New Delhi: The commerce and industry ministry announced on Thursday, March 21 that the Shanghai Cooperation Organization startup forum's fifth meeting will take place in January of the following year.

The initiative's goals are to encourage young talent to create innovative solutions, create an environment that is supportive of innovation, and promote startup interactions amongst the SCO member states.

Founded in Shanghai, China, on June 15, 2001, the Shanghai Cooperation Organization (SCO) is a multilateral organization with eight members. China, Kazakhstan, Kyrgyzstan, Tajikistan, India, Pakistan, and Uzbekistan are its members.

According to the ministry, this location hosted the fourth iteration of the SCO Startup Forum on March 19. "Going forward, India will host the second meeting of the SWG in November 2024 and SCO Startup Forum 5.0 in January 2025," said the statement.

A showcase opportunity at the SCO Pavilion was provided where over 15 SCO startups showed their products and services. The showcase provided networking opportunities designed to inspire, educate, and empower these entrepreneurs. In addition, the delegates also attended a workshop conducted by Startup India on ‘Establishing a Seed Fund: A Strategic Approach to Fostering Innovation and Entrepreneurship’.

The workshop included an interactive session to understand various models of setting up seed funds to support early-stage startups. The workshop provided participants with comprehensive insights into the strategic planning and execution involved in setting up a seed fund.

The members created a Special Working Group (SWG) for Startups and Innovation in 2022 intending to foster collaboration among SCO member states, to not only benefit the startup ecosystem but also accelerate regional economic development. Given the importance of innovation and entrepreneurship in driving and diversifying an economy, India proposed this initiative in 2020 to create a new pillar of cooperation between the SCO Member States.

In 2023, after multiple rounds of meetings chaired by DPIIT (Department for Promotion of Industry and Internal Trade), the member states decided to approve and adopt the regulations of the SWG to be permanently chaired by India in SCO.

It added that the startup engagements are organised by India to empower the local startup ecosystems in the SCO member states and provide value to startups through mentoring and enabling access to investor and corporate engagement activities. Previously, Startup India had organized various initiatives for SCO Member states including:

1.  SCO Startup Forum 1.0: The SCO Startup Forum in 2020 laid the foundation for multilateral cooperation and engagement for startups among the SCO Member States.

2.  SCO Startup Forum 2.0: The two-day Forum was held virtually in 2021 through a customized platform representing the Indian culture in augmented reality. SCO Startup Hub, a single point of contact for the SCO startup ecosystem, was launched in this forum.

3.  Focused Mentorship Program: A 3-month long virtual mentorship series ‘Starting-Up’ in 2022 was organized for the nominated startups, to build capacity among the SCO Startup founders. A total of 100+ hours of mentorship was provided to the startups.

4.  SCO Startup Forum 3.0: DPIIT organised the first ever physical SCO Startup Forum in 2023 for the SCO Member States. The delegates attended a workshop on ‘Role of Bilateral and Multilateral Engagement in Developing Startup Ecosystem’, followed by an incubator visit at IIT Delhi.

5. 1st Meeting of the SWG: The first Meeting of the SCO Special Working Group on Startups and Innovation (SWG), permanently chaired by India, was organised on the theme ‘Growing from Roots’ in 2023. 25 representatives from the 9 SCO Member States participated in the meeting and presented their respective startup ecosystems and prospective areas of collaboration related to the agriculture and animal husbandry sectors covered in the theme.

Sources – PTI, Press Information Breau