BRICS business council is considering ‘BRICS Angel Investors Network’ to support entrepreneurship and innovation in the member nations. “We are working together to find Angel investors across the five nations — who can fund the new business and startups and encourage the youngsters”, chairman of the Indian BRICS business council Onkar Kanwar said.
Kanwar explained that similar to the Western nations having their own pool of Angel investors to support their local talents in entrepreneurship, BRICS will imitate similar model and create a pool of investors to support young people with bright ideas and support the product development and marketing, he added.
“Set-ups like Silicon valley in San Francisco are the result of Angel funds and innovative talents coming together and putting their ideas into action. This is what we are looking at,” he added.
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Speaking on BRICS proposal to start rating agency that will take into emerging markets and economies into account, Kanwar said that BRICS business council does not want to pit itself against existing international rating agencies. “Neither we want to end up like a homegrown agency rather we want to follow parameters and best practices that makes our conclusion credible and internationally acceptable. At present we are at nascent stages our five nations are working towards it,” he added.
In the discussion session wherein representatives of all the five BRICS nations were present — the members also deliberated on allocation of certain percentage of funds from New Development Bank (NDB) to fund sustainable projects.