Innovation in today’s world goes beyond achieving mere economic objectives, says Minister
Commerce and Industry Minister Piyush Goyal has called for the creation of an international network of mentors, investors and entrepreneurs to strengthen the global startup ecosystem.
Such a 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, Goyal told the Inception Meeting of the Startup20 Engagement Group of G20 in Hyderabad on 28 Jan 2023.
“It is not just the role of individual nations to support innovation. It will have to be the collective responsibility of world nations to nurture a global effort to incubate startup ecosystems in all parts of the world, thus creating a global startup ecosystem that is inclusive, supportive and sustainable to address global challenges,” he stressed.
The Startup20 Group had been established under India’s G20 Presidency for the first time, as part of India’s special focus on innovation.
“Innovation in today’s world goes beyond achieving mere economic objectives as it also considers societal inclusion and environment sustainability,” he said.
Goyal noted that the world is facing a multitude of global challenges, from climate change to poverty and inequality, and expressed his firm belief that innovation can lead the way in solving these problems.
“In the Indian startup context, our entrepreneurs are using their creativity and ingenuity to tackle these challenges head-on,” he said, citing examples of digital public goods like Cowin, UPI and ONDC which tackle problems and ensure inclusive growth in India by redefining social innovation.
The Minister said that growing participation from Tier 2 & 3 markets, that are swiftly embracing latest technology, has pushed envelope for local startups in India with new ideas to succeed.
He said that through G-20, India was trying to transfer our expertise, so IndiaStack will be GlobalStack and transform the way people use technology, helping take technology to the common man.
He 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.
Meanwhile, the Naval Innovation and Indigenisation Organisation (NIIO) has showcased medical innovations undertaken by Indian Naval officers during the inception meeting of the Startup20 Engagement Group.
Various medical innovations including the ‘Aadyant’ Oxygen Recycling System (ORS), ‘Spandan’ low-cost digital stethoscope and ‘Nebiro’ smart portable nebuliser were displayed.
Delegates from G 20 countries and senior functionaries including G20 Sherpa Amitabh Kant and CEO Niti Aayog Parameswaran Iyer (see picture) interacted with the naval officers and praised the innovative work being done by the Indian Navy under the theme “Indian Navy – Innovating towards Nation Building” at the inaugural event.
Startup20 saw participation of delegates from G20 nations and nine special invitees from observer countries, representatives from multilateral organizations as well as the Indian startup ecosystem.
The two-day event, set up under India’s G20 presidency, was held on 28-29 Jan 23 at Hyderabad. Startup20 aspires to create a global narrative for supporting start-ups and enabling synergies between start-ups, corporates, investors, innovation agencies and other key ecosystem stakeholders. fiinews.com
