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Saudi Arabia Becomes First Country to Extend Support towards $1 Trillion Milestone for global Startups

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Startup20 Gurugram Summit Concludes with Resounding Success, India Passes the Torch to Brazil

Gurugram: The Startup20 Shikhar Summit, organized by the Startup20 Engagement Group under the India G20 Presidency, concluded today in Gurugram with overwhelming success. This two-day summit 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 has G20 presidency for the next year and has committed to continue the Startup20 initiative in 2024. This continuations of Startup20 with the Brazil presidency a true success for the group and a milestone in the advancement of startup ecosystem worldwide.

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.

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.

He asserted, “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 the economic growth.

Dr. Chintan also underscored the importance of specific action points outlined in the Policy Communiqué while  releasing the it officially.  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 Startup20 Gurugram Shikhar Summit serves as a critical platform for startup ecosystem,  ecosystem builders, industry experts, Government, policymakers, and thought leaders to collaborate and shape the trajectory of startups on a global scale.

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

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

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