BRICS Startup Forum: How It's Going to Benefit You, Entrepreneurs

India, which has the world's third-largest  startup ecosystem, is poised to present a Startup Forum to BRICS nations, fostering collaboration and sharing best practices among investors, incubators, and aspiring entrepreneurs.

What is BRICS Startup Forum?

In a move aimed at fostering cross-border collaboration and knowledge sharing, India is set to launch a BRICS Startup Forum later this year. The forum, consisting of Brazil, Russia, India, China, and South Africa, seeks to facilitate meaningful exchanges among investors, incubators, and aspiring entrepreneurs from these nations.

The BRICS members have jointly emphasized on the significance of digitalization, industrialization, innovation, inclusivity, and investment as crucial pillars for the growth and development of their respective economies. Also, the emergence of Industry 4.0 and other advanced technologies have also been acknowledged as powerful catalyst for the digital transformation of various economic sectors across the BRICS nations.

The announcement was made by Commerce and Industry Minister Piyush Goyal during the seventh BRICS Industry Ministers' virtual meeting, with South Africa playing host to the event. 

What is the function of BRICS Startup Platform?

The BRICS Startup Forum will nurture innovation, share best practices, and bolster entrepreneurial endeavors among the member nations. 

Piyush Goyal said, Startup India initiative of the central government has led to the creation of nearly 100,000 startups in the country and on account of this New Delhi can offer its support to other BRICS members in this segment.

How BRICS Members Will Establish the Forum?

During the virtual meeting, industry ministers from Brazil, Russia, China, and South Africa joined India in endorsing the establishment of the BRICS Startup Forum. This collaborative effort was solidified through the adoption of a joint declaration, wherein the participating countries underlined several key focal points for mutual growth and progress.

What Are The Key Focus Areas and Shared Vision?

The BRICS ministers collectively underscored the significance of digitalization, industrialization, innovation, inclusivity, and investment as crucial pillars for the growth and development of their respective economies. The emergence of Industry 4.0 and other advanced technologies was acknowledged as a powerful catalyst for the digital transformation of various economic sectors across the BRICS nations.

What Will Be The Role of Human Resource Development and Skill Enhancement?

In alignment with the commitment to fostering innovation and technological progress, the BRICS members recognized the pivotal role of human resource development. The joint declaration expressed a collective commitment to exploring opportunities for cooperation in the realms of upskilling and reskilling programs. This emphasis on skill enhancement is anticipated to play a pivotal role in equipping the workforce of the BRICS nations with the necessary capabilities to thrive in the rapidly evolving digital landscape.

The Ministry of Commerce and Industry has also elaborated on the declaration and its implications. "Through the declaration, the BRICS members acknowledged the need for human resource development and exploring opportunities for cooperation on upskilling and reskilling programmes," the statement read.

This sentiment underscores the shared commitment of the member nations to foster a well-prepared and adaptable workforce capable of harnessing the potential of emerging technologies.

This collaborative initiative of the BRICS member nations is expected to propel the startup ecosystems of Brazil, Russia, China, South Africa, and India to new heights and collectively shape the future of entrepreneurship and innovation.