The Startup20 Engagement Group, the first such initiative established under India's presidency, has urged G20 leaders to raise the joint annual investment in the global startup ecosystem to $1 trillion by 2030.
The Startup20 Shikhar Summit, organised by the Startup20 Engagement Group under the India G20 Presidency, kicked off today in Gurugram.
The two-day event, celebrated the successful completion of Startup20's inaugural year and the release of the final Policy Communiqué. The communiqué recommends raising startup investment by facilitating the flow of public and private capital into the startup ecosystem by “promoting various mechanisms such as Fund-of-Funds (FOF), Corporate Venture Funds (CVC), and University Endowment Funds”.
Som Parkash, minister of State for Commerce and Industry, Amitabh Kant, India's G20 Sherpa, and Dr Chintan Vaishnav, chair of Startup20, were some of the dignitaries present at the inauguration.
Companies including Physics Wallah, UpGrad, MakeMyTrip, and PayTm and venture capital funds Blume Ventures and Avendus Capital were also in attendance.
Amitabh Kant, India's G20 Sherpa emphasised the significance of the Startup20, saying, “The Startup20 Engagement Group marks a milestone in the journey of the global startup ecosystem. The collective wisdom and tireless efforts of the Group, comprising distinguished delegates from G20 nations and invitee countries, have culminated in the final Policy Communiqué, which lays the groundwork for a transformative and the advanced future for our citizens with all our inclusive startup ecosystems across the countries working together; and am sure this group will continue to bring out the strongest commitments from all nations in the upcoming presidencies.”
The group recommends providing incentives and other supportive measures to promote the growth of startup ecosystems, encompassing tax, regulatory, and policy aspects. It also urges G20 leaders to facilitate measures to ease the cross-border flow of capital across G20 nations.
Som Parkash, minister of State for Commerce and Industry, stressed on the summit’s role in nurturing a thriving startup ecosystem. He said, “The Startup20 Gurugram Summit signifies India's commitment to fostering an enabling environment for startups and reinforcing its position as a global leader in innovation and entrepreneurship.”
The group vowed to increase the pipeline of entrepreneurs focused on Sustainable Development Goals (SDGs) across G20 countries. It recommends doing so by developing “a capital inflow framework for startups focused on SDGs including patient capital and options for longer-term grant/debt/equity.”