India's Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal, has called for the creation of an international network of mentors, investors and entrepreneurs to strengthen the global startup ecosystem.
Speaking at the inaugural session of the Inception Meeting of the Startup 20 Engagement Group of G20 in Hyderabad, Goyal said that it is not just the role of individual nations to support innovation, but it will have to be the collective responsibility of world nations to nurture a global effort to incubate startup ecosystems in all parts of the world.
He emphasized that this network must support and inspire startups, act as a team to facilitate the exchange of ideas, best practices, and funding mechanisms, and promote collaborations in Research and Development.
Nations Should Work Together
The Minister stressed that it is not just the role of individual nations to support innovation and added that it will have to be the collective responsibility of world nations to nurture a global effort to incubate startup ecosystems in all parts of the world, thus creating a global startup ecosystem that is inclusive, supportive and sustainable to address global challenges.
What Is India's Role In The Global Startup Ecosystem?
Goyal said that India was proud to highlight the progress & potential of the global startup ecosystem as the host nation of G20. He noted that the Startup 20 Group had been established under India’s G20 Presidency for the first time, as part of India’s special focus on innovation. The Minister expressed confidence that innovation would be the strongest pillar that would help build a developed India in the Amritkaal. He said that innovation has been a catalytic force for the economy and social and public good. “Innovation in today’s world goes beyond achieving mere economic objectives as it also considers societal inclusion and environmental sustainability”, he said.
What are the challenges India faced in its Startup Journey ?
Goyal observed that India had begun its startup journey with the foundation stone laid by the Prime Minister, Narendra Modi in 2016 with the launch of the Startup India Initiative. He said that in the last 7 years, it had helped in fostering entrepreneurship and promoting newer and newer ideas, helping startups grow and flourish by creating an ecosystem that is conducive for growth. He added that the capabilities of our startups in different areas- be it energy, be it financial inclusion, where fintech played an important role, be it our fight against pandemic when remote healthcare and food delivery became very important, be in online learning which is today becoming very natural, be it our work in agri-tech, helped us face a number of challenges.
What is the Mantra of 'SENSE'?
Goyal gave the Mantra of ‘SENSE’ i.e. Share, Explore, Nurture, Serve & Empower for growth of startups. “When I see the enthusiasm all around us, I get a sense of changing mindset, I get a sense of urgency, I can sense that Startup 20 will become a very powerful body which will change the way that the world recognizes and respects startups”, he said.
Objectives of the Startup 20 Group
The meeting will create a global narrative for supporting startups and fostering synergies between startups, corporates, investors, innovation agencies, and other key ecosystem stakeholders. Startup 20 will see participation of delegates from G20 nations and nine special invitees from observer countries, representatives from multilateral organizations as well as the Indian startup ecosystem. The group formed