Dr Chintan Vaishnav’s call for increased investment precedes the upcoming Startup20 summit. The Chair of Startup20 India urges G20 leaders to increase global startup investment. The goal set by Dr Vaishnav is to reach a $1 trillion annual investment by 2030.
Startup20 Engagement Group, under India’s G20 Presidency, will hold its summit meeting. The summit meeting is scheduled in Gurugram on the 3rd and 4th of July.
Vaishnav Emphasizes Harmonizing Global Startup Ecosystem
Vaishnav says that Startup20 aims to harmonize the global startup ecosystem. As part of the policy communique, India suggests adopting a standardized framework for defining startups. The proposed framework ensures the interoperability and autonomy of local and national startup ecosystems.
Vaishnav emphasizes the need for a global startup ecosystem that can become interoperable.
Furthermore, according to the NITI Aayog, the ultimate policy communique will establish the groundwork for an innovative startup ecosystem. Additionally, NASSCOM and VCs propose a startup maturity model, as mentioned by Vaishnav. Furthermore, he highlights the need for a startup governance standard in light of the absence of a common due diligence standard.
The LASSI Identification Framework
As stated by Vaishnav, existing definitions will be incorporated into the framework. Later he introduces the acronym LASSI, representing five components of the startup definitional framework.
L in LASSI stands for a legal entity, A in LASSI represents the age of the startup, and Both the S’ denotes the startup’s size in terms of revenue and people and scalability, respectively. I in LASSI signifies the nature of innovation in the startup.
Vaishnav clarifies that the framework is recommendatory and not obligatory. He jokingly mentions that member nations can choose components from LASSI to determine their flavour.
Nations embracing all LASSI components will facilitate interoperability and instil investor confidence.
A Global Startup Network Proposed
The group suggests the establishment of a globally interconnected institution comprising current startup-related agencies in G20 member nations.
The network of agencies can drive the global startup ecosystem agenda and support the implementation of ideas. Vaishnav expresses hopes for a stronger network in the future to implement Startup20 outcomes annually.
The proposed institution aims to ensure continuity beyond India’s G20 Presidency. It will support national or regional nodes in implementing ideas proposed by the group.
Startups drive innovation-led economic recovery, reorientation, and growth for nations worldwide. Startup20 is the first official engagement group initiated under the Indian presidency of G20 2023.
Additionally, the engagement group serves as the voice of the global startup ecosystem. Moreover, it brings together diverse stakeholders on a common platform, fostering collaboration and synergy. Furthermore, thriving and favourable environments are crucial for startups to scale rapidly and succeed. Moreover, national and international policies, frameworks, and regulations must keep up with innovation to support and nurture the startup ecosystem.
The Startup20 Engagement Group aims to create a global narrative supporting startups. It enables synergies between startups, corporates, investors, and innovation agencies. The group engages key ecosystem stakeholders to foster a conducive startup ecosystem.
Upcoming Statup20 Sikhar Summit, Gurugram
The Startup20 Engagement Group announces ‘Startup20 Shikhar,’ the summit meeting of Startup20. The summit is scheduled in Gurugram on July 3rd and 4th, 2023.
The summit is named “Shikhar,” symbolizing the pinnacle of achievements in shaping the startup ecosystem. It marks the official release of the final Policy Communiqué.
The Policy Communiqué embodies the combined knowledge and endeavours of the Startup20 Engagement Group. Moreover, distinguished delegates from G20 nations and other invitee countries contribute to the Policy Communiqué. The document lays the foundation for a transformative and inclusive startup ecosystem.
Dr Chintan Vaishnav, Startup20 Chair, expresses enthusiasm for the final leg of this year’s journey. Additionally, he considers it a new beginning and invites delegates to celebrate in Gurugram. Moreover, months of collaboration, consultation, and determination have led to consensus on a powerful communiqué.
It seeks to drive economic prosperity and make a societal impact. Furthermore, Startup20’s efforts focus on economic growth, job creation, and societal progress. The summit serves as a platform to showcase India’s commitment to startups. It highlights the importance of startups in driving innovation and inclusive growth.