Startup 20 Engagement Group, set up under India’s G20 presidency, will deliberate on policy recommendations on entrepreneurship and innovation during its meeting in Hyderabad on 28 and 29 January, the commerce and industry ministry said on Wednesday.
It will have delegates from G20 nations and nine special invitees from observer countries, representatives from multilateral organizations as well as the Indian startup ecosystem, the ministry said.
“The group formed under G20 after India assumed presidency will convene from January 28-29 anticipating a productive development of policy recommendations on entrepreneurship and innovation priorities of and across G20 countries for the years ahead," it added.
The meeting aims at creating a global narrative for supporting startups and fostering synergies between startups, corporates, investors, innovation agencies, and other stakeholders.
Startup20 India Chair Chintan Vaishnav stated that as the world’s third-largest startup ecosystem, India is well-positioned to lead the charge in supporting innovative startups, particularly in the sectors of global importance.
The Startup20 engagement group will work to harmonize the global startup ecosystem through consensus-based definitions and promote a global community of knowledge sharing among startup ecosystems to explore opportunities.
“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."
“Additionally, we aim to create supportive policies for industry players and government organizations to work with startups, Chintan said.
The Startup20 has three taskforces - foundation and alliances; Finance; and inclusion and sustainability.
The foundation and alliances taskforce will work to harmonize the global startup ecosystem. It will aim to create supportive policies for industry players and government organisations to work with startups.
It will also bridge the knowledge gap between the startup ecosystems of G20 member countries and emerging economies through partnerships to enable more industry players across G20 nations to work with startups and concrete solutions.
Finally, it will aim to create supportive policies for industry players and government organizations to work with Startups and provide points of contact for the participating G20 countries sustained collaboration.
“The Finance Taskforce will aim to increase access to capital for Startups by providing financing and investment platforms specifically for early-stage Startups to broaden the array of financial instruments available to Startups. It will also create pitching and networking opportunities for Startups with the global investor community," the ministry said.
It will also work to provide a framework built upon best practices for global investors to fund Startups across G20 member nations, helping build suggestive frameworks that could be implemented in emerging ecosystems for building investment capabilities.
Under the inclusion and sustainability, the roadmap involves increasing support for women led startups. Further, it said that the Startup20 summit event will be held on 3 July.
“Expected outcomes and key deliverables of Startup20 include the official policy communique, a startup handbook with a set of commonly agreed upon definitions and terminologies, a global innovation centre to foster collaborations across borders, and promotion of Startup20 as a point of contact for startup ecosystems worldwide," it added.