SCO Startup Forum 4.0 Facilitates Innovation and Collaboration Among Member States

New Delhi: The fourth edition of the Shanghai Cooperation Organisation (SCO) Startup Forum convened on March 19, 2024, in New Delhi, marking another milestone in fostering innovation and collaboration among SCO Member States. The initiative aimed at broadening startup interactions, nurturing an innovation-friendly environment, fostering job creation, and inspiring young talent across the region.

The plenary session witnessed the physical participation of SCO Member States, comprising delegations of SCO startups, nodal agencies, senior government officials, and diplomats. Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Shri Rajesh Kumar Singh, delivered the keynote address, emphasizing the pivotal role of startups in driving economic growth. Joint Secretary, DPIIT, Shri Sanjiv, shed light on India’s startup journey and the government’s initiatives to support startups.

A showcase opportunity at the SCO Pavilion allowed over 15 SCO startups to exhibit their products and services, fostering networking and collaboration. Additionally, a workshop conducted by Startup India on ‘Establishing a Seed Fund: A Strategic Approach to Fostering Innovation and Entrepreneurship’ provided insights into setting up seed funds to support early-stage startups.

Acknowledging the significance of innovation and entrepreneurship, all Member States agreed to establish a Special Working Group for Startups and Innovation (SWG) during the SCO Heads of State Summit in Samarkand, Uzbekistan, in September 2022. India proposed this initiative in 2020 to foster collaboration and accelerate regional economic development. After multiple meetings chaired by DPIIT, the Member States adopted the Regulations of the SWG, permanently chaired by India.

India’s efforts to empower local startup ecosystems and provide value through mentoring and access to investors and corporates were highlighted. The second meeting of the SWG is scheduled for November 2024, and the SCO Startup Forum 5.0 will be hosted in January 2025.

Previously, Startup India organized various initiatives for SCO Member States, including virtual forums, mentorship programs, and incubator visits, aimed at fostering collaboration and capacity building among startups.