Startup 20: Minister Piyush Goyal calls for global network to support startups
The two-day Startup 20 will see the participation of delegates from G20 nations and nine special invitees from observer countries, representatives from multilateral organisations as well as the Indian startup ecosystem.
By Newsmeter Network Published on 28 Jan 2023 8:44 AM GMT
Hyderabad: Union minister for commerce and industry Piyush Goyal called for the creation of an international network of mentors, investors, and entrepreneurs to strengthen the global startup ecosystem. He said this network must support and inspire startups, act as a team to facilitate exchange of ideas, best practices, and funding mechanisms, and promote collaborations in research and development.
He was speaking during the inaugural session of the Inception Meeting of the Startup 20 Engagement Group of G20 in Hyderabad on 28 January. The two-day Startup 20 will see the participation of delegates from G20 nations and nine special invitees from observer countries, representatives from multilateral organisations as well as the Indian startup ecosystem.
Startup 20 Group has been established under India’s G20 presidency for the first time as part of India’s special focus on innovation.
‘Collective responsibility to nurture startup ecosystems’
Speaking at the launch, the minister said it is not just the role of individual nations to support innovation and added that it will have to be the collective responsibility of world nations to nurture a global effort to incubate startup ecosystems in all parts of the world, thus creating a global startup ecosystem that is inclusive, supportive, and sustainable to address global challenges.
“Growing participation from Tier 2 and 3 markets swiftly embracing the latest technology has pushed the envelope for local startups in India with new ideas to succeed. Through G20, India was trying to transfer our expertise, so IndiaStack will be GlobalStack and transform the way people use technology, helping take technology to the common man,” the minister added.
The minister opined that in the Indian startup context, entrepreneurs are using their creativity and ingenuity to tackle these challenges head-on. He cited the examples of digital public goods like Cowin, UPI, and ONDC as means to tackle problems and ensure inclusive growth in India by redefining social innovation.
Mr. Goyal gave the mantra of ‘SENSE’—Share, Explore, Nurture, Serve, and Empower—for the growth of startups. “When I see the enthusiasm all around us, I get a sense of changing mindset, I get a sense of urgency, I can sense that Startup 20 will become a very powerful body which will change the way that the world recognises and respects startups,” he said.
G20 Sherpa Shri Amitabh Kant, Startup 20 India Chair Dr. Chintan Vaishnav, senior government officials, and other dignitaries were present at the inaugural session.
