Ministry of Commerce & Industry
At Startup20's 3rd meeting in Goa, G20 nations join forces to propel global startup ecosystem growth and innovation
Starup20 calls for commitment of $1 Trillion for Startups by 2030 as meeting concludes
04 JUN 2023 5:40PM by PIB Mumbai
Goa, 4 June 2023
The second day of the Startup20 Engagement Group meeting in Goa witnessed crucial discussions and meetings aimed at strengthening collaboration and aligning efforts towards the growth and support of startups globally.
The program commenced with closed-door meetings between national and international delegations and Dr. Chintan Vaishnav, Chair of Startup20, focusing on key agendas and strategic partnerships.
During the press conference held later in the day, Dr. Chintan Vaishnav addressed the media, highlighting the progress made and the significance of the Policy Communiqué. He expressed his satisfaction with the agreement reached by all delegates on the Communiqué, marking a pivotal moment in the journey of the G20 nations towards fostering startup ecosystems worldwide. Dr. Vaishnav emphasized the collective efforts and extensive consultations undertaken with G20 nations to arrive at this crucial juncture.
In his statement, Dr. Chintan Vaishnav underscored the importance of specific action points outlined in the Communiqué. The key action points include the creation and adoption of a definition framework for startups, creating a network institution to support startups and ecosystem stakeholders across G20, increasing and diversifying access to capital, easing market regulations for startups, and prioritizing the inclusion of underrepresented communities within the startup ecosystem as well as the scaling up startups of global interest. These measures aim to foster a conducive environment that empowers startups to innovate, grow, and address global challenges effectively.
Dr. Vaishnav also made a significant call to action, urging G20 countries to unite in their commitment to the startup ecosystem. He proposed allocating a substantial sum of 1 trillion dollars for the startup ecosystem by 2030.
The day ended on a positive note, with delegates expressing their enthusiasm and commitment to realizing the goals outlined in the Policy Communiqué. The agreement signifies the confidence of the Startup20 community in scouting startups globally, funding them collaboratively, mentoring them contextually, and scaling them internationally. The G20 nations have taken a significant stride forward in their mission to nurture and support startups, setting the stage for a vibrant and thriving global startup ecosystem.
The Startup20 Engagement Group of the G20 concluded with success here in Goa Sankalpana, with an atmosphere of unwavering energy and determination.
Amidst the discussions on driving global startup ecosystem growth and innovation, all the delegates took a moment to extend their heartfelt condolences for the train accident that occurred in Odisha. They expressed their deep sympathies and solidarity with the affected families and the entire nation. Recognizing the importance of supporting and uplifting communities during difficult times, the delegates emphasized the need for collective efforts to ensure safety and security in all aspects of life, including transportation infrastructure.
The summit meeting of Startup20 Engagement Group is slated to happen in July at Gurugram on July 3rd and 4th.
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