Economy

BRICS Explores Startup Fund to Boost Member-State Innovation

AI SUMMARY

BRICS leaders have backed a network linking startup incubators and proposed a dedicated innovation fund during the 18th BRICS Summit in New Delhi.

BRICS leaders adopted the New Delhi Declaration at the 18th BRICS Summit held on September 12–13 under the theme "Building for Resilience, Innovation, Cooperation and Sustainability".
Leaders backed the establishment of the BRICS Incubator Network to connect startup ecosystems across member economies.
Member states agreed to further consider creating a BRICS Startup Innovation Fund to catalyze startups for innovation-led growth.
The fund's size, funding model, and eligibility rules remain to be determined as it is not yet an established financing facility.
The industrial sector was emphasized as central to economic growth and structural transformation, with plans to foster startup-led innovation through industrial parks and national initiatives.
Initiatives operate under the Partnership on the New Industrial Revolution, or PartNIR, aiming to foster technology transfer, cooperation, and market access for MSMEs.
Leaders recognized seven industrial cooperation working groups, including action plans for the photovoltaic industry and intelligent manufacturing and robotics.
Members were encouraged to promote young researchers and startups through mechanisms such as the Young Scientists Forum, the Young Innovators Prize, and a proposed Virtual Platform for BRICS Youth Startups.
The bloc already utilizes the BRICS Startup Forum established in 2021 and the BRICS Startup Knowledge Hub launched in 2025 to support cross-border collaboration.