BRIC throws open its gates to startupsPreethi Chamikutty
Last evening, BSE Institute(BIL) signed an MOU with Fraser Simon University (Canada) and Ryerson Incubation Center of Excellence to set up an incubator in the Bombay Stock Exchange premises.The BIL-Ryerson Incubation Center (BRIC) is 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 Ryerson Futures 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.
This incubator is located in the BSE Institute building and is spread over 2,200 square feet area. It can accommodate upto 55 desks and house about 10-12 startups in the space. The incubator has been built on the lines of the Digital Media Zone, one of Canada's largest incubators and multidisciplinary co-working spaces for young entrepreneurs. And the facility with be open in a fortnight from now.
BRIC will house startups who have been identified through a contest, as well as through networks that Ryerson is working within India. Startups that get admitted will be Indian startups, who have a MVP and should belong to the technology space specifically mobile, web, data, B2B and B2C companies backed by innovative intellectual property that can scale massively. The incubator is hoping to attract passionate, motivated founders - who have demonstrated the ability to succeed. Startups that are still at idea stage will not be admitted to the incubator.
The startups will be allowed to operate out of facility for four months for free, and then will have to pay a per desk, per month fee. How long they can operate out of the incubator depends on their stage, traction, size of team. But there will be no company with more than ~8 full-time equivalent in the space.
Apart from space, on avail at the incubator is mentorship, access to advisors, mentors, introductions to key industry connections, tours, business development introductions and an opportunity to present to later stage funders and investors at quarterly events, including Ryerson Futures. Startups also have the chance to enter the American market if they are able to build a product that would have a market there. BRIC will provide the necessary assistance for the startups to make their international foray.