StartUp20 engagement group meet ends, asks G20 to invest $1 trn by 2030

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The StartUp20 engagement group meeting Sunday in Goa culminated in a call to action for G20 countries to invest US$1 trillion in start-up ecosystems by 2030, a senior official said.

The two-day meeting here ended on a positive note as all the participating delegations agreed on the policy statement that was drafted during the conference, Dr. Chintan Vaishnav, Head of StartUp20 Engagement Group, told reporters.

“The statement will be adopted during the Gurugram meeting scheduled for next month. We have put out a call to action for G20 countries to allocate US$1 trillion for ecosystem startups by 2030,” he said.

Vaishnav added that this is the third meeting of the engagement group, with the first two being held in Hyderabad, Telangana and Sikkim.

We also put the policy statement on the StartUp20 webpage for people’s feedback. This is a true example of “jan bhagidari” (people’s participation). The draft policy statement contains recommendations for five task forces, namely Institutions, Alliances, Finance, Inclusion, and Sustainability.

The five actions agreed upon by the participants were the establishment and adoption of an identification framework for startups, the establishment of a networking institution to support startups and the start-up of the ecosystem across the G20 countries, the increase and diversification of access to capital, the facilitation of access to markets and the emphasis on this. Inclusion of underrepresented communities, he told Vaishnav, created the ability to scale startups of global interest.

Speaking about the global definition of startups, which was one of the agendas of the meeting, he said that a draft framework for definition was presented that includes entity type, age, size, revenue, scalability and innovation component.

“While there are differences in how startups are defined in G20 countries and these differences reflect organizational history, once we move to the idea of ​​a framework with a single definition, then we are able to represent all G20 countries,” Vaishnav emphasized. .