Digital Economy, Agri Tech, And More: G20 YEA Summit To Explore Key Entrepreneurial Tracks

What's the concept behind this year's summit & how many nations are going to be a part of it?

This year's G20 YEA summit holds great significance for India, with CII Young Indians (Yi) being its official host. The summit will focus on the following five tracks: Digital Economy, Agri Tech, Tech in Manufacturing, Lifestyle for Sustainability, and Inclusion & Equal Opportunity. With its celebrated credo, HUM—Together We Are One, the 2023 summit will aim to give a global platform to the power of teamwork to enhance youth entrepreneurship across the globe. At Yi, we believe that entrepreneurial goals and the collective efforts of teamwork are closely related; they go hand in hand. The global network of the summit will bring together 800+ change-makers, young entrepreneurs, industry pioneers and investors from 40+ nations, including the G20 member countries, to collaborate, facilitate knowledge exchange, unfold transforming dialogues and foster networking. The key focus will be on recognising entrepreneurship as a catalyst for economic growth and on empowering the youth entrepreneurial landscape by recommending policies to the G20 leadership under India's presidency with innovation, inclusivity, mentorship, access to finance, skill development and favourable conditions for startups at the helm.

As India is inclining towards entrepreneurship, what is the role of Entrepreneurship Education and Skills Development?

Both CII Young Indians (Yi) and G20 YEA recognise that the path towards entrepreneurial success leads through quality entrepreneurship education and skills development. The right knowledge plays a crucial role in cultivating an entrepreneurial approach to opportunities, which in turn contributes to job generation, economic growth and society’s development. CII Yi has been instrumental in bridging the industry-academia interface through its extensive network of 6,000 young entrepreneurs and professionals working with close to 2,00,000 YUVA college students. With India making major strides in the start-up culture and the business arena, steps such as promoting entrepreneurship-related topics as a part of school curricula and encouraging students to think critically and outside the box can help give a holistic direction to future business leaders. Our country houses a massive youth population, the majority of whom are inclined towards starting their own business. It then becomes imperative to foster a culture of creativity and resilience, keeping social and environmental implications in mind. Entrepreneurial education and skills are important to steer through the complexities of running a business by making informed and innovative decisions. Areas such as communication, leadership, planning, marketing, finance, risk management, sales and sustainable business are instrumental in laying a solid foundation for entrepreneurial endeavours. Knowledge acquisition calls for effective mentorship programs to educate and help connect aspiring entrepreneurs with industry experts. Impactful knowledge frameworks can help shape the next generation of entrepreneurs to deliver the best solutions that contribute sustainably to community well-being.

How do technology and innovation intersect with entrepreneurship, and what opportunities do they present for aspiring entrepreneurs?

The global entrepreneurial landscape depends immensely on digital growth. This year's G20 YEA summit will have technology and innovation at its crux, with key tracks including Digital Economy, Agri Tech and Tech in Manufacturing. With the simultaneous hosting of Innofest, India will showcase the finest aspects of its tech offerings this year. In this age and time, technology plays a crucial role in creating greater opportunities. Achieving quick business growth, market dominance and reaching customers and partners from one part of the world to another has become a click away, all thanks to the easy access to global markets and customer bases through e-commerce platforms and digital marketing. An online presence can equal a global presence for today’s entrepreneurs through dynamic social media platforms and networks. Modern technology gives rise to business models with stronger value propositions, keeping current trends and customer preferences in mind. Developed nations have consistently leveraged technology as a force multiplier to amplify the impact of their human resources, with one technological advancement begetting another. Innovation has helped as a business differentiator by increasing the appeal of existing offerings, products and services through enhanced components, concepts and methodologies. The powerful amalgamation of both technology and innovation can help improve the existing entrepreneurial ecosystem through enhanced productivity. Technological models, software, management tools, ChatGPT and other AI platforms can be used for effective product development, ideation, value creation and marketing strategies. Additionally, crowdfunding platforms, online investments and angel investor networks have made it easier for entrepreneurs to gain financial support and easily connect and collaborate with other entrepreneurs and industry experts. While entrepreneurial growth and profitability are desirable, they should never overshadow the devastating effects of climate change. This is where sustainable technological models can save the day with greener business solutions, renewable energy models and eco-friendly products and services. Growth must always unfold in an environmentally responsible manner. With its various vertical initiatives, CII Young Indians (Yi) has always played a crucial role in streamlining India into a digitally empowered society and economy.

Role of Yi Young Indians (Yi) in Empowering & fostering youngpreneurs in India?

CII Young Indians (Yi) is an organisation helmed by the genius of various young entrepreneurs, industry pioneers and investors from India and beyond. Its foundation is based on entrepreneurial, innovative and leadership excellence. By collaborating and co-creating, the organisation aims to build an India led by the power of young voices and youngpreneurs. With the various initiatives and projects undertaken by its verticals like Thalir, Innovation, Entrepreneurship, Rural Initiatives, YUVA and Knowledge Management Technology, it imbibes in the youth, from the grassroots to the college level, the inspiration to be the next big changemaker, entrepreneur, leader and innovator of India. Its initiatives, like the Corporate Innovation Challenge, Rural Jugaad, IDS Innovation Summits, Yi Entrepreneurship Week and The Pathbreakers Summit, have played a significant role in fostering a culture of young talents, innovation and entrepreneurship for both its members from 63 city chapters and youth across India. Its recent Y20 Brainstorming Sessions, under the guidance of the Ministry of Youth Affairs and Sports, have been instrumental in reimagining the business future and mapping a path towards Industry 4.0 with outcome-based dialogues between young Indian achievers, governance institutions and business networking organisations. This year's G20 YEA Summit, hosted by CII Young Indians (Yi), aims to restate and develop the economic growth driven by young entrepreneurs.