G20 Members To Define Startups In a Common Framework As per the report, the focus of the Goa meeting will be to build consensus on the Draft Policy Communique, which the Startup20 recently published and seeking public views
By Teena Jose
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
G20 member countries, including India and the US, are holding consultations to arrive at a common framework to define startups with a view to promoting the growth of new ventures, according to a PTI report, citing a senior official.
Briefing media about these meetings under India's G20 presidency, Startup20 India Chair and Mission Director Atal Innovation Mission, Niti Aayog, Chintan Vaishnav said that it may not be feasible to have a common definition of startups. He further added that, "The meeting in Goa on June 3-4 will try to come up with a definition framework that is applicable across the countries of G-20."
As per the report, the focus of the Goa meeting will be to build consensus on the Draft Policy Communique, which the Startup20 recently published and seeking public views. After the Goa meeting, the group will finalise the communique and take it to the Gurugram meeting scheduled on July 3-4.
"The idea of the foundation is to come up with a startup definition framework which is applicable across different economies. When you talk about the global startup ecosystems coming together, working together, becoming interoperable, you realize that there are no common definitions of startups across these nations.," said the senior official, adding that the attempt is to provide a framework of choices from which a country can create a definition.
Under alliances, the countries are trying to ensure that there is some form of platform to promote cooperation between key stakeholders of the startup ecosystem such as incubators, and regulators. Similarly, the idea of the finance task force is to unlock financing of startups in general for nations to invest in these enterprises and also cross-border investments.
According to him, taxation of startups is a very major issue across the world and they are trying to focus on marginalised groups and empowering these groups by following best global practices.
Further, the idea of the sustainability task force is to say which startups are willing to be measured by SDGs (sustainable development goals), the report added.
