Union Minister Piyush Goyal for strengthening global startup ecosystem

HYDERABAD: Union Minister for Commerce and Industry Piyush Goyal on Saturday called for the creation of an international network of mentors, investors and entrepreneurs to strengthen the global startup ecosystem. He said that this network must support and inspire startups, act as a team to facilitate exchange of ideas, best practices and funding mechanisms and promote collaborations in research and development.

Addressing the inaugural session of the inception meeting of the Startup 20 Engagement Group of G20 here, he observed that it was not merely the role of individual nations to support innovation but was the collective responsibility of all to nurture a global effort to incubate startup ecosystems, thus creating a global startup ecosystem that was inclusive, supportive and sustainable to address global challenges.    

‘Developing nations should become global tech hubs’

He said that growing participation from Tier 2 & 3 markets that were swiftly embracing latest technology, pushed the envelope for local startups in India with new ideas to succeed. Through G-20, India was trying to transfer its expertise, so IndiaStack would be GlobalStack and transform the way people use technology, helping take technology to the common man, he said and added that developing nations must transform themselves from being destinations for low-cost, outsourced software and support services, to becoming global tech and innovation hubs. He also highlighted that India had climbed to 40th rank in the Global Innovation Index (GII) of WIPO, taking a huge leap of 41 places in seven years.

He said that India was proud to highlight the progress & potential of the global startup ecosystem as the host nation of G20. He noted that the Startup20 Group had been established under India’s G20 Presidency for the first time, as part of India’s special focus on innovation.

Piyush Goyal expressed the confidence that innovation would be the strongest pillar that would help build a developed India in Amritkaal. He said that innovation had been a catalytic force for the economy and social and public good. “Innovation in today’s world goes beyond achieving mere economic objectives as it also considers societal inclusion and environmental sustainability,” he said.