Italy unveils G20 Innovation League

The Italian Presidency of the G20 grouping has unveiled “G20 Innovation League”, in a bid to create a sustainable future.

G20 Innovation League

• It is a new and unique initiative that have been designed to drive forward innovative projects, which in turn will help in creating a sustainable future.
• It will bring together the most promising start-ups from G20 countries, with the investment funds and institutions in order for them to collaborate on and develop “innovative sustainable business projects”.

Where this event was hosted?

G20 Innovation event was held in Sorrento, Italy. It was supported by Ministry of Foreign Affairs & International Cooperation of Italy, Ministry of Economic Development of Italy and Ministry of Technological Innovation & Digital Transition of Italy. This event was inaugurated by Italian Foreign Minister Luigi Di Maio. Italy is also set to host G20 Summit in Rome on October 30-31, 2021.

Why this summit is significant?

This movement is significant and has been given focus in the backdrop of Covid-19 pandemic and global challenges the pandemic has presented. In this situation, the real challenge is to encourage new international investments and strengthen cooperation among the public & private actors on innovation.

Role of Start-Ups

Start-ups called to present their projects. In order to propose sustainable technological solutions, they took part in five challenges. At the first stage of competition, G-20 countries nominated their promising start-ups. At the second stage, 100 start-ups who made it to finals, were evaluated. Start-ups competed in five categories namely, Clean technology, Artificial Intelligence, Smart Cities & New Mobility, IoT Technology & Wearable Devices and the Future of Healthcare.

Month: Current Affairs - October, 2021