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2013-07-30

BSE Institute, Canada’s Ryerson University signs MoU to set up India-based incubator

The BSE Institute (BSEI) on Monday signed a three-way agreement with the Canada-based Ryerson University and Ryerson Futures Inc to create BSEI-Ryerson Digital Media Zone, a new India-based incubator for entrepreneurs to fast-track their start-ups and connect with mentors, customers and investors.

The BSE Institute (BSEI) on Monday signed a three-way agreement with the Canada-based Ryerson University and Ryerson Futures Inc to create BSEI-Ryerson Digital Media Zone, a new India-based incubator for entrepreneurs to fast-track their start-ups 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.

 

BSE Institute is an arm of the Bombay Stock Exchange.

 

“Entrepreneurship and innovation are critical for the growth of any economy, as has been evidenced in the US, Germany, Israel and many other countries. Youth unemployment and underemployment is prevalent in our country and needs to be addressed on a war footing. Setting up of new enterprises can contribute in a major way to address this issue,” said BSE Institute chief, Ambarish Dutta.

 

Besides creating wealth and boosting the economy, new businesses generate a larger number of jobs than established ones, he said. “We need to ensure that there are many new enterprises and they get the required support to succeed.”

 

The incubation centre will be built on the lines of the digital media zone, a model developed at Ryerson University that has attracted international attention.

 

“This initiative is an important first step towards creating a new bridge between Canada and India that provides young entrepreneurs unprecedented international opportunities,” said Sheldon Levy, President and Vice-Chancellor, Ryerson University.

 

“The signing of today's MOU enables us to forge networks of angel investors across Canada and India,” added Matt Saunders, President and Managing Director, Ryerson Futures Inc. “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 start-up ecosystem and provide a boost for both countries' economies.”

 

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