Startup20 Policy Communique - A Game-Changer for Global Startups

The recently concluded Startup20 meeting, hosted by India and attended by delegates from various countries, has been hailed as a groundbreaking event that will have a significant impact on the global startup ecosystem. 

Dr. Giulia Ajmone Marsan, Co-Chair of the Inclusion Taskforce in the G20, expressed her optimism about the policy communique drafted during the meeting, highlighting its potential to foster inclusion and innovation not just in India but across all G20 nations.

Speaking about the collaborative process that led to the communique's creation, Dr. Marsan emphasized the interactive and inclusive nature of the discussions. Task force members worked together under India's leadership to draft the document, ensuring that the perspectives of the startup community and innovation ecosystems were represented.

"This communique is a landmark development as it brings the viewpoints of the startup community and innovation ecosystems to the G20 leaders for the first time. "It is an important step toward promoting startups and fostering innovation on a global scale," said Ms. Marsan. 

Policy Communique To Impact Startups Globally

Dr Marsan believes that the communique will extend beyond the boundaries of India, leaving a lasting impact on the entire G20 group and also globally. 

"The G20 has never had an engagement group dedicated solely to startups and innovation. This communique paves the way for Startup20 to become one of the crucial G20 initiatives contributing to global innovation and startup policies year after year," she added.

When asked about the potential expansion and future plans of Startup20, Ms. Marsan revealed that the initiative is expected to scale up and include even more participants. She highlighted the significance of Startup20 in providing startups with access to global networks, particularly in challenging times when funding may be scarce. By facilitating connections and collaborations, the initiative aims to help startups demonstrate their value and attract investments. 

Drafting the policy communique under the leadership of India was a very interactive and a very inclusive process. Well, I think this communique will not only impact the startup ecosystem in India but throughout the entire G20 countries. I think this was a very interesting communique because it's the first time that there's an engagement group from the G 20 that is entirely dedicated to startups and innovation. So it's the first communique bringing the points of view of the startup community and innovation ecosystems to G20 leaders. So it's a very important first step. I think we will see a kind of scaling up of Startup 20, not only continuing the initiative but becoming bigger and bigger to include even more people and becoming some of these very important G20 initiatives that year after year are contributing to the policy for innovation and startups globally,"  Dr. Marsan, who is also the Director, Strategy & Partnership at Economic Research Institute for ASEAN and East Asia (ERIA) said. 

Dr. Marsan also drew attention to the similarities and differences between India and other countries, particularly Indonesia. While acknowledging their distinct traditions and cultures, she emphasized that innovation is inherently driven by local contexts. She praised India's leadership in areas such as digital payment solutions and fintech, noting that Southeast Asian countries, including Indonesia, have made significant strides in utilizing digital technology for payments. 

“I see differences, but I see also a lot of similarities. I mean, of course, India and Indonesia are two different countries with different traditions and different cultures, and innovation is a phenomenon that is always locally driven. I mean, startups, typically want to find solutions to problems that are happening in a certain place, in a certain ecosystem. They adapt to different regulations and rules. But there are also a lot of similarities. India is a leader for instance, when it comes to digital payment and fintech digital solutions. I was actually very impressed when I was in Goa for one of the previous meetings, I was with someone from the Startup 20 team. We bought coconut water on the beach and what did we do? We paid with our app because there was a QR code and that was so good. These kinds of innovations are also taking place in Southeast Asia. Many Southeast Asian countries are actually ahead. I mean, they're using digital technology for payments at a much higher degree than in places like North America or Europe, for instance. So these are very interesting developments that we should continue to monitor and learn from,” she added. 

Reflecting on her journey with Startup20, Dr. Marsan described it as an exciting and innovative endeavor. She commended the Indian government for its proactive approach to startups and entrepreneurship, emphasizing its commitment to fostering inclusive innovation. In addition, she highlighted India's focus on innovation for inclusion, specifically addressing women's entrepreneurship and the utilization of technology to empower underrepresented groups.

"It was a very exciting journey and I think there was a lot of excitement because it was a new thing. Yeah. So there was a lot of innovation within the group itself because of Dr. Chintan and the acknowledged team and the different organizations in India and elsewhere, we had to understand how to work together, learn what could work well and what could work a little bit less well. But this is why, in a sense, the journey was so interesting and exciting because this was so new," the Co-Chair of the Inclusion task force for G20 said. 

India to Emerge as Key Player in Global Innovation

Concluding the discussion, Ms. Marsan predicted that India would emerge as a key player in the global innovation ecosystem in the coming years. With its large and rapidly growing population, a focus on education, and a burgeoning startup culture, India is poised to make significant contributions and surprises in the world of innovation.

"On one hand, the fact that India, while hosting the presidency of G 20, decided to create Startup 20, already demonstrates the fact that the Indian government plays a lot of attention and importance to the topic of startups and business creation itself, which is something very interesting, of course. But on the other hand, we are already seeing it. I mean, India is this very big emerging country with lots of innovation happening where you have lots of fintech solutions and other forms of entrepreneurship. I think India is also paying a lot of attention to innovation for inclusion, which is something that we looked into in my task force. So we looked a lot at women's entrepreneurship, but also how technology could become a channel for the inclusion of people with disability and other types of underrepresented groups. So I think that India will become increasingly a key player in the global innovation ecosystem in the years to come, because it's such a big country, because it's growing very fast, because you have a lot of young educated population. So I think we can expect a lot of surprises," she concluded. 

The impact of India's Startup Policy Communique is set to reverberate globally, with the potential to shape startup ecosystems and innovation strategies across G20 nations. As the world eagerly awaits the implementation of these policies, the startup community and stakeholders worldwide are hopeful for a more inclusive and prosperous future.