“We recognise that startups and MSMEs (micro, small and medium enterprises) are natural engines of growth. They are key to socio-economic transformation by driving innovation and creating employment. We welcome the establishment of the Startup20 Engagement Group during India’s G20 presidency and its continuation,” the declaration said.
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The engagement group had formed three task forces under it—foundation and alliances, finance, and inclusion and sustainability—and was chaired by Chintan Vaishnav, mission director of Niti Aayog’s flagship entrepreneurship initiative, Atal Innovation Mission.
Peak XV Partners managing director Rajan Anandan, who was also the co-chair of the finance taskforce, said one of the most significant recommendations is that every G20 nation should invest 1% of their gross domestic product (GDP) into startups by 2030. “This will add up to $1 trillion per year of startup funding across the G20 nations,” he said.
“We are very glad that Brazil has picked up the mandate to continue the Startup20 engagement group into their presidency next year. We look forward to working on implementing the Startup20 recommendations over the next couple of years,” he added.
As a part of its recommendations, the Startup20 Engagement Group had sought to raise the joint annual investment of G20 nations in the global startup ecosystem to $1 trillion by 2030 by making debt and venture debt products more accessible to startups, and facilitate the flow of public and private capital.
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The group had also suggested a three-tiered global networked institution to create a repository of best practices, policies and market data, and curate marketplaces, mentors and funds for seamless access.It also made a set of recommendations related to good governance for startups to follow. It urged countries to develop common minimum G20 Startup Accounting Standards, where needed, in addition to Governance Standards, and Startup Due Diligence Standards to facilitate ease of doing cross-border investments.
“India just put startups and SMEs on the G20 map as key engines of growth and innovation. This is yet another first under India’s G20 leadership,” said Nasscom president Debjani Ghosh, who was the co-chair of the alliances task force.
Gopal Srinivasan, chairman at TVS Capital Funds and the chair of the group’s alliances taskforce, said, “Delighted to see India’s contribution to this inflexion point for innovation and entrepreneurship. It’s an inspiration of what’s possible and was an energising and educative experience to work alongside Dr Chintan Vaishnav, Debjani Ghosh and Vijay Shekhar Sharma”.
Sharma was the chair of the finance taskforce.