BRICS nations are working on setting up a platform to exchange information and assess the requirements of start-ups in member countries as a precursor to establishing the proposed BRICS Startup Innovation Fund, government sources told The New Indian Express.
The initiative aims to identify areas where start-ups from different BRICS countries can collaborate with Indian start-ups and determine how funding and other forms of support can be channelled to facilitate such partnerships.
“First, they are trying to create a platform for the exchange of information and connect institutions across all BRICS nations. The focus is on building a bridge among companies across countries to assess their needs and demands, understand how start-ups are functioning in respective countries and study their ecosystems. This will help identify the kind of funding and technical support they need, as well as the incubators available to them,” a government official said.
At the BRICS Summit held in New Delhi, Prime Minister Narendra Modi proposed a cross-border start-up corridor for the grouping, with the aim of helping 100 start-ups annually expand into other BRICS markets.
The New Delhi Declaration also proposed a BRICS Startup Innovation Fund, along with a BRICS Incubator Network, Startup Knowledge Hub and Startup Forum. It called for greater cooperation among member countries in areas such as artificial intelligence, digital public infrastructure and cross-border payments.
“The idea is to explore areas where start-ups from other countries can collaborate with Indian start-ups. For instance, an incubator in one of the BRICS nations could provide support to an Indian start-up. Once the platform is created, there will be a clearer understanding of the requirements of start-ups across countries, whether in terms of funding or collaboration,” the official added.
The proposed BRICS Incubator Network will serve as a digital interface connecting national nodal agencies, selected incubators and start-ups across member countries. It is expected to facilitate registration and linkages with participating incubators and enable qualified start-ups to be referred to incubators in other BRICS nations.
The BRICS Startup Innovation Fund, meanwhile, is envisaged as a mechanism to catalyse financing for early-stage and growth-stage start-ups and promote innovation-driven entrepreneurship across member countries. The declaration also proposed exploring a virtual platform to connect young founders, researchers and innovators.
India already has several funding initiatives to support domestic start-ups, including the Startup India Fund of Funds, the Startup India Seed Fund Scheme (SISFS) and the Bharat Innovation Fund, which provide financial assistance through different mechanisms.