Brazil to continue with India’s Startup20 plan next year, Saudi Arabia backs $1 trillion fund

The two-day Startup20 Shikhar Summit in Gurugram, organized under India’s G20 Presidency, turned out to be an overwhelming success with Brazil agreeing to continue with the development of the Startup 20 ecosystem when it takes over the G20 presidency next year and Saudi Arabia becoming the first country to support the $1 trillion annual fund for moving ahead with the plan.

The summit that concluded today served as a platform for fostering innovations, collaborations, knowledge sharing and strategic alliances within the global startup ecosystem.

During the closing ceremony, Dr. Chintan Vaishnav, Chair of Startup20, officially handed over the torch to Brazil, as the country will take over the G20 presidency for the next year and has committed to continue the Startup20 initiative in 2024.

“This continuation of Startup20 with Brazil’s presidency represents a true success for the group in the advancement of the startup ecosystem worldwide,” according to an official statement issued after the summit.

“Highlighting the importance of Startup20, Saudi Arabia, represented by HRH Prince Fahad Bin Mansoor, emerged as the first country to endorse and support the Startup20’s call to allocate an ambitious sum of $1 trillion per annum into the startup ecosystem by 2030,” the statement disclosed.

HRH made this announcement during his address at the Gurugram Shikhar Summit, recognizing the potential of startups in making startups a true force for the global good.

In his address, Dr. Chintan hailed this announcement as a momentous occasion at the Startup20 Gurugram Shikhar Summit, underscoring Saudi Arabia’s steadfast dedication to fostering global innovation and entrepreneurship.

“By pledging support for the $1 trillion funding milestone, Saudi Arabia sets a precedent for other nations to follow, demonstrating their commitment to driving a disruptive innovation ecosystem and propelling economic growth,” Vaishnav said.

He also underscored the importance of specific action points outlined in the Policy Communiqué while officially releasing the document. The key action points in Policy Communiqué includes the creation and adoption of a definition framework for startups, creating a networked institution to support startups and ecosystem stakeholders across G20, increasing and diversifying access to capital, easing market regulations for startups, and prioritizing the inclusion of underrepresented communities within the startup ecosystem as well as the scaling up startups of global interest. These measures aim to foster a conducive environment that empowers startups to innovate, grow, and address global challenges effectively.

“The Policy Communiqué sets the direction for G20 countries to scout promising startups intensively, fund them collaboratively, mentor them contextually and scale them globally,” Vaishnav said.

Besides, the Startup20 Gurugram summit also showcased some of the outstanding national and international startups. The event also marked a vibrant evening of cultural showcases and performances.

India has emerged as the second biggest startup hub in the world with the number of startups increasing 300-fold in the last 9 years of the Modi government. India’s startups have been successful in creating over 40 lakh direct and indirect jobs and the country has brought this vision to the G20 table as well so that it can be replicated in other countries as well.