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G20 group seeks $1 tn fund every year to grow startups
Mint Mumbai
|November 17, 2023
Funding to be taken up under Brazil's G20 Presidency, says group chairman Chintan Vaishnav
G20 nations are assessing a proposal to allow their startups access to 1% of the group’s gross domestic product every year from 2030, according to Chintan Vaishnav, outgoing chair of the Startup 20 engagement group under India’s presidency.
The proposal is set to be taken up under the upcoming Brazilian presidency of the G20, said Vaishnav, who is mission director at Niti Ayog’s Atal Innovative Mission.
The proposal, made by the Startup 20 engagement group in Goa in June, called for G20 nations to make available $1 trillion annually for startups from 2030.
At present, startups across G20 nations, comprising 98% of global startups, see annual investments of $300-400 billion.
Startup 20 is a platform for entrepreneurs and innovation leaders from G20 countries to collaborate and formulate policy recommendations to support the development of startup ecosystems.
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