May 30, 2023
A common framework would be beneficial for investors and other stakeholders in the startup ecosystem across G-20 nations
The Startup20 Engagement Group consists of five task forces: foundation, alliances, finance, inclusion, and sustainability
The inclusion task force focuses on marginalized groups and aims to empower them by adopting global best practices
The sustainability task force aims to identify startups willing to align with sustainable development goals
Next month, the G-20 member countries are aiming to establish a shared framework for defining startups, based on a preliminary policy communique issued by the group last week. The specifics of this framework will be discussed during the Startup20 Engagement Group meeting in Goa on June 3-4, 2023.
The Startup20 Engagement Group consists of five task forces: Foundation, Alliances, Finance, Inclusion, and Sustainability.
Currently, there is no uniform definition of a startup among G-20 nations, which hinders the establishment of a cohesive global startup ecosystem. The foundation task force aims to devise a startup definition framework that can be applied across different economies and provide member countries with a set of options from which they can create their definitions.
Experts expressed that a common framework would be beneficial for investors and other stakeholders in the startup ecosystem across G-20 nations.
The alliance’s task force is working to establish a platform that promotes cooperation between key stakeholders, such as incubators and regulators. Similarly, the finance task force seeks to facilitate startup financing and cross-border investments. Financial issues like startup taxation are also being addressed.
The inclusion task force focuses on marginalized groups and aims to empower them by adopting global best practices. Additionally, the sustainability task force aims to identify startups willing to align with sustainable development goals.
The summit meeting in Gurgaon on July 3-4 could yield various outcomes, including the adoption of a policy communique on startups, the establishment of a common framework for defining startups, the creation of a global innovation centre or network of innovation centres to implement the Startup20 group’s objectives, and discussions on incorporating startups into global trade.
Media reports said that there are about 850,000 startups across the G-20 countries, out of which over 98,000 recognised startups are in India. There are about 1,600 unicorns in these economies, of which about 108 are in India.
Source: Economic Times