Startups have become essential in driving innovation and growth in various industries. With innovative solutions to untapped opportunities and unaddressed challenges, start-ups are playing a key role in advancing technology in areas such as education, agriculture, healthcare, energy and climate resilience. .
The G20 (a group of 20 major economies representing about 85% of world GDP, 75% of world trade, and two-thirds of the world’s population) has a vibrant startup ecosystem.
With over 1 million startups, 10,000 incubators and accelerators, and 750 unicorns, the G20 countries are at the forefront of innovation and entrepreneurship.
Different presidents such as Women20 (President of Turkey in 2015) and Science20 (President of Germany in 2017) have introduced different engagement groups. Similarly, her G20 Presidency in India launched her Startup20 Engagement Group, a platform dedicated to startups.
Early in the G20 meeting, the Business20 engagement group handled all startup-related discussions. For the first time, there is a dedicated forum for startups under the G20 umbrella.
Having a forum dedicated to startups allows G20 countries to work together to support and strengthen the growth of the startup ecosystem. It will not only drive progress and innovation within the G20, but also have a positive impact on the global economy and society as a whole.
The official platform for startup empowerment
Startup20 is a platform for entrepreneurship and innovation leaders from G20 countries to work together to create policy advocacy to support the development of the startup ecosystem.
It aims to establish a global innovation center that will bridge the knowledge gap between G20 countries and emerging economies and foster cross-border cooperation.
One of the key discussions is exploring ways to reduce startup failure rates and how some startups became global companies. The group will also focus on the role of startups in disaster management and the incentives governments can offer to support startup efforts.
The formation of international networks of entrepreneurs, investors and mentors helps grow new businesses, provides a platform for exchanging ideas and best practices, and facilitates R&D partnerships.
In addition to financial goals, Startup20 is committed to promoting inclusiveness and environmental sustainability. We believe that supporting startups across the G20 countries will lead to a more equitable and sustainable future.
What is modus operandi?
Startup20 brings together key stakeholders from the G20 startup ecosystem, including founders, investors and government officials, to develop and implement policies and programs to support startup growth.
Established three task forces to harmonize the startup ecosystem of G20 member countries by proposing recommendations for development and growth through multilateral cooperation.
Each task force has a council of experts from private and government organizations from G20 countries. There is a Chair (Indian) and a Co-Chair (International Representative) who are responsible for leading and coordinating the activities of the Task Force.
- The Foundation and Alliance Task Forces will establish common definitions through consensus building to promote greater cohesion within the global startup ecosystem, while sharing knowledge and discovering new opportunities across diverse startup ecosystems. Facilitate the creation of a global community that encourages Additionally, partnerships will be formed among enablers such as incubators and government agencies to bridge the knowledge gap between the G20 and emerging economy startup ecosystems and enable a wider range of industry players to work with startups to develop solutions. increase.
- The Finance Task Force aims to increase the availability of funding by creating a funding and investment platform specifically tailored to the needs of early stage start-ups. This could expand the range of financial instruments available to startups and allow traditional lenders to see them as an asset class. Additionally, the initiative will facilitate opportunities for startups to market their ideas and connect with the global investor community, increasing their visibility and access to funding.
- The Inclusion and Sustainability Task Force aims to enable more investors to responsibly invest in startups built on sustainable practices. It also includes developing initiatives to promote diversity and inclusion in the ecosystem.
Startup20’s activities span four events. The launch event was held in Hyderabad on 28-29 January 2023. The second event, Startup20 Sikkim Sabha (focused on task force deliberations), concluded on March 18-19, 2023 in Gangtok, Sikkim. The next summit will be held in Gurugram on July 3, 2023, after which the final event will be held in Goa on June 3-4, 2023.
How can people get involved with this group?
There are several opportunities for those who want to get involved and contribute to Startup20.
- Host a Startup20x event: Host a Startup20x event in your city or region. This is a local event that brings together entrepreneurs, investors and other startup enthusiasts to discuss topics related to startups and innovation.
- Become a Task Force Member: Become a member of Startup20’s task force and contribute to a variety of initiatives including advocacy, research, and events.
- Partner with Startup20: You can partner with Startup20 to showcase your products and services and collaborate on various initiatives.
- Showcase your startup: Startups can showcase their products and solutions as part of the Startup20 event. This allows you to increase your exposure, connect with investors and find potential customers.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect those of YourStory.)