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The three-day Global Entrepreneurship Summit (GES) 2017 started on Tuesday, November 28, with Prime Minister Narendra Modi and US President Donald Trump's daughter and advisor Ivanka Trump — who jointly inaugurated the event in Hyderabad — calling for more women across the world to become entrepreneurs.
This is the 8th GES, meant to bring together entrepreneurs, investors and ecosystem supporters for mentoring, networking and investment matchmaking. This is the first time that the event is being held in South Asia.
Here are the key takeaways from the Ivanka Trump and Narendra Modi speeches at the summit:
1. Women First, Prosperity For All - Ivanka
Ivanka Trump said "I am proud that for the first time ever, women make up the majority of the 1,500 entrepreneurs selected to attend."
"As a former entrepreneur, employer, and executive in a male-dominated industry, I have seen firsthand all too often that women must do more than their male counterparts to prove themselves at work, while also disproportionately caring for their families at home."
Ivanka stressed on how significant it had been in the past few years for women to be part of the entrepreneurial drive the world had witnessed. She added, "Fuelling the growth of women-led businesses isn't simply good for our society -- it's good for our economy. One study estimates that closing the gender entrepreneurship gap worldwide could grow our global GDP by as much as 2 per cent."
"Just consider, if India closes the labour force gender gap by half, your economy could grow by over $150 billion in the next three years," she said.
2. Modi living proof that transformational change is possible: Ivanka
Ivanka Trump thanked PM Modi. She said, "Thank you for all that you are doing to build India as a thriving economy - a beacon of democracy - and a symbol of hope to the world. What you are achieving is truly extraordinary. From your childhood selling of tea to your election as India's Prime Minister, you've proved that transformational change is possible. And now you are bringing that promise to hundreds of millions of people across your country."
3. Hyderabad - City of Pearls
In this "City of Pearls" the greatest treasure is YOU - the dreamers, innovators, entrepreneurs, and leaders who never give up -- never abandon your aspirations -- and always strive for a better tomorrow.
CEOs like Microsoft's Satya Nadella went to school right here in Hyderabad. Just a few kilometers away, T-hub's brand new facility is set to open next year -- and will become the largest incubator in Asia.
It's wonderful to be in this ancient city brimming with transformative technology. Now, your tech centres might even outshine your world-famous Biryani.
4. The people of India inspire us all
Ivanka to Indians: Through your own enterprise, entrepreneurship, and hard work, the people of India have lifted more than 130 million citizens out of poverty. Indian doctors and scientists are discovering medical cures and life-saving technologies. Your engineers and architects have built modern wonders. Indian spacecraft have travelled to the Moon and to Mars.
5. Ivanka highlights difference between women entrepreneurs in the US and developing nations
In the United States, within the last decade, the number of women-owned firms has grown by 45 per cent. Even more promising, minority women have started nearly 8 in 10 new women-owned businesses.
Today, more than 11 million women in the United States own businesses. They employ nearly 9 million workers, and generate over $1 trillion dollars in revenue.
However, in developing countries, 70 per cent of women-owned small and medium-sized businesses are denied access to capital. The result has been a nearly $300 billion dollar annual credit deficit for women entrepreneurs in the developing world. In some countries, women are not allowed to own property, travel freely, or work without the consent of their husbands.
Prime Minister Narendra Modi took the stage after Ivanka Trump to address the summit where he hailed women entrepreneurship in India and spoke about the various initiatives taken by his government to make the business environment in India easy flowing.
6. Modi pays tribute to contribution of women in India
Modi said, "Our space programmes, including the Mars Orbiter Mission, have had an immense contribution from our women scientists. Kalpana Chawla and Sunita Williams, both of Indian origin, have been part of US space missions.
Three out of four oldest High Courts in India are now headed by women judges. Our sportswomen have done the country proud. Our milk co-operatives in Gujarat and the Shri Mahila Griha Udyog Lijjat Papad, are examples of highly successful and globally acclaimed women-led co-operative movements."
7. India has been an incubator for innovations over the ages: Modi
From Charaka Samhita, which introduced the world to Ayurveda, to Aryabhatta's invention of zero, PM Modi said that India had been an incubator for innovations and entrepreneurs over the ages. He said, "I see that power in India's young generation today. I see 800 million potential entrepreneurs who can work towards making the world a better place."
8. World Bank's Ease of Doing Business Report
Our government has taken several steps to improve the business environment. The jump in India's ranking in the World Bank's Ease of Doing Business Report, from 142 to 100, in three years, is a result of this - Modi
9. Invest in India - for India:
Narendra Modi to entrepreneur from across the globe - Come, Make in India, Invest in India - for India.
Modi's New India vision: "To my young entrepreneur from India, I would like to say: each of you has something valuable to contribute towards creating a New India by 2022. You are vehicles of change and instruments of India's transformation", said Modi.
10. Insolvency and bankruptcy codes and GST
PM Modi referred to the insolvency and bankruptcy codes which were introduced by his government and he said, "Our Insolvency and Bankruptcy Code introduced in 2016 is a step towards ensuring timely resolution for stressed ventures. We have recently improved this further, preventing wilful defaulters from bidding for stressed assets."
He also spoke on the historic overhaul of the taxation system with Goods and Services Tax (GST).
The event was also attended by External Affairs Minister Sushma Swaraj, Defence Minister Nirmala Sitharaman, Sibongile Sambo, the founder of the first 100 percent black-female-owned aviation company in South Africa and many prominent business personalities.'
External Affairs Minister Sushma Swaraj welcomed the delegates who attended the GES2017 and hailed the Ivanka-led US delegation for their efforts to promote entrepreneurship program on a global level. "I would like to thank Ivanka Trump, co-host of this summit. She represents energy & spirit of an entrepreneur that characterises the youth of today," she said.
"I have no doubt that under the leadership of PM Modi and President Trump India and US relations will reach new heights & contribute to global peace & prosperity," she added.