June 28, 2023
Last year, the group committed US$ 700 billion to the ecosystem
The group will propose ways to create channels across multiple global business ecosystems and startups
Over 700 startups from different G20 countries are expected to participate in the summit
To define startups in the G20 countries, they must be based on five components
The G20 countries’ startup group is committing to an annual investment of US$ 1 trillion by 2030 in the global startup ecosystem, up from US$ 700 billion last year, ahead of the Startup20 summit meeting.
The startup group will host the ‘Startup20 Shikha’ summit meeting on July 3-4 in Gurugram, where over 700 startups from different G20 members are expected to participate. At the summit, the group will propose ways to create channels across multiple global business ecosystems so that finance, market access, and talent access become easier for startups.
Regarding a common framework to define startups in the G20 countries, experts mentioned they must be based on five components- the kind of legal entity or startup it is, its age, size, scalability and innovation.
About 95% startup group had pledged their commitment to increase investment in the global startup ecosystem at an earlier G20 summit in Goa. Now, this agreement will be submitted to world leaders.
Source: Economic Times