G20 nations have agreed to the creation and adoption of a definition framework for start-ups, creation of a networked institution to support start-ups and ecosystem stakeholders across all member countries, increasing and diversifying access to capital and easing market regulations for start-ups,
The key action points in the joint communique adopted at the Startup20 Shikhar Summit on Tuesday also include prioritising the inclusion of under-represented communities within the start-up ecosystem as well as the scaling up start-ups of global interest, per an official release. The Summit was organised by the Startup20 Engagement Group under India’s G20 Presidency.
Commerce and Industry Minister Piyush Goyal said, “Our role will always be that of a facilitator and I do not see the government becoming an administrator or a regulator of this sector.”
Saudi Arabia, represented by Prince Fahad Bin Mansoor, emerged as the first country to endorse and support the Startup20’s call to allocate an ambitious sum of $1 trillion per annum into the start-up ecosystem by 2030.
“By pledging support for the $1 trillion funding milestone, Saudi Arabia sets a precedent for other nations to follow, demonstrating their commitment to driving a disruptive innovation ecosystem and propelling the economic growth,” said Chintan Vaishnav, Chair of Startup20.
Vaishav officially handed over the torch for Startup20 to Brazil, as the country has G20 presidency for the next year and has committed to continue the Startup20 initiative in 2024.
“The policy communiqué sets the direction for G20 countries to scout promising startups intensively, fund them collaboratively, mentor them contextually and scale them globally,” the statement underlined.