BSE Institute and Ryerson University have entered into a MOU for a partnership to create BSEI - Ryerson Digital Media Zone, a new India-based incubator for entrepreneurs to fast-track their startups and connect with mentors, customers and investors. The collaboration between BIL, Ryerson and RFI lays the groundwork to help young entrepreneurs expand into both the Indian and Canadian markets and also touches on a broad spectrum of areas in the domain of entrepreneurship development and professional development education.
The signing ceremony was organized on July 29, 2013 at the BSE. BSE Institute’s CEO & MD, Ambarish Datta said, “Entrepreneurship and innovation are critical for the growth of any economy, as has been evidenced in the USA, Germany, Israel and many other countries around the world. Youth unemployment and underemployment is prevalent in India and needs to be addressed on a war footing. Setting up of new enterprises can contribute in a major way to address this issue. Apart from creating wealth and boosting the economy, new businesses also create significantly larger number of jobs than established ones. Hence we need to ensure that there are many new enterprises and they get the required support to succeed.”
The BIL-Ryerson Incubation Center (BRIC) will offer startups expert guidance and mentoring to refine their concept, help them get their business up and running and also connect them with investors for securing capital.
Sheldon Levy, President and Vice-Chancellor of Ryerson University, added: “This initiative is an important first step towards creating a new bridge between Canada and India that provides young entrepreneurs unprecedented international opportunities. We’re excited to contribute to this venture that will support innovation and prosperity in both countries.”
The signing of MOU will enable the parties to forge networks of angel investors across Canada and India. “These initiatives will help increase the odds of success for early-stage start-ups while giving them access to new markets. We are proud to share our expertise towards this partnership that will strengthen India’s startup ecosystem and provide a boost for both countries’ economies,” added Matt Saunders, President and MD of Ryerson Futures Inc.
The BIL-Ryerson Incubation Center will be built on the lines of the Digital Media Zone. The Digital Media Zone at Ryerson University (DMZ) is one of Canada's largest incubators and multidisciplinary co-working spaces for young entrepreneurs. Infused with the energy and resources of downtown Toronto, this hub of digital media innovation, collaboration and commercialization is home to both startups and industry solution-providers. The
Since opening in April 2010, the DMZ has incubated and accelerated 92 startups and launched 142 projects.
The first initiative through the partnership between BIL, Ryerson University and RFI will be the launch of ‘The Next Big Idea’ competition. The competition seeks to discover India’s most innovative companies who are looking to use a presence in Ontario, Canada, as a vehicle to expand to North America. The winner will receive the opportunity to incubate their company for three weeks in the Digital Media Zone at Ryerson University (DMZ), including flights and hotels. Using the DMZ as a landing pad, the entrepreneurs will receive mentorship, business development advice and gain valuable international experience. The competition opens August 12 and closes August 30, 2013.