With a vision of “G20 for G200,” the Startup20 initiative is about putting startups at the forefront of tackling the world’s biggest challenges today.
Consider which entities are addressing the most pressing societal issues, from reducing plastic waste in the oceans to sustainably feeding a global population of 9 billion through local food production. Startups have emerged as key players in tackling humanity’s most significant challenges. However, historically, have startups had a worldwide forum to voice their concerns to a broader audience? Has a platform like the G7 or G20 ever provided an opportunity for startups to share their views on a global stage?
That’s set to change with the setting up of a new engagement group Startup20, an initiative under India’s G20 Presidency. The G20 group is appropriately directing its attention towards the startup paradigm that has brought about global disruption in industries, systems, and platforms. The G20 has established such engagement groups in the past years to focus on specific areas of economic and social cooperation. For instance, in 2010, Business 20 or B20 was established as the official G20 dialogue forum representing the global business community. The B20 is among the most prominent engagement groups in G20, with companies and business organisations as its core participants. Other engagement groups established include Parliament20 during Canada’s Presidency in 2010, Women20 during the Turkish Presidency in 2015, and Science20 comprising the national science academies of the G20 countries during Germany’s Presidency in 2017.
Startup20 Deliverables
Startup20 has three dynamic task forces at its core: Foundation & Alliances, Finance, and Sustainability & Inclusion. The Foundation & Alliances task force serves as the platform’s backbone, driving consistency and cooperation across all G20 countries. Standardising definitions and terminologies used in the startup world and establishing institutional mechanisms to facilitate alliances between startup ecosystems lays the foundation for a truly global startup community.
Meanwhile, the Finance task force focuses on funding and access to capital for startups. This task force aims to suggest/develop innovative funding models and connect startups with global investors to facilitate the flow of capital across sectors. The mission is to promote patient capital investment, focusing on startups working in areas of international interest. And by harmonising investment mechanisms across G20 member nations, Startup20 will try to break down barriers and open up new opportunities for startups worldwide.
The Sustainability & Inclusion task force is working on using the power of startups to achieve sustainable development goals and promote inclusivity. Startup20 believes everyone deserves a seat at the table and that startups can create a more equitable and sustainable future. Through frameworks for promoting global best practices in startup ecosystem inclusion and sustainability, it aims to support startups through mentorship, networking, and access to capital to help achieve the common sustainable development goals (SDGs).
Knowledge Sharing
Together, these task forces form a comprehensive and integrated platform to support startups across all G20 member countries. By leveraging the knowledge and experience of successful Indian unicorns and bringing together founders, VCs, and mentors, Startup20 is creating actionable processes for mentoring, guidance, and project implementation that can help aspiring entrepreneurs from around the world. A policy communique would also be produced, which will assimilate the learnings from both the domestic and overseas task force members. One challenge in such multilateral groups is the process of consensus building and incorporation of the ideas of every stakeholder. A robust process is in place in these task forces to ensure that varied ideas from domestic and overseas delegates are incorporated in the final policy communique.
Startups are no longer just tiny cogs in the wheel of global platforms like the G7 and G20. Many believe that they deserve centre stage. Consider how once-upon-a-time startups like Apple and Google, which started in a garage or small room, have grown bigger than entire economies. Clearly, the startup ecosystem is a force to be reckoned with, and it needs to be given the attention and support it deserves. Startup20, a ground-breaking initiative under the G20, aims to create a global platform for startups to thrive. With a vision of “G20 for G200,” this initiative is about putting startups at the forefront of tackling the world’s biggest challenges today. Whether it’s climate change, poverty, or inequality, Startup20 empowers startups to make a real impact and drive positive change.
Anurag Wasnik is Innovation Lead – Atal Innovation Mission at NITI Aayog. Views are personal and do not represent the stand of this publication.
