StartUp20 engagement group meet ends, asks G20 to invest $1 trn by 2030

The StartUp20 engagement group meeting culminated on Sunday in Goa with a call of action for G20 nations to invest USD one trillion for start up ecosystems by 2030, a top official said.

The two-day meeting here ended on a positive note with all participating delegations agreeing on the policy communique drafted during the conference, Dr Chintan Vaishnav, Chair of StartUp20 Engagement Group, told reporters.

"The communique would be adopted during the Gurugram meeting scheduled next month. We have put out a call for action for G20 countries to allocate USD one trillion for start up ecosystems by the year 2030," he said.

This was the third meeting of the engagement group, with the first two rounds taking place in Hyderabad in Telangana and Sikkim, Vaishnav added.

'"We also put out the policy communique on the StartUp20 webpage for people's reactions. This is real example of 'jan bhagidari' (people's participation). The draft policy communique has recommendations for five task forces, namely foundations, alliances, finance, inclusion and sustainability," he said.

The five actions the participants agreed to were to create and adopt definition framework for start ups, to create a network institution to support start ups and start up ecosystem across G20 nations, to increase and diversify access to capital, to ease market access and to emphasise the inclusion of underrepresented communities, and to create ability to scale start ups of global interest, Vaishnav informed.

Speaking about the global definition of start ups, which was one of the agendas of the meeting, he said a draft framework for definition was presented comprising type of entity, age, size, revenue, scalability and innovation component.

"While there are differences in how start ups are defined in the G20 nations and these differences reflect the regulatory history, once you move to the idea of framework with single definition, then we are able to represent all in the G20 nations," Vaishnav asserted.