By accepting India’s proposal to form the Startup20 Engagement Group, the G20 has transformed itself into an ambidextrous institution in which both large corporations and startups have an equal voice in moving economies forward. While the existing B20 Engagement Group continues to focus on corporations, the Startup20 addresses policy issues affecting the global startup ecosystem, with necessary linkages between the two groups.
What is the mean by ambidexterity?
- The ability to use both hands with equal skill and ease is referred to as ambidexterity.
- In the context of organisations, it is the ability to pursue both exploratory and exploitative strategies at the same time. This entails being able to strike a balance between the need for innovation and new opportunities and the need for efficiency and optimization of current operations.
- TCS and Infosys, for example, are investing in areas such as artificial intelligence, blockchain, and the Internet of Things while continuing to provide traditional IT services to their clients.
What is B20 Engagement Group?
- The official G20 dialogue forum for the global business community: The B20 (Business 20) Engagement Group is a forum for G20 international business leaders.
- In 2010, the following companies were formed: It is one of the most prominent G20 Engagement Groups, with companies and business organisations participating.
- A unified voice for the G20 business community: The B20 leads the process of rallying global business leaders around issues of global economic and trade governance, speaking with a single voice on behalf of the entire G20 business community.
- The group’s goal is to make recommendations to the G20 on issues such as economic growth, trade, investment, digitalization, sustainability, and job creation.
- Platform for various stakeholders: The B20 is one of several engagement groups, including those representing civil society, labour, think tanks, and youth, that provide a forum for various stakeholders to share their perspectives and insights with the G20.
- Secretariat of the Group of 20: The Business 20 (B20) Secretariat for India’s G20 Presidency has been designated as the Confederation of Indian Industry (CII).
What is Startup20?
- Launched during India’s G20 presidency: The Startup20 Engagement Group was formed during India’s G20 presidency in 2023.
- aims to assist startups: The group’s goal is to develop a global narrative for supporting startups and facilitating synergies among startups, corporations, investors, innovation agencies, and other key ecosystem stakeholders.
- Three task forces have been formed: The engagement group is divided into three taskforces: Foundation & Alliance, Finance, and Inclusion & Sustainability, where delegates will meet to discuss efficient policy frameworks to promote startup scaling in G20 countries.
How will these taskforces function?
Taskforce on Foundations and Alliances:
- Encourages a consensus-based ecosystem: The Foundation and Alliances Taskforce will work to harmonise the global Startup ecosystem through consensus-based definitions, as well as to promote a global community of knowledge sharing among Startup ecosystems in order to explore opportunities.
- It will also help to bridge the knowledge gap between the Startup ecosystems of G20 member countries and emerging economies through partnerships, allowing more industry players across G20 nations to collaborate with Startups and concrete solutions.
- It will aim to create supportive policies and points of contact for industry players and government organisations to work with Startups, as well as provide points of contact for the participating G20 countries to ensure long-term collaboration.
The Finance Taskforce:
- To provide financing and investment platforms: The finance taskforce will aim to broaden the array of financial instruments available to Startups by providing financing and investment platforms specifically for early-stage Startups.
- Networking opportunities: It will also provide Startups with pitching and networking opportunities with the global investor community.
- Best funding ecosystem practises: It will work to provide a framework based on best practises for global investors to fund Startups across G20 member countries, as well as to assist in the development of suggestive frameworks that could be implemented in emerging ecosystems for the development of investment capabilities.
Inclusion and Sustainability Taskforce
- Women-led businesses and community inclusion: The roadmap for inclusion and sustainability includes increasing support for female-led startups and organisations, promoting startups working to make communities more inclusive, and promoting startups working on SDGs in areas of global interest.
- Encouraging investors to invest in startups founded on sustainable practises: The goal of this Task Force is to encourage more investors to invest responsibly in startups founded on sustainable practises, as well as to encourage mentorship support for the startup ecosystems of G20 member countries and emerging economies.
@the end
Some of the most pressing issues confronting the world today necessitate large-scale innovative solutions. There is an urgent need for solutions to global problems such as climate change, food security, and energy security. We can, however, be optimistic about our ability to systematically solve these problems by leveraging global ambidexterity and taking advantage of the G20’s new architecture of B20 and Startup20. We can create a more sustainable and prosperous future for all by making deliberate efforts and taking focused action.
Source: https://indianexpress.com/article/opinion/columns/indias-g20-presidency-innovations-double-engine-start-up-scale-up-8447524/