In a major win for global entrepreneurship, the Startup20 Shikhar Summit held in Gurugram, India, over two days ended on a high note. Under the aegis of India’s G20 presidency, Brazil pledged to continue nurturing the Startup20 ecosystem when it steps in as the G20 president next year, while Saudi Arabia became the inaugural backer of a $1 trillion annual fund designed to propel the initiative further.
This summit offered fertile ground for innovative ideas, global collaborations, knowledge exchange, and the establishment of strategic partnerships within the international startup sphere.
Dr. Chintan Vaishnav, the Chairperson of Startup20, symbolically passed the baton to Brazil during the closing event, marking Brazil’s commitment to advancing the Startup20 initiative in 2024. According to an official statement, the steadfast continuation of Startup20 under Brazil’s presidency marks a significant achievement in fostering the global startup environment.
Significantly, Saudi Arabia, represented by HRH Prince Fahad Bin Mansoor, was revealed as the first nation to advocate and pledge its support to Startup20’s ambitious plan of dedicating a yearly fund of $1 trillion to the startup ecosystem by 2030. This revelation was made at the Shikhar Summit in Gurugram, acknowledging the immense potential startups hold in shaping global prosperity.
In his address, Dr. Vaishnav lauded Saudi Arabia’s commitment as a historic development. He emphasized the nation’s unwavering determination to cultivate worldwide innovation and entrepreneurship. “Saudi Arabia’s endorsement of the $1 trillion funding goal is precedent-setting and indicates their commitment to fuel a dynamic innovation ecosystem and stimulate economic progress,” stated Vaishnav.
Moreover, he emphasized the critical role of the Policy Communiqué’s action points while formally launching the document. The Communiqué lays out a roadmap including defining startups, networking institutions to bolster startups and ecosystem stakeholders across G20 nations, widening and diversifying capital access, streamlining market regulations for startups, and prioritizing the integration of underrepresented communities within the startup space. Additionally, it includes strategies for scaling up startups with global significance. This roadmap is designed to create an encouraging environment that enables startups to effectively address global issues through growth and innovation.
The Policy Communiqué guides G20 nations in identifying potential startups, funding them collaboratively, mentoring them in context, and facilitating their global expansion.
The Gurugram summit also spotlighted several noteworthy domestic and international startups and featured an engaging evening filled with cultural festivities.
India, under the leadership of PM Modi, has seen its startup scene flourish, becoming the second-largest startup hub worldwide with a 300-fold increase in the number of startups in the past nine years. Indian startups have generated over four million direct and indirect jobs. This success has now been brought to the G20 discussion table with the aim of sharing and replicating the vision in other countries.