NEW DELHI: An enabling ecosystem for startups in the form of a Startup India Mission has been one of Prime Minister Narendra Modi’s biggest achievements ever since he assumed office in 2014. The country today has the world’s third largest concentration of startups with more than 100 unicorns and 83,000 recognised new entities.
Taking this thrust forward, a major contribution of India in its G20 presidency this year is the setting up of Startup 20 engagement group. It aims to inspire a common narrative amongst participants for facilitating startups and building bridges across nations between corporates, investors and associated stakeholders of the innovation ecosystem. The Startup 20 engagement group will have its first meeting in Hyderabad on January 28-29.
Focus will be on compiling best practices, frameworks, and strategic recommendations that come out of the interactions. India is also working on creating a ‘Global Innovation Hub’ that can help in capturing and sustaining momentum gained from such activities.
Through the new engagement group, India aspires to weave an inclusive framework which supports innovation and leads collaboration across the group members. To achieve the Startup 20 goals, India has adopted a three pronged approach. This entails
- i) Foundation and alliances for a universal terminology for global startup ecosystem;
- ii) Financing and creating a supportive environment with abundant avenues for pitching ideas and networking opportunities;
- iii) Inclusiveness and sustainability to boost startups which address critical SDG gaps, especially startups which focus on marginalised groups.
The entire world witnessed the exceptional role played by the startups during the pandemic. Through innovation they not only saved lives, but also helped bring economic vitality back.
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