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G20 members working to arrive at common framework to define startups

G20 member countries, including India and US, are holding consultations to arrive at a common framework to define startups with a view to promoting the growth of new ventures, a senior official said

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Press Trust of India New Delhi

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G20 member countries, including India and the US, are holding consultations to arrive at a common framework to define startups with a view to promoting the growth of new ventures, a senior official said.
This issue among others would come up for discussion during the Startup20 Engagement Group's third meeting on June 3-4 in Goa.
Briefing media about these meetings under India's G20 presidency, Startup20 India Chair and Mission Director Atal Innovation Mission, Niti Aayog, Chintan Vaishnav said that it may not be feasible to have a common definition of startups.
"The meeting in Goa on June 3-4 will try to come up with a definition framework that is applicable across the countries of G-20, he told reporters here.
The focus of the Goa meeting will be to build consensus on the Draft Policy Communique, which the Startup20 recently published recently seeking public views.
After the Goa meeting, the group will finalise the communique and take it to the Gurugram meeting scheduled on July 3-4.
The engagement group has drawn up a list of support measures that should be extended to the sector based on the reports of its five task forces on Foundation, Alliances, Finance, Inclusion and Sustainability.
These measures have been included in the Draft Policy Communique.
The idea of the foundation is to come up with a startup definition framework which is applicable across different economies. When you talk about the global startup ecosystems coming together, working together, becoming interoperable, you realize that there are no common definitions of startups across these nations, he said.
The attempt is to provide a framework of choices from which a country can create a definition, he added.
Under alliances, the countries are trying to ensure that there is some form of platform to promote cooperation between key stakeholders of startup ecosystem such as incubators, and regulators.
Similarly, the idea of the finance task force is to unlock financing of startups in general for nations to invest in these enterprises and also cross-border investments.
Taxation of startups is very major issue across the world, he said adding in the inclusion part, we are trying to focus on marginalised groups and empowering these groups by following best global practices.
Further, the idea of the sustainability task force is to say which are those startups that are willing to be measured by SDGs (sustainable development goals).
When asked about the possible outcomes from the summit meeting at Gurugram on July 3-4, he said it included the adoption of a policy communique on startups; a common framework to define startups; there is hope that there will be a global innovation centre or a global network of innovation centre that would implement what Startups 20 group wants to take forward into action.
Also a network of global points of contact. If a startup wants to go to another country, is there a way to enter into that ecosystem? Some kind of common financing of startups, how much money to allocate, how do you invest across borders; and mechanisms to support these marginalised communities and also support those startups that help the world achieve the SDGs," he added.
We are hoping for such kind of outcomes, Vaishnav said.
Under India's G20 presidency, Startup20 serves as a prime opportunity to foster collaboration, exchange ideas, and shape the future of startups and entrepreneurship on a global scale.
The focal point of the meeting will be to build consensus on the Draft Policy Communique, which the Startup20 recently published asking the public for feedback.
The meeting will feature a startup showcase, exciting talks as part of the Startup20x series, cultural experiences, and discussions on the implementation and benefits of the ideas outlined in the document.
Dignitaries from state, central, and international levels are expected to be present at the meeting, adding to the significance of the event.
The last date for providing views on the draft was May 27. The final version of the Policy Communique will incorporate the valuable inputs received from stakeholders across nations. Hundreds of views have been received on the issue, he said.
There are about 8,50,000 startups across the G20 countries, out of which over 98,000 recognised startups are in India. There are about 1,600 unicorns in these economies and about 108 are in India.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: May 29 2023 | 10:01 PM IST

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