In an effort to promote the growth of new ventures, G20 member countries, including India and the US, are engaging in consultations to establish a common framework for defining startups. This significant matter, along with other pertinent issues, will be deliberated upon during the third meeting of the Startup20 Engagement Group, set to take place on June 3-4 in Goa. Shedding light on these upcoming meetings under G20 India presidency, Chintan Vaishnav, Startup20 India Chair and Mission Director of Atal Innovation Mission, Niti Aayog, expressed his views on the feasibility of attaining a universal definition for startups, stating that the gathering in Goa will strive to formulate a comprehensive definition framework that can be universally applicable across G20 nations.
Draft Policy Communique and Consensus Building at the Forefront of the Goa Meeting
The primary focus of the upcoming meeting in Goa will be to facilitate a consensus on the Draft Policy Communique, which was recently published by Startup20, soliciting public opinions and insights. Following the Goa meeting, the group intends to finalize the communique and present it for consideration at the subsequent Gurugram meeting scheduled for July 3-4. To determine the course of action, the engagement group has compiled a list of supportive measures that should be extended to the startup sector. These measures have been consolidated into the Draft Policy Communique.
Aims To Arrive At A Common Framework To Define Startups
Mr. Vaishnav highlighted the essence of establishing a foundation that entails a universally applicable definition framework for startups, transcending diverse economies. Acknowledging the growing need for global startup ecosystems to collaborate, function cohesively, and achieve interoperability, he emphasized the absence of a standardized definition for startups among nations. Thus, the objective is to provide a framework of choices that individual countries can utilize to formulate their own definition.
Do you know how a common definition of Startups for all G20 nations will bring a change? Read here to know!
Alliances, Finance, Inclusion, and Sustainability: Key Areas of Emphasis
Under the umbrella of Startup20, the participating countries are striving to forge alliances that promote cooperation among key stakeholders in the startup ecosystem, such as incubators and regulators. The finance task force aims to facilitate the availability of funding for startups in general, both within nations and across borders. Taxation of startups has emerged as a prominent global concern, prompting the inclusion task force to focus on marginalized groups and empower them by implementing best practices from around the world. Moreover, the sustainability task force seeks to identify startups willing to adhere to the measurement criteria of the Sustainable Development Goals (SDGs).
Expectations for the Gurugram Summit Meeting and the Way Forward
When queried about the potential outcomes from the Gurugram summit meeting on July 3-4, Mr. Vaishnav outlined several key areas of focus. These include the adoption of a policy communique on startups, the establishment of a common framework to define startups, the potential establishment of a global innovation center or network, which would serve as a conduit for the implementation of Startup20's goals, and the creation of a network of global points of contact to facilitate the entry of startups into foreign ecosystems. The meeting also seeks to address issues pertaining to common financing of startups, cross-border investments, and mechanisms to support marginalized communities and startups aligned with the SDGs.
Startup20 as a Catalyst for Global Collaboration and Exchange
India's G20 presidency has presented an exceptional opportunity to foster collaboration, exchange ideas, and shape the future of startups and entrepreneurship on a global scale through the Startup20 initiative. The forthcoming meeting will serve as a focal point for building consensus on the Draft Policy Communique, which was recently published, inviting public feedback. The event will encompass a startup showcase, engaging talks as part of the Startup20x series, cultural experiences, and discussions on the implementation and benefits of the ideas presented in the document. The presence of dignitaries from state, central, and international levels will further amplify the significance of this momentous event.