Current Affairs 2021: Objectives of G-20 Innovation League

By Teresa Dhar
Read here in detail about the objective of the G-20 innovation league's objective and innovative solutions contemplated in the recent meeting.

Under the aegis of G20 Italian Presidency and in the interest of Trade Ministerial Track, the G20 Innovation League was hosted on October 9 and 10, 2021. The event included members of G20 and other guest countries, pertinent institutions, financial market players like Venture Capitalists, startups, corporates and experts in this specialized arena - all brought together in a joint effort for collaboration and cooperation in the technology sector for the overall betterment of the world.

The event was flagged by the Italian Ministry of Foreign Affairs and International Cooperation, the Italian National Innovation Fund (FNI-CDP Venture Capital) and the Italian Trade Agency (ITA-ICE), SIMEST, in a joint effort with the Italian Ministry of Innovation and Digital Transition and Italian Ministry of Economic Development. It was conducted in physical form in Sorrento, combined with virtual sessions.

Objectives of The G20 Innovation League

This was an opportunity for startups to submit their ingenious solutions to multifaceted societal problems on a global platform. Investors and firms were encouraged to scout prospects for formulating and capitalizing on ground-breaking solutions. Legislators were also given an opportunity to note how technological advancement could respond to such societal problems.
Basically, this enterprise sought to develop collaborative efforts amongst financial institutions and innovative start-ups to make feasible and finance sustainable corporate ventures. The underlying idea is to emphasise the urgency of intercontinental cooperation to confront the pressing challenges and creatively respond to them.

Its significance is multiplied especially in light of the COVID19 pandemic and the challenges it has posed. It has made sustainable development not only desirable but also need of the hour. Entrepreneurial creativity is welcomed especially when they address major issues that affect the future of the world. This is why the Innovation League offers a medley of opportunities in form of Business-to-Business meetings with Venture Capitalists and other investors, plenary discussion panels, pitch meetings, etc.

Innovative Solutions to Five Fundamental Societal And Technological Problems

The event was flagged by a very holistic panel dialogue which contemplated the various obstacles that international investment, innovation and trade encounter and how such obstacles can be eliminated.

There were five fundamental challenges laid out, headlined as:

• Cleantech - Challenges and possibilities
• Artificial Intelligence - Maximizing its utility and directing any menace posed by it
• Internet of Things and wearables technology - How humans may be complemented with it?
• Building green and smart cities and mobility  
• Remodelling the future of healthcare

This challenge was held in two stages. In the first stage, every Member Nation was to nominate the most suitable start-ups for each of the five challenges modelled. In the final plenary session, the top 10 start-ups (two per category) took part in the five-pitch meetings held for their benefit where they demonstrated their solutions and elaborated upon how such solutions were viable in tackling the challenges posed. Based on the originality of ideas, product distinctiveness, financial profitability, sustainability of the product, etc., the winners were then decided.