HYDERABAD: While the world grapples with multiple challenges, ranging from climate change to poverty, innovation is the key to solving these problems through creativity and ingenuity in entrepreneurship, Union minister of commerce & industry Piyush Goyal said at the inaugural of the inception meeting of Startup20, the first startup engagement group of G20.
He pointed out that innovation has been a catalytic force for the economy and will be strongest pillar of a developed and prosperous India by 2047.
Citing India’s innovation of digital public goods like CoWin, UPI and ONDC to tackle unique problems and ensure inclusive growth, Goyal said India, through G20, was trying to transfer expertise so that IndiaStack can become the GlobalStack and transform the way people across the globe use technology.
Addressing a gathering of around 200 delegates from G20 countries as well as nine observer countries, international organisations and the Indian startup ecosystem via video message, he delivered the mantra of SENSE — share, explore, nurture, serve and empower — to trigger growth of the global startup ecosystem.
“When I see enthusiasm all around us, I get a sense of a changing mindset, I get a sense of urgency, I can sense Startup20 will become a very powerful body which will change the way the world recognizes and respects startups,” he said, expressing confidence that the two-day deliberations in Hyderabad would lay the foundation of a global startup revolution through actionable recommendations to G20 leaders.
He emphasised it’s not the role of individual nations to support innovation, but will have to be a collective responsibility to nurture a global effort to incubate startup ecosystems in the world to create an inclusive, supportive and sustainable global startup ecosystem. “Innovation in today’s worldgoes beyond achieving economic objectives as it also considers societal inclusion and environment sustainability,” he said.
Goyal called for creation of an international network of mentors, investors and entrepreneurs to strengthen the global startup ecosystem so that it can support startups and act as a team to facilitate exchange of ideas, best practices, funding mechanisms and promote R&D collaborations.
Talking about India’s innovation journey, he said over past seven years, since Startup India was launched, India has climbed 41 places to 40th rank in WIPO’s global innovation index with rapid adoption by tier-2 and 3 markets, helping local startups push envelope with innovative ideas
He pointed out that innovation has been a catalytic force for the economy and will be strongest pillar of a developed and prosperous India by 2047.
Citing India’s innovation of digital public goods like CoWin, UPI and ONDC to tackle unique problems and ensure inclusive growth, Goyal said India, through G20, was trying to transfer expertise so that IndiaStack can become the GlobalStack and transform the way people across the globe use technology.
Addressing a gathering of around 200 delegates from G20 countries as well as nine observer countries, international organisations and the Indian startup ecosystem via video message, he delivered the mantra of SENSE — share, explore, nurture, serve and empower — to trigger growth of the global startup ecosystem.
“When I see enthusiasm all around us, I get a sense of a changing mindset, I get a sense of urgency, I can sense Startup20 will become a very powerful body which will change the way the world recognizes and respects startups,” he said, expressing confidence that the two-day deliberations in Hyderabad would lay the foundation of a global startup revolution through actionable recommendations to G20 leaders.
He emphasised it’s not the role of individual nations to support innovation, but will have to be a collective responsibility to nurture a global effort to incubate startup ecosystems in the world to create an inclusive, supportive and sustainable global startup ecosystem. “Innovation in today’s worldgoes beyond achieving economic objectives as it also considers societal inclusion and environment sustainability,” he said.
Goyal called for creation of an international network of mentors, investors and entrepreneurs to strengthen the global startup ecosystem so that it can support startups and act as a team to facilitate exchange of ideas, best practices, funding mechanisms and promote R&D collaborations.
Talking about India’s innovation journey, he said over past seven years, since Startup India was launched, India has climbed 41 places to 40th rank in WIPO’s global innovation index with rapid adoption by tier-2 and 3 markets, helping local startups push envelope with innovative ideas