G20 members working to arrive at common framework to define startups

A senior official said that G20 member countries, including India and the United States, are in consultations to come up with a common framework to identify startups with the aim of boosting the growth of new projects.

This issue among others will be brought up for discussion during the third meeting of the Startup20 Engagement group on June 3-4 in Goa.

In a media briefing on these meetings under India’s G20 Presidency, Startup20 India President and Mission Director Atal Innovation Mission, Niti Aayog, Chintan Vaishnav said that it may not be possible to have a common definition of startups.

“The meeting in Goa on June 3-4 will try to come up with a definitional framework applicable to the G20 countries,” he told reporters here.

The focus of the Goa meeting will be building consensus around the draft policy statement, which Startup20 recently published looking for public views.

After the Goa meeting, the group will finalize the manifesto and take it to the Gurugram meeting scheduled on 3-4 July.

The Engagement Group has prepared a list of support measures that should be extended to the sector based on the reports of its five task forces on incorporation, alliances, financing, inclusion and sustainability.

These actions are included in the draft policy statement.

The idea of ​​the organization is to come up with a startup definition framework that can be applied in different economies. He said that when you talk about global ecosystems of startups coming together, working together, becoming interoperable, you realize that there are no common definitions of startups across these countries.

It added that the attempt was to provide a framework of choices within which a country could make a definition.

Within alliances, countries are trying to ensure some form of platform to foster collaboration between key stakeholders in the startup ecosystem such as incubators and regulators.

Similarly, the idea of ​​the Financial Action Task Force is to open up financing for start-ups in general for countries to invest in these companies and also for cross-border investments.

He said that taxing startups is a very major issue around the world, adding in the inclusion part, that we are trying to focus on marginalized groups and empower these groups by following global best practices.

Moreover, the idea of ​​the Sustainability Task Force is to identify startups that would like to be measured by the Sustainable Development Goals (SDGs).

When asked about possible outcomes from the summit meeting in Gurugram on July 3-4, he said it included the adoption of a policy statement on startups; a common framework for identifying startups; There is hope that there will be a global innovation center or network of innovation centers that will do what Startups 20 wants to do going forward.

Also a network of global contact points. If a startup wants to go to another country, is there a way to get into that ecosystem? kind of co-financing for startups, how much money to set aside, how to invest across borders; And mechanisms to support these marginalized communities and support emerging companies that help the world achieve the goals of sustainable development.

Vaishnav said: We hope for such kind of results.

Under India’s G20 Presidency, Startup20 is a prime opportunity to foster collaboration, share ideas and shape the future of startups and entrepreneurship on a global scale.

The focal point of the meeting will be building consensus around a draft policy statement, which Startup20 recently published asking the public for their opinions.

The meeting will include a showcase of startups, exciting talks as part of the Startup20x series, cultural experiences, and discussions on the implementation and benefits of the ideas outlined in the document.

The meeting is expected to be attended by personalities from the state, central and international, which increases the importance of the event.

The deadline for submitting views on the draft was May 27. The final version of the policy statement will include valuable input from stakeholders across countries. He said hundreds of opinions had been received on the subject.

There are about 8,50,000 startups in the G20 countries out of which more than 98,000 startups are recognized in India. There are about 1,600 rhinos in these economies and about 108 in India.

(Only the title and image for this report may have been reworked by the Business Standard team; the rest of the content is generated automatically from a shared feed.)