A meeting of the StartUp20 working group culminated in Goa on Sunday with a call for G20 countries to invest USD one trillion in startup ecosystems by 2030, a top official said.
The two-day meeting here ended on a positive note with all the participating delegations agreeing on a policy communique drafted during the conference, Dr Chintan Vaishnav, chairman of the StartUp20 Engagement Group, told reporters.
“The communiqué will be adopted during the Gurugram meeting scheduled for next month. We have issued a call to action for the G20 countries to commit USD one trillion to start-up ecosystems by 2030,” he said.
This was the third meeting of the task force, with the first two rounds being held in Hyderabad, Telangana and Sikkim, Vaishnav added.
“We also published the policy communique on the StartUp20 website for people’s reactions. This is a true example of ‘jan bhagidari’ (people’s participation). The draft policy communique contains recommendations for five working groups, namely foundations, alliances, finance, inclusion and sustainability,” he said.
The five actions agreed upon by participants were to create and adopt a definitional framework for start-ups, create a start-up support network institution and start-up ecosystem across G20 countries, increase and diversify access to capital, facilitate market access and emphasize the inclusion of the underrepresented communities and creating the ability to scale start-ups of global interest, informed Vaishnav.
Talking about the global definition of start-ups, which was one of the agenda, he said a draft framework for the definition including entity type, age, size, revenue, scalability and innovation component has been put forward.
“While there are differences in how start-ups are defined in the G20 countries, and those differences reflect the history of regulation, once you move to the idea of a framework with a single definition, then we are able to represent everyone in the G20 countries,” Vaishnav said.
