Simon Fraser University (SFU) has joined with Toronto’s Ryerson University to develop a business incubator and accelerator program in India in collaboration with the Bombay Stock Exchange Institute (BSEI), the university announced last week.
The BSEI-Ryerson Digital Media Zone was established in July 2013. Last week SFU signed a letter of intent (LOI) with Ryerson and BSEI to collaborate on its development under a five-year agreement between Ryerson, Ryerson Futures Inc., SFU and SF Univentures Corp.
The incubator aims to help entrepreneurs to fast-track startups and connect with mentors, customers and investors. It lays the groundwork to help young entrepreneurs expand in both the Indian and Canadian markets and provides support and resources for entrepreneurship and professional development education.
SFU president Andrew Petter said the partnership is an example of how SFU is advancing its activities in India with university and industry partners.
“We are excited to partner in this ground-breaking initiative which will benefit young entrepreneurs and their innovations in both Canada and India,” said Petter. “Supporting student entrepreneurship is an important part of our commitment to being Canada’s ‘engaged university.’ This unique partnership with the BSEI and Ryerson University will help us extend that commitment both nationally and internationally.”
SFU vice-president of research Mario Pinto said that SFU’s involvement will also spawn new global opportunities for SF Univentures Corp. and other initiatives, through the support of student mobility initiatives and program delivery as well as accelerator and angel funding projects.
“The signing of this LOI exemplifies SFU's innovation strategy, in which community partners are engaged with our students and faculty entrepreneurs at the outset, to provide an informed view of the requirements of the real world,” said Pinto.
B.C.’s advanced education minister Amrik Virk said: “Partnerships between industry, employers and post-secondary institutions are important in today’s global marketplace. Strengthening ties between British Columbia and India with this agreement supports skills and competencies in entrepreneurship that are critical for social and economic success.”
SFU has developed a wide range of student incubation and innovation programs that encourage and support its student entrepreneurs. Its Venture Connection program, in partnership with Coast Capital Savings, is one of the first university early-stage incubator programs in B.C. The program offers SFU students and recent alumni support for their ventures through an early-stage business incubator, mentorship, co-op and other avenues and since 2008 has engaged over 3,100 students, contributing to more than 120 early-stage startups.
