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The G20 task force wants to agree on a common definition for startups worldwide


Aiming to harmonize the global startup ecosystem, the G20’s “Foundation and Alliances task force” is working on a common definition of startups worldwide that would influence future policy, senior DPIIT officials said at a news conference Tuesday.

According to the Department for Promotion of Industry and Internal Trade (DPIIT), an entity would be considered a startup until 10 years after its date of incorporation, and if revenue for any of the fiscal years since inception does not exceed 100 crore.

“Investors need to be clear on what startup means because it influences my decision. Whether we will converge to a common definition is still an open question. However, it is challenging to change the start-up definition from say 10 years to 15 years in India. Other countries also have those challenges,” said Chintan Vaishnav, President of Startup20 India.

Vaishnav explained that one of the main objectives of the Foundation and Alliances task force would be to harmonize the global startup ecosystem “through consensus-based definitions” and foster a global community of knowledge sharing among the startup ecosystems of G20 members.

An official statement from DPIIT said that Startup 20 was established under the G20 Presidency of India and it aims to act as a dialogue forum with the stakeholders of the global startup ecosystem and represent the global startup ecosystem to address the macro- address economic concerns and challenges faced by entrepreneurs with G20 leaders.

“The Group will operate through 3 Task Forces under the Indian Presidency. The B20 has scheduled a total of 100 meetings, with the number of in-person meetings being 65 and the number of hybrid meetings being 35,” the statement said.

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Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.