The inaugural session of Startup20 Engagement group’s second meeting commenced today, March 18 in Gangtok, Sikkim with the participation of delegates from G20 member and invitee countries, representatives from multilateral organisations, and stakeholders from the Indian startup ecosystem.
Chief Minister of Sikkim Prem Singh Tamang highlighted that StartUp20 provides an opportunity to interact with key stakeholders while catering their need for innovation, digitization, and dynamic energy. Delivering the welcome address, Chintan Vaishnav, Chair of StartUp 20 noted that Startups have become a micro engine of economic growth all over the world. He shared his insightful thoughts on the importance of fostering a supportive ecosystem for startups. Further adding to his statement, he said, “We want to bring together the Startup Ecosystem from all around the world, especially the G20 nations to help Startups operate better worldwide.”
At the inaugural session, Chief Secretary V. B. Pathak informed that competition between startups and within the states for creating a conducive ecosystem has led India to become home to 107 unicorns as of September 2022. With the backing of all present delegates, Sikkim Sabha aims to go forward with the agenda decided during the inaugural meeting conducted in Hyderabad on January 28 and 29, 2023. The goals and deliverables of the three taskforces- Foundation and Alliances, Finance, and Inclusion and Sustainability, were revised during the kickoff meeting to take into account recommendations from all the participants.
To create mechanisms for global access to markets and talent for startups, the Foundation and Alliances Taskforce will attempt to harmonise the global startup ecosystem. A worldwide knowledge hub for startups will be established as a means of showcasing and exchanging best practices among G20 nations. The taskforce will also establish multilateral and bilateral collaborations with startups, including those with an emphasis on the SDGs, with governments, policymakers, academic and research institutions, industry associations, and foreign organisations.
The Finance Taskforce will provide financing and investment platforms especially to increase the variety of financial instruments available to Startups in an effort to increase access to capital for these businesses. In order to promote public investment in startup financing and engage with the foreign investor ecosystem of G20 countries, the taskforce will also harmonise tax and legal regulations.
The Inclusion and Sustainability Taskforce will identify the unique needs of startups and entrepreneurs led by women, people with disabilities, LGBTQ+ people, and other groups. It will support these groups by providing them with access to markets, financial resources, training, and government-led support programmes.
The taskforce members of the Startup20 Engagement Group, which are made up of representatives from the G20 countries, will be debating and reviewing the preliminary policy statement. In addition, the event will hold a number of side events, including Startup20X events, and a visit to the Rumtek Monastery by delegates.
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