G20's Startup20 a game changer, industry experts weigh in
In a first under India's Presidency G20 welcomed its newest engagement group called Startup-20. Catalysts of innovation-driven growth, job creation and economic recovery, the G20 startup ecosystem was given its own table. The Startup-20 Comminuque crafted by India with representatives of other G20 nations clearly states there is "very little" harmonisation in terms of policy framework, regulatory legacy and market maturity within the group.
In a first under India's Presidency G20 welcomed its newest engagement group called Startup-20. Catalysts of innovation-driven growth, job creation and economic recovery, the G20 startup ecosystem was given its own table.
Home to over 850,000 startups and more than 1,500 unicorns combined the G20 nations form the world's new economy powerhouse. But, the proverbial "valley of death" with high chance of mortality rate remains a reality for startups and the ongoing funding winter is a fine example of how young companies need support to survive tough economic conditions.
And so, unlocking startup finance emerged as a key priority and the New Delhi Declaration has set an audacious target of raising G20's investment in the global startup ecosystem to one trillion dollars by 2030.
The Startup-20 Comminuque---crafted by India with representatives of other G20 nations---clearly states there is "very little" harmonization in terms of policy framework, regulatory legacy and market maturity within the group.
Rajan Anandan, Managing Director, Peak XV Partners said, “What this will hopefully do is create sort of a much higher level of awareness, appreciation and also commitment from every government in the G20 in each of the G20 Nations, to focus on startups. India is the third largest startup ecosystem, as we know, and actually government has been very focused on startups over the last seven, or eight years but that is not the case with most of the G20 countries.
Debjani Ghosh, President, NASSCOM said, “The key thing we wanted to do as a group was ensured that every single government realises that startups today are no better to have, but they are a must-have for countries from an economic development perspective. Because if you can change that narrative, and if you can make governments realize the importance of startups as its engines of economic growth, I am so glad that the leader's deliberation actually called out they use those words I think that was key and I think that was achieved to a very large extent.”
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