Ryerson Futures Inc (RFI), a Toronto-based technology startup incubator, is planning to launch a seed fund worth $5 million in India, according to a report by Techcircle.in. The report further states that the fund will seek to invest between $50,000 and $500,000 each in 12-15 startups every year.
“The fund is still work in progress. As of now, it is just Ryerson and a high net-worth individual (HNI) from Mumbai in a 50:50 joint venture,” said Ajay Ramasubramaniam, Director-business development (India), Ryerson Futures told Techcircle.in.
Ryerson, in partnership with Bombay Stock Exchange Institute in Mumbai, recently launched a start-up accelerator called Zone Startups in India.
The Canadian accelerator will help entrepreneurs expand into both the Indian and Canadian markets, focusing on entrepreneurship development and professional development education.
The first major Zone/India initiative was the launch of ‘The Next Big Idea’ contest, supported by the Ontario government. “The Next Big Idea” seeks to discover India’s most innovative companies who are looking to use a presence in Toronto as a vehicle to expand to North America. The winners received the opportunity to incubate their company for three weeks in the renowned Digital Media Zone (DMZ) business incubator at Ryerson University, including flights and hotels. Using the DMZ as a landing pad, the entrepreneurs received mentorship, business development advice and international experience.
Started by Ryerson Futures Inc, BSEI and in association with Simon Fraser University, this is the first accelerator that provides a bridge between Indian and North American start-ups which is physically present in both countries. Zone Startups/India was inaugurated on 28th February 2014 by David Johnston, Governor General of Canada.
The Management team consists of Matthew Saunders, President, Ryerson Futures Inc, Ajay Ramasubramaniam, Director–Business Development, and Ankur Khera, Project Manager. Matthew oversees Ryerson Futures Inc. (RFI), an accelerator for early stage companies connected to the Digital Media Zone at Ryerson University in Toronto, Canada.
