Why is it in the News?

India will host the fifth meeting of the Shanghai Cooperation Organisation startup forum in January next year according to the commerce and industry ministry.

About the Shanghai Cooperation Organisation Startup Forum:

• The SCO Startup Forum is a platform for the stakeholders from the startup ecosystems from all SCO Member States to interact and collaborate.
• The entrepreneurial activities aim to empower the local startup communities in the SCO Member States.
• The SCO Startup Forum aims to create multilateral cooperation and engagement for startups among the SCO Member States.
• This engagement will empower the local startup ecosystems in the SCO Member States.

The following are the objectives of the engagement:

• Sharing of best practices to promote entrepreneurship and innovation to build knowledge-exchange systems
• Bringing Corporations and Investors across to work closely with startups and provide local entrepreneurs with much-needed support and market access
• Increasing scaling opportunities for startups by providing solutions in the field of social innovation and providing Governments with a plethora of innovative solutions
• Creating open procurement channels to enable matchmaking for procuring innovative solutions from startups
• Facilitating cross-border incubation and acceleration programs that will enable the startups to explore international markets and get focused mentorship.

Upcoming Events:

• India is set to host the second meeting of the Special Working Group for Startups and Innovation (SWG) in November 2024 and the SCO Startup Forum 5.0 in January 2025.

Past Initiatives:

• SCO Startup Forum 1.0: Established in 2020, laying the groundwork for multilateral cooperation among SCO Member States' startups.
• SCO Startup Forum 2.0: Held virtually in 2021, introducing the SCO Startup Hub, a centralized platform for the SCO startup ecosystem.
• SCO Startup Forum 3.0: Organized physically in 2023 by the Department for Promotion of Industry and Internal Trade (DPIIT), marking a significant milestone for SCO Member States' startup collaboration.
• 1st Meeting of the SWG: Led by India, the first meeting of the SCO Special Working Group on Startups and Innovation in 2023 focused on the theme 'Growing from Roots', emphasizing foundational growth within the startup ecosystem.