G20 Nations to Deliberate on Establishing Unified Startup Definition Framework
- ByStartupStory | May 30, 2023
Senior official reveals G20 Nations, including India and the US, Engage in Consultations to Establish Unified Startup Definition Framework for Promoting New Venture Growth.
The Third Meeting of the Startup20 Engagement Group, Led by India’s G20 Presidency, to Address the Creation of a Common Framework for Startup Definition, Alongside Other Key Topics, in Goa on June 3-4. The Framework Aims to Benefit Investors and Stakeholders across G20 Member Nations’ Startup Ecosystem.
During the media briefing, Chintan Vaishnav, the Chair of Startup20 India and Mission Director of Atal Innovation Mission, Niti Aayog, highlighted the existence of five task forces within the group. These task forces encompass areas such as foundation, alliances, finance, inclusion, and sustainability.
“The idea of the foundation is to come up with a startup definition framework which is applicable across different economies. When you talk about the global startup ecosystems coming together, working together, becoming interoperable, you realize that there are no common definitions of startups across these nations,” he told reporters here.
According to Chintan Vaishnav, the focus is on offering a range of options to countries in order to establish their own startup definitions. The alliances task force aims to facilitate collaboration among crucial stakeholders in the startup ecosystem, including incubators and regulators. Likewise, the finance task force aims to enable startup financing at a broader scale, allowing nations to invest in these ventures and promote cross-border investments.
“There are many other financial issues like taxation of startups is a very major issue across the world,” he said adding in the inclusion part, “we are trying to focus” on marginalised groups and empowering these groups by following best global practices.
Additionally, the sustainability task force aims to identify startups that are willing to align with the Sustainable Development Goals (SDGs). Regarding the anticipated outcomes of the summit meeting in Gurugram on July 3-4, Chintan Vaishnav mentioned the adoption of a policy communique on startups, the establishment of a common framework for defining startups, and the possibility of establishing a global innovation center or network to execute the initiatives envisioned by the Startup20 group.
“Also a network of global points of contact. If a startup wants to go to another country, is there a way to enter into that ecosystem? Some kind of common financing of startups, how much money to allocate, how do you invest across borders; and mechanisms to support these marginalised communities and also support those startups that help the world achieve the SDGs,” he added. “We are hoping for such kind of outcomes,” Vaishnav said.
During India’s G20 presidency, Startup20 presents a significant platform for facilitating global collaboration, idea sharing, and shaping the trajectory of startups and entrepreneurship worldwide. The forthcoming meeting will primarily focus on achieving consensus on the Draft Policy Communique, which has been made available to the public for feedback by Startup20.
The event will include a captivating startup showcase, engaging discussions as part of the Startup20x series, immersive cultural experiences, and deliberations on the practical implementation and advantages of the concepts outlined in the document.
Esteemed representatives from regional, national, and international levels are expected to attend the meeting, adding immense significance to the event. Stakeholders were invited to provide their valuable feedback on the draft until May 27, which will be incorporated into the final version of the Policy Communique. The response has been overwhelming, with hundreds of views received from across nations.
Following the meeting in Goa, the group will finalize the communique and present it at the Gurugram gathering. Notably, the G20 countries collectively house approximately 850,000 startups, with India alone being home to over 98,000 recognized startups. Moreover, these economies boast around 1,600 unicorns, out of which 108 are based in India.
Follow Startup Story
Related Posts
