Startup20 aspires to create a global narrative for supporting startups and enabling synergies between start-ups, corporates, investors, innovation agencies and other key ecosystem stakeholders.
A two-day inception meeting of the Startup 20 Engagement Group was held in Hyderabad, on January 28-29, 2023.
Startup 20 is an important group of the G20 to generate more entrepreneurs from developing nations.
The group will also bridge the knowledge gap between the startup ecosystems of G20 member countries and emerging economies through partnerships with enablers such as incubators and government agencies.
The Startup 20 summit will be held in Gurugram in the month of July 2023.
The opportunity comes at a time when India’s startup ecosystem has grown to become the world’s third largest, with over 92000 startups, 108 Unicorns, and more than USD 40 billion in investment in 2022.
During Turkey’s presidency of the G20 in 2015, there was a Task Force on Small and Medium Enterprises (SME) and Entrepreneurship. Subsequently, in Japan (2019), there was the Young Entrepreneurs’ Alliance; in Italy (2021), the Innovation League; and in Indonesia (2022), the Digital Innovation Network, which is being continued during India’s presidency.
Objectives of Startup20:
The overarching goal of Startup20 is to propose a policy framework that achieves two objectives simultaneously: harmonisation of global startup ecosystems to facilitate their collaboration, and; doing so without compromising the national ecosystems’ freedom to grow in whatever way they see fit.
To accomplish its goals, Startup20 has formed three Task Forces that focus on critical areas vital to the development of a thriving startup ecosystem.
Foundation and Alliances, Finance, and Inclusion and Sustainability are among the Task Forces.
The Foundation and Alliances Task Force seeks to foster a global community of knowledge sharing among startup ecosystems, as well as to bridge the knowledge gap between G20 member countries, startup ecosystems, and emerging economies.
The Finances Task Force aims to increase access to capital for early-stage startups by providing financing and investment platforms tailored to their needs.
The Inclusion and Sustainability Task Force seeks to create equal opportunities for startup founders regardless of gender, race, class, or creed, as well as to create a conducive environment for startups building inclusive communities to drive equality and global economic growth.
Objectives of this task force:
Increase support for women-led startups and organisations
Promote startups working on making communities more inclusive
Enable more investors to invest responsibly in startups built upon sustainable practices
Encourage mentorship support to the startup ecosystems of the G20 member countries and emerging economies
Promote startups working on SDGs in areas of global interest
As the world continues to face economic and technological challenges, startups and entrepreneurship have a crucial role to play in driving growth and innovation. India has a thriving startup ecosystem with a large pool of talented entrepreneurs and investors, therefore Startup20 is also looking at ways to showcase the most successful startups to the world and move in a direction where these startups could set an example around the globe.