India, the jewel of the global startup landscape, is shining even brighter in its "Amrit Kaal," the era beyond 75 years of independence. This year, as India is host G20 presidency, the world's attention turns to the nation's thriving entrepreneurial spirit. The G20 Summit, often called the "Olympics of Diplomacy," brings together the world's major economies.
The Indian startup ecosystem, known for its innovation and resilience, eagerly awaits this global gathering. These dynamic enterprises have played a vital role in India's economic growth and are now poised to shape its future on the world stage. But what exactly do they expect from the upcoming G20 Summit?
In this feature, we uncover the hopes and aspirations of Startup Bharat and explore their vision for the Amrit Kaal ahead. Join us as we explore their anticipations, dreams, and the role they see themselves playing in India's next phase of development.
Unlocking Investment Potential: A Glimpse into the Future
The G20 Summit in New Delhi will include leaders from Argentina, Australia, Brazil, Canada, China, France, Germany, Indonesia, Italy, Japan, Mexico, South Korea, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States and European Union, with leaders like the United States President Joe Biden, UK Prime Minister Rishi Sunak, Saudi Arabia King Salman Bin Abdulaziz Al Saud and many more gracing the occasion.
Consider the immense investment potential that the G20 Summit could unlock for Indian startups. As global leaders converge on Indian soil, the startup ecosystem stands at the precipice of unprecedented opportunities.
Picture this: Investment firms and venture capitalists from across the globe, including those from G20 nations, gather to explore India's burgeoning startup landscape. They are drawn by the promise of innovation, disruptive technology, and the demonstrated resilience of Indian startups.
In this scenario, discussions revolve around establishing a dedicated G20 Startup Investment Fund. Such a fund would be a game-changer, providing startups with access to substantial capital. It would fuel innovation, scale-up operations, and catalyze growth, ultimately propelling Indian startups onto the global stage.
Furthermore, global leaders and policymakers, inspired by India's thriving startup ecosystem, could commit to simplifying cross-border investments and regulations. This would remove many of the existing hurdles that startups face when expanding internationally, making it easier for them to explore markets in G20 countries.
In this world, startups could expect substantial financial support, mentorship, and resources to flourish. The G20 Summit could mark the beginning of a new era for startups, one where they play an integral role in driving economic growth, innovation, and job creation not only in India but also across G20 nations.
Empowering Women's Health: A FemTech Revolution
Imagine a world where women's health and hygiene are at the forefront of global discussions. Deep Bajaj, CEO & Co-founder of Sirona Pvt. Hygiene, a trailblazing FemTech brand, envisions just that. He sees the G20 Summit as an exceptional platform to address issues that profoundly impact women and drive socio-economic progress. Sirona is dedicated to empowering women through innovative solutions, and Bajaj believes that the Summit can pave the way for inclusive policies and sustainable advancements. It's a call to action to amplify the voices of women worldwide, break taboos, and create a future where every woman has access to dignified healthcare and hygiene, regardless of their socio-economic status.
"As the CEO and co-founder of Sirona private hygiene, a leading FemTech brand, I am honored to witness the G20 Summit bringing together global leaders to address critical issues that directly impact the lives of women and drive socio-economic progress," he said.
Inclusive Growth: Harnessing India's Workforce Potential
In the quest for inclusive, resilient growth, there's a critical segment often overlooked: India's workforce. Prasad Sreeram, CEO & Co-Founder of COGOS, emphasizes this point. In India, labor participation stands at just 48%, with women's participation even lower at 27%. The G20 Summit, with its focus on inclusive growth, aligns perfectly with COGOS' mission to empower and upskill blue-collar workers. Sreeram points out that including this vital segment in the growth story can unlock their potential and significantly contribute to the nation's economic development.
"Startups have the power to spur development, which is the need of the hour in G20 nations and worldwide. The G20 nations, each of them have a different programs for startups and a common definition and framework will help collaboration between the startups of member countries and cross launches. Committing a common fund would also help overcome the funding crunch and create new economies," asserted Sreeram.
Puneet Dhiman, Founder & CEO chaabi highlights that the G20 summit is focusing on several key aspects: accelerating economic growth, ensuring that growth is inclusive, and making it resilient to challenges. Importantly, the summit is giving particular attention to promoting the economic participation of women.
Dhiman noted, "The G20 summit's focus on accelerated, inclusive, and resilient growth for all sections of society especially women is a significant opportunity for startups in India and around the world. Prioritizing inclusive growth means recognizing the vital role that our workforce plays in the economy. India’s labor participation is just 48% and much lower for women at just 27%."
A Unified Vision for Global Startup Collaboration
Prasad Sreeram also highlights a crucial need within the startup ecosystem – a unified vision. He calls for a common definition and framework for startups across G20 nations. Such unity, he argues, would facilitate cross-border collaboration and the launch of innovative ventures. Furthermore, Sreeram suggests that establishing a shared fund could address the perennial funding challenges faced by startups, fostering the creation of new economies.
Startups on the World Stage: The Startup20 Revolution
With over 25 world leaders gathering for global economic cooperation, an electrifying opportunity awaits emerging businesses. Enter the Startup20 engagement group, an initiative born under India's leadership that symbolizes the rise of startups as economic juggernauts. India's startup ecosystem has been on a meteoric rise, boasting 108 Unicorns with a combined valuation of USD 340.80 billion as of May 2023. Astoundingly, 44 Unicorns emerged in just two years, highlighting India's unwavering innovation and entrepreneurial spirit.
Sanjay Mendiratta, Director of HeatCure, underscores the transformative potential of the G20 Summit for startups. He envisions startups contributing to shaping the global economic landscape, transcending the boundaries of established giants. As the world grapples with economic challenges, the Summit offers startups a seat at the table, an exclusive opportunity to interact with global leaders, gain invaluable insights, and harness their entrepreneurial energy to drive economic progress.
These comments from startup leaders not only offer a glimpse into their visionary minds but also serve as a rallying call for startups worldwide. The G20 Summit emerges as a historic platform where startups can propel themselves onto the global stage and actively participate in shaping the world's economic future.