economic and trade governance.

The B20 seeks to make concrete actionable policy recommendations on priorities by each rotating presidency to ignite economic growth and development. The B20 works on the basis on Task Forces (TFs) and Action Councils (ACs) delegated to develop consensus-based policy recommendations to the G20 and to international organizations and agencies. B20 submits its final recommendations to the G20 Presidency during the B20 Summit.

Within the G20 framework, the Startup20 engagement group stands as a beacon of innovation, serving as a dialogue forum for startup ecosystem stakeholders across member nations. It intends to represent the startup ecosystem of the G20 nations to explore the macroeconomic concerns and challenges faced by the startup ecosystem players in these nations.

Startup20 is dedicated to foregrounding key themes for discussion and formulating recommendations against each priority area. The group will corroborate and consolidate the final recommendations to the G20 Presidency for discussion at the G20 Summit, through a consensus-based approach. Startup20 India is designed to function through Taskforces tasked with developing key priorities and identifying topics around which recommendations need to be formulated to support the startup ecosystems globally.

Under the Startup20 umbrella, three task forces have been established, each dedicated to tackling specific priorities. The Foundations and Alliances Taskforce fosters partnerships with governments, policymakers, academic institutions, industry associations, and international organizations to create a comprehensive startup ecosystem.

The Finance Taskforce explores avenues to enhance financial instruments available to startups and foster connections with the global investor community. Simultaneously, the Inclusion and Sustainability Taskforce promotes inclusive entrepreneurship, supports startups working towards the United Nations Sustainable Development Goals (SDGs), and encourages sustainable growth strategies.

The inaugral meeting for Startup20 was held in Hyderabad on 28 and 29 January 2023. The two-day event saw enthusiastic participation from delegations across G20 nations, invitee nations and various national and international organisations and startup ecosystem players. The meeting received diverse inputs on the issue note and agenda of Startup20 and the task forces which were incorporated in a democratic manner.

One of the highlights of the inception meeting was the launch of Startup20X. Startup20X is a platform designed to host talks, conferences, and events under the aegis of India’s Startup20 Engagement Group. It will offer leaders from the world of innovation and entrepreneurship and a platform to share their experiences and network with other stakeholders.

The second meeting of the Startup20 Engagement group, which was formed under India’s G20 Presidency took place in March in Gangtok, Sikkim. The task force members (delegates from the G20 nations) of the Startup20 Engagement Group discussed about the first draft of the official policy communiqué. The inauguration session was graced by over 300 dignitaries from G20 members and invitee countries, international organisations, and the host country.

The Chief Minister of Sikkim, Shri P S Tamang, addressing the inauguration session of the second Startup20 highlighted the importance of India’s G20 presidency. He said that StartUp20 is an opportunity to interact with key stakeholders in one platform to cater to the needs of innovation, digitization, dynamic energy and breakthroughs in technology and that India’s G20 presidency signifies the confidence and commitment of both the developed and developing countries. Shri V B Pathak, Chief Secretary of Sikkim, envisaged Startup20 as a platform to support entrepreneurs, innovations, and rural industries. Minister of State for Commerce and Industry, Shri Som Prakash expressed happiness that under the leadership of Prime Minister, Modi, India has become the third largest startup ecosystem in the world.

Following the inauguration session, the task force members along with the Startup20 team settled down at five cafes on MG Marg to deliberate and confabulate on their respective draft policy papers on Foundations, Alliances, Finance, Inclusion and Sustainability. The delegates visited fifty Startup Showcase stalls, representing startups from the ecotourism, organic manufacturing, healthcare, education, and technological sector, spread across the MG Marg.

Later, the delegates headed for the Startup 20X conference at Chintan Bhawan. The conference began with an interactive session on sustaining Startup20 Engagement Groups by Ashish Sinha, Joint Secretary, Ministry of External Affairs. Various startup founders from the north-eastern Indian states, Mandira Chettri, founder of O2 Himalaya, and Aeroshil Nameirakpam, the founder of Nibiaa Devices, participated in the conference, sharing their experience with the audience. Kanta Singh, the Deputy Country Representative of UN Women, India, and Chris Rachal, Director of Hawaii Department of Commerce, also weighed in.

In a display of unwavering determination and intellectual synergy, the G20 nations united at the third meeting of Startup20 in Goa to propel the growth and innovation of the global startup ecosystem. The meeting, marked by crucial discussions and strategic partnerships, served as a significant milestone in the journey of G20 nations towards fostering vibrant startup ecosystems worldwide.

Under the leadership of Dr. Chintan Vaishnav, Chair of Startup20, closed-door meetings between national and international delegations took place, focusing on key agendas and collaborative endeavours. These discussions laid the foundation for a transformative Policy Communiqué that would shape the future of startup ecosystems. Addressing the media during the press conference, Dr. Vaishnav expressed his satisfaction with the progress made and underscored the importance of the Policy Communiqué. This landmark agreement, forged through extensive consultations and collective efforts, embodies the commitment of G20 nations to create a conducive environment for startups to thrive and address global challenges.

The Policy Communiqué outlines specific action points that will drive the growth and sustainability of startup ecosystems. These include the establishment of a comprehensive definition framework for startups, the creation of a network institution to support startups and ecosystem stakeholders within the G20, expanded access to capital, streamlined market regulations, and a focus on inclusivity and representation within the startup ecosystem. These measures aim to empower startups to innovate, scale globally, and contribute meaningfully to global progress.

In a resounding call to action, Dr. Vaishnav urged G20 countries to unite in their commitment to the startup ecosystem, proposing a substantial allocation of 1 trillion dollars by 2030. This financial commitment demonstrates the collective determination of G20 nations to invest in startups as catalysts for economic growth and societal transformation.

The day concluded on an optimistic note, as delegates expressed their enthusiasm and dedication to realizing the goals outlined in the Policy Communiqué. The agreement signifies the Startup20 community’s confidence in scouting, funding, mentoring, and scaling startups globally. The G20 nations have taken a momentous stride forward, fostering an environment that nurtures and supports startups, paving the way for a dynamic and flourishing global startup ecosystem.

While driving discussions on growth and innovation, delegates also took a moment to extend their heartfelt condolences for the recent train accident in Odisha. Demonstrating solidarity with the affected families and the entire nation, the delegates emphasized the importance of collective efforts to ensure safety and security in all aspects of life, including transportation infrastructure.

Looking ahead, the summit meeting of the Startup20 Engagement Group is scheduled to take place in Gurugram on July 3rd and 4th. As the intellectual exchange continues and momentum builds, the G20 nations remain steadfast in their commitment to shaping a future where startups thrive, innovate, and contribute to global progress.

As the Startup20 engagement group paves the way for unprecedented collaboration and innovation within the G20, India’s leadership shines as a testament to the confidence and commitment of both developed and developing nations. With the world’s eyes turned to the G20 summit, the Startup20 engagement group stands poised to shape the future of global entrepreneurship, propelling the world toward new horizons of economic growth and sustainable development.

Source: Times of Oman