Startup20 Engagement Group
The second meeting of the Startup20 Engagement Group under India’s G20 Presidency will be held on 18-19 March in Gangtok, Sikkim. This meeting will provide a unique opportunity to promote startups in North East India. The event is set to bring delegates from G20 member and invitee countries, representatives from multilateral organizations, and stakeholders from the Indian startup ecosystem.
Objectives of the Startup20 Engagement Group
During the inception meeting held in Hyderabad on 28 & 29 January 2023, the objectives and deliverables of the three taskforces were reworked to incorporate suggestions from all the delegates. The three taskforces are:
Foundation and Alliances Taskforce
The Foundation and Alliances Taskforce will work to harmonize the global startup ecosystem through consensus-based definitions. It will create a global knowledge hub for startups, showcase and share best practices within G20 countries, and create bilateral and multilateral collaborations with governments, policymakers, academic and research institutes, industry associations, and international organizations with startups. Finally, it will create mechanisms for global access to markets and talent for startups operating in G20 nations.
The finance taskforce will aim to increase access to capital for startups by providing financing and investment platforms. It will provide ease of access towards patient capital with timely access through non-equity based financial products and allocate a specific sum of money to prioritized sectors. The taskforce will also harmonize tax and legal regulations to encourage public investment in startup funding and interact with the foreign investor ecosystem of G20 nations.
Inclusion and Sustainability Taskforce
The inclusion and sustainability taskforce will identify the specific needs of startups/entrepreneurs led by women, PwDs, LGBTQ+, minorities, and other groups. The taskforce will support them through access to market, financial resources, training, and government-led support schemes. Additionally, it will promote startups working towards making the world more inclusive on the back of technologies, such as assistive tech. Finally, it will encourage startups to adopt sustainable business models for their long-term profitability.
Expected Outcomes of Startup20
The expected outcomes of Startup20 are 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 Global Point of Contact for startup ecosystems worldwide.
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