Startup20 Shikhar Summit, organised by the Startup20 Engagement Group under the India G20(Group of 20) Presidency, was held from 3rd to 4th July 2023 in Gurugram, Haryana. The 2-day summit served as a platform for fostering innovations, collaborations, knowledge sharing, and strategic alliances within the global startup ecosystem.
- During the closing ceremony of the summit, Dr. Chintan Vaishnav, Chair of Startup20 and the Mission Director for Atal Innovation Mission (AIM), handed over the torch to Brazil, which holds the G20 presidency for 2024.
Highlights:
i.The name “Shikhar,” which means “mountain peak” in Sanskrit, symbolizes the pinnacle of achievements in shaping the future of the global startup ecosystem.
ii.There was a Startup Conclave during the summit where startups showcased their innovative products and services, engage in investor pitches, mentoring sessions, and network with industry professionals.
iii.The event also marked a vibrant evening of cultural showcases and performances.
G20 adopted first ‘Startup20 Communiqué 2023’ to create definition framework for start-ups
During the summit, the G20 countries have adopted the first ‘Startup20 Communiqué 2023‘ by agreeing on the creation and adoption of a definition framework for start-ups that will have five components including legal entity type, age, size, scalability and innovation.
The nations have also agreed on the 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 Joint Communique has urged the G20 leaders to raise the joint annual investment of G20 nations in the global startup ecosystem to USD 1 trillion by 2030.
- Notably, Saudi Arabia is the first country to endorse and support this Startup20’s call.
Other Highlights of Joint Communique:
i.It also include prioritising the inclusion of under-represented communities within the start-up ecosystem
ii.The policy communiqué sets the direction for G20 countries to scout promising startups intensively, fund them collaboratively, mentor them contextually and scale them globally
iii.It has asked the leaders to facilitate the flow of public and private capital into the startup ecosystem by promoting various mechanisms such as Fund-of-Funds, Corporate Venture Funds, and University Endowment Funds.
These measures aim to empower startups to innovate, grow, and address global challenges effectively.
Recent Related News:
i.On March 27, 2023, Ashwini Vaishnaw, the Minister of Communications, Electronics & Information Technology and Railways, and Devusinh Chauhan, Minister of State for Communications, inaugurated the Two days ‘First International Quantum Communication Conclave’ which was held on 27-28 March 2023 at Vigyan Bhawan, New Delhi.
ii.India’s and Asia’s first mobile biosafety level-3 (BSL-3) laboratory named ‘Rapid Action Mobile BSL-3 Advanced Augmented Network (RAMBAAN)’, designed to investigate emerging viral infections was showcased at the second G-20(Group of 20) Health Working Group meeting held in Panaji ,Goa.
About Startup20:
Startup20 is the first of its kind official engagement group initiated under the Indian presidency of the G20 2023.
Startup20 India Chair– Dr. Chintan Vaishnav
Headquarters– Ahmedabad, Gujarat
