Setting the stage for startup success: G20 takes the lead in defining global norms
Startups have emerged as a crucial driver of economic growth and innovation, and this rapid growth has raised questions regarding policies, regulation, and support. With recognizing the importance of startups, the G20, a forum for the world’s major economies, has taken upon itself to set norms to define startups.
Startup20 India Chair and Mission Director, Atal Innovation Mission, Niti Aayog, Chintan Vaishnav said, “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 further added, “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.”
Consultations are being held by G20 member countries in order to construct a framework which will define startups aiming to promote them. These discussions will take place in Goa during the Startup20 Engagement Groups third meeting on 3rd and 4th June.
Startups are typically characterized by their innovative ideas, entrepreneurial spirit, and a sustainable business model. The lack of a standardized definition has led to various discussions in different parts of the country.
By establishing norms which will encourage investment in research and development, intellectual property protection, and regulatory frameworks that support experimentation, the G20 is looking to create an environment for startups so that they can thrive to their full potential.
G20 also encourages member nations to promote digital literacy and provide educational programs that equip aspiring entrepreneurs with the skills needed to succeed in the digital age. The G20 acknowledges the need to facilitate access to funds for startups, especially in their early stages. By promoting policies that encourage venture capital investment, crowdfunding platforms, and the development of angel investor networks, the G20 aims to create a supportive financial ecosystem for startups.
Currently, there are about 8,50,000 startups across G20 member countries. Out of which 98,000 plus startups are recognized in India. While startups are continuing to shape the global economy, G20 is making efforts to define norms for startups which will be crucial in fostering innovation, entrepreneurship, and economic growth.
