India’s G-20 Presidency hosts second Startup-20 engagement group meeting in Gangtok, Sikkim

The Startup20 engagement group under India’s G20 Presidency began its two-day meeting at Chintan Bhawan in Gangtok. The group aims to connect global startup systems while promoting the development of unique ecosystems in each country. During the inaugural session, Sikkim Chief Minister PS Tamang praised the central government’s Startup India Initiative and acknowledged its success in transforming India into a country of job creators. Mr. Tamang highlighted various aspects of the scheme, including tax exemptions, ease of doing business, and funding assistance, as well as the role of various organizations in India’s rise to the third position in the Global Startup ecosystem and a jump from the 81st to the 40th position in Global Innovation Index in 2022.

For Sikkim, Mr. Tamang emphasized the significant potential for aggregators to develop end-to-end chains of aggregation, branding, processing, and supply of organic farm and livestock products as well as medicinal plants. He also stressed the importance of local entrepreneurship, risk-taking ability, and becoming strong enough to absorb risks. The chief minister acknowledged the need for a policy in Sikkim for startups and highlighted the challenges faced by startups in the state, which currently has only nine registered entities. However, he expressed the state government’s approach to addressing these challenges by highlighting initiatives such as the establishment of an incubation center under the Atal Innovation Mission at Sikkim Manipal University and schemes such as One Family, One Entrepreneur in Sikkim.

Minister of State for Commerce and Industry Som Prakash also reiterated the central government’s commitment to strengthening the North East, including the region’s startup ecosystem. The officials from Niti Ayog, the External Affairs Ministry, and the Department for Promotion of Industry and Internal Trade showcased the Indian startup ecosystem’s growth story and its role during the COVID-19 pandemic during the inaugural session of Startup20 Sikkim Sabha. They also highlighted the bigger goal of converging big businesses under B20, the oldest engagement group under G20, with smaller entrepreneurs of Startup20, G20’s youngest engagement group.

The two-day event also offers startups’ showcases, informal meetings between entities, and Startup20x as engagement platforms. The Startup20 engagement group provides a platform for startups to connect and network with various stakeholders in the global startup ecosystem. It aims to support entrepreneurs in building their businesses, promote innovation, and facilitate the sharing of best practices and knowledge. By bringing together startups from different countries, the group aims to create a collaborative environment that fosters growth, promotes diversity, and encourages new ideas and approaches.

The Startup20 engagement group meeting is a valuable platform for startups to connect with stakeholders in the global startup ecosystem and promote innovation and growth. The meeting offers various engagement platforms such as showcases, informal meetings, and networking events, allowing startups to build connections and learn from each other’s experiences. The group aims to promote entrepreneurship and innovation while ensuring that each nation has the freedom to develop its unique startup ecosystem. The meeting also highlights the success of the Startup India Initiative and the potential for further growth in the Indian startup ecosystem.