India implores G20 leaders to increase yearly investment in the startup environment to $1 trillion by 2030
Startup20 India's Chair Dr. Chintan Vaishnav has urged G20 leaders to raise annual investment in the global start-up ecosystem to $1 trillion by 2030. This comes days before the Startup20 Engagement Group under India's G20 Presidency is slated to hold its summit meeting in Gurugram on July.
Stating that Startup20 aims to harmonise the global startup ecosystem while retaining the autonomy of local and national startup ecosystems, Vaishnav told that India has proposed the adoption of a standard framework to define startups, which is also a part of the policy communique, to ensure that the global startup ecosystem can become interoperable.
The NITI Aayog has said that the final policy communique arrived at in the past six months will lay the foundation for a transformative and inclusive startup ecosystem to foster economic growth, innovation and cross-border collaboration. Stating that NASSCOM and VCs have proposed a startup maturity model, Vaishnav said that a start-up governance standard will also be proposed as there's no common due diligence standard at present.
While he said that the existing definitions will be accommodated, he termed the acronym LASSI as representative of 5 components of the start-up definitional framework; where L stands for legal entity, A for age, S for size in terms of revenue & people, S for scalability and I for the nature of innovation in the startup.
While he clarified that the framework is recommendatory and not mandatory in nature, he quipped on a lighter note that it's up to the member nations to choose components from LASSI to decide its flavour, adding that nations embracing all components of the acronym will make interoperability easier and will elicit more confidence in the investors.
To ensure continuity for the initiative beyond India's G20 Presidency, he said that the group is proposing a globally networked institution of existing start-up related agencies and nodal bodies within G20 member countries. He stated that the network of agencies can drive the global startup ecosystem agenda while supporting national or regional nodes to implement ideas proposed by the group, expressing hopes that the network will become stronger in future to implement what comes out of Startup20 every year.
