{"id":14388,"date":"2023-09-19T09:28:49","date_gmt":"2023-09-19T09:28:49","guid":{"rendered":"https:\/\/mysourcefunding.com\/startups\/global-entrepreneurship-congress-dispatch-day-one-takeaways\/"},"modified":"2023-09-19T09:28:50","modified_gmt":"2023-09-19T09:28:50","slug":"global-entrepreneurship-congress-dispatch-day-one-takeaways","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=14388","title":{"rendered":"Global Entrepreneurship Congress Dispatch: Day One Takeaways"},"content":{"rendered":"
\n

The Global Entrepreneurship Congress (GEC) began this week in Melbourne, Australia. Thousands of entrepreneurs, investors, ecosystem supporters, policymakers, researchers, and others from around the world have congregated in the city this week under the theme, \u201cTransform Your World.\u201d<\/p>\n

With a plethora of outstanding sessions to enjoy, here are some takeaways from policy-focused discussions, including in the Startup Nations Ministerial meeting.*<\/p>\n

These Meetings Really Do Matter<\/h3>\n

It\u2019s tempting\u2014at any conference, really\u2014to conclude that such gatherings are merely talkfests that accomplish little. Especially if they\u2019re convenings that involve government officials. Does anything actually get done?<\/p>\n

As it turns out, yes. More than one government official\u2014from Cambodia, Cameroon, Azerbaijan, and more\u2014noted that they had taken several lessons from the 2022 GEC (in Riyadh) and applied them at home. During today\u2019s Ministerial meeting, they were excited to offer updates on progress to their colleagues from other countries. \u201cSince Riyadh, we have … ,\u201d is how several policymaker comments began.<\/p>\n

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Additionally, multiple governments pointed to the value of GEC for their entrepreneurs and noted that they had brought startups along with them. For the startups, GEC is an opportunity to connect with other founders (which, as Startup Genome has shown, is an important success factor), meet investors, and get exposure to global markets.<\/p>\n

Entrepreneurship is Existential in Many Countries<\/h3>\n

It\u2019s a tried-and-true talking point in the United States and elsewhere that entrepreneurs are economically important. This can take the form of job creation claims regarding young and small businesses, or anecdotes about prototypical entrepreneurial companies (Amazon, Tesla, etc.). The economic role of entrepreneurs is true everywhere, of course. But in many countries, entrepreneurship is viewed in a much more fundamental way.<\/p>\n

Whether it\u2019s in Sri Lanka, struggling with the effects of an oppressive debt burden, or South Africa, seeking to address many social divides, entrepreneurship in many countries is treated as central to the future of national identity and stability. The role of public policy in these contexts also differs. Here, we frequently speak about needing to reduce barriers to entrepreneurs and alleviate burdens on their abilities to innovate. Those are absolutely issues in other countries, too. As one government minister noted today, \u201cit was the non-simplification of bureaucracy that held back growth in\u201d our country for so long.<\/p>\n

But the nature of the challenge calls forth a different policy framework, beyond just reducing barriers. There are market access issues. There are funding issues. There are social acceptance issues. And so on. This, again, underscores the important role such meetings can play.<\/p>\n

Scaleups > Startups<\/h3>\n

A consistent theme in the policy discussions today was about the need to encourage and promote more high-growth firms. Several officials noted that their governments were focused on encouraging more scaleup firms. Scaleup firms, as JF Gauthier from Startup Genome showed with findings from their 2023 Global Startup Ecosystem Report, have greater economic impact than firms that do not scale. And there are actions that the public sector can take to help produce more scaleups.<\/p>\n

This is not the same as \u201cunicorns,\u201d privately-held companies valued at more than $1 billion\u2014and a typical benchmark of startup ecosystem success over the last decade of Startup Fever. One minister noted that his government was focusing more on scaleups but that \u201cunicorns aren\u2019t everything.\u201d Growing firms can come from nearly any sector.<\/p>\n

The Future of Global Entrepreneurship is in …<\/h3>\n

Africa. And India. And Southeast Asia.<\/p>\n

India currently holds the presidency of the G20\u2014two weeks ago it hosted the G20 summit. Discussions at the G20 usually revolve around large-scale issues: macroeconomic challenges, geopolitics, etc. You could probably count on one hand the number of times that \u201centrepreneurship\u201d has been uttered at G20 summits. With its presidency, however, India launched Startup20, an effort to embed startup policy in the G20 DNA, as it were.<\/p>\n

The language of Startup20 may strike many as the same old diplomacy-speak: \u201ccommunique,\u201d \u201cconsultative process,\u201d \u201cgovernance framework.\u201d The substance, however, couldn\u2019t be more different. India\u2019s move with Startup20, as a government official described it today, is a \u201csignificant policy step.\u201d Their ambition is to raise startup investment, build global connectedness (that key ingredient noted above), and, most refreshingly, \u201cmeasure the efficacy\u201d of government efforts to help startups. Here\u2019s betting that Startup20 is not<\/em> just another empty diplomatic initiative.<\/p>\n

Complementing the Indian official\u2019s discussion of Startup20 were comments from the charismatic South African minister. The entire African continent is undergoing change and its global role will increase, if only because of demographics. Most African countries are in the early stages of a demographic dividend, with growing populations and very large populations of young people. This, the minister said, could position Africa as the \u201chome of huge global demand.\u201d<\/p>\n

The continent\u2019s potential, however, will only be realized if digital inequities are closed and if \u201cthere is a shift in policy to put innovation and entrepreneurship at the center.\u201d Organizations such as the Innovation for Policy Foundation are helping lead a \u201cstartup act movement\u201d across the continent and addressing the barriers that currently hold back entrepreneurial activity. Yet \u201cecosystem coordination\u201d is also needed across countries\u2014and for that, \u201cwe need platforms like GEC and Startup Nations\u201d to share lessons.<\/p>\n

*I am a Senior Advisor at the Global Entrepreneurship Network, which puts on GEC.<\/sub><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Global Entrepreneurship Congress (GEC) began this week in Melbourne, Australia. Thousands of entrepreneurs, investors, ecosystem supporters, policymakers, researchers, and others from around the world have congregated in the city this week under the theme, \u201cTransform Your World.\u201d With a plethora of outstanding sessions to enjoy, here are some takeaways from policy-focused discussions, including in […]<\/p>\n","protected":false},"author":1,"featured_media":14389,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[77],"tags":[],"class_list":{"0":"post-14388","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-startups"},"yoast_head":"\nGlobal Entrepreneurship Congress Dispatch: Day One Takeaways | Brandiary<\/title>\n<meta name=\"description\" content=\"The Global Entrepreneurship Congress (GEC) began this week in Melbourne, Australia. 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