StartUp20 Group Seeks $1 Trillion Commitment By 2030

The startup engagement group of G-20 nations in Goa called for a $1 trillion commitment for the startup ecosystem in member countries by 2030, according to a PTI report.

The two-day meeting in Goa 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, said in a statement, adding that this was the third meeting of the engagement group, with the first two rounds taking place in Hyderabad in Telangana and Sikkim.

“We also put out the policy communique on the StartUp20 webpage for people’s reactions. This is a 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,” the top official reportedly said.

Furthermore, Vaishnav stated that, “The five actions the participants agreed to were to create and adopt definition framework for startups, to create a network institution to support startups 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 startups of global interest.

Last month, it was reported that G20 member countries including India and US had plans to hold consultations to reach a common framework to define startups with a view to promote the growth of new ventures. Dr. Chintan Vaishnav had then asserted that the common startup framework would help investors and other stakeholders of the startup ecosystem.