G20's Startup Engagement Group to meet on March 18-19 in Sikkim

G20's Startup Engagement Group to meet on March 18-19 in Sikkim

The Startup20 Engagement group, formed under India's G20 Presidency, will hold its second meeting in Gangtok, Sikkim on March 18 and 19, 2023. Delegates from G20 member and invitee countries, representatives from multilateral organizations, and stakeholders from India's startup ecosystem will participate in the meeting.

India created the Startup20 Engagement Group to promote innovation, entrepreneurship, and social inclusion among G20 countries. Startup20 can facilitate collaboration and knowledge sharing between leading startups and governments of member countries, making it a valuable global hub for resolving regulatory challenges when entering new markets. 

The Startup20 Engagement Group will come up with an official Policy Communique, a Startup Handbook with a set of commonly agreed-upon definitions and terminologies, a Global Innovation Centre to foster collaborations across borders, and promotion of Startup20 as a Global Point of Contact for startup ecosystems worldwide.

The Sikkim Sabha will take forward the agendas finalized during the first meeting held in Hyderabad in January this year. During the inception meeting, the objectives, and deliverables of the three taskforces, namely Foundation and Alliances, Finance, and Inclusion and Sustainability, were reworked to incorporate suggestions from all the delegates.

 What is the role of Foundation and Alliances Taskforce?

The Foundation and Alliances Taskforce will work to harmonize the global startup ecosystem through consensus-based definitions. It will set up a global knowledge repository/hub for startups, create bilateral and multilateral collaborations with governments, policymakers, academic and research institutes, industry associations, and international organizations, and recommend supportive policies for industry players and government organizations to work with startups.

What is the role of Finance Taskforce?

 The Finance Taskforce will aim towards increasing access to capital for startups by providing financing and investment platforms specifically to broaden the array of financial instruments available to startups. It will also harmonize tax and legal regulations to encourage public investment in startup funding and interact with the foreign investor ecosystem of G20 nations.

What is the role of Inclusion and Sustainability Taskforce? 

The Inclusion and Sustainability Taskforce will identify the specific needs of startups/entrepreneurs led by women, PwDs, LGBTQ+, minorities, and other groups and support them through access to market, financial resources, training, and government-led support schemes. It will also promote startups working towards the SDGs in terms of focused investment, incubation and mentorship support, cross-market access, enabling regulatory mechanisms, and encourage startups to adopt sustainable business models for their long-term profitability.

Dr. Chintan Vaishnav, Chair of Startup20, said that the Sikkim Sabha offers a unique opportunity to bring the startup world to the pristine North East of India and showcase its unique and growing ecosystem.

During the event, a variety of side events like Startup20X events, startups showcase at MG Marg, will also be hosted. The delegates will the Rumtek Monastery.