TORONTO, November 11, 2013 — Ryerson University, Ryerson Futures Inc. (RFI) and Bombay Stock Exchange Institute Ltd. (BSEI) have announced the winners of ‘The Next Big Idea’ competition, a joint initiative between these organizations, supported by the Ontario government. The competition 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 will receive 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 will receive mentorship, business development advice and gain valuable international experience.
The winners of the competition include Citrus Payment Solutions and Ingenuity Ventures. Citrus Payment Solutions offers online payment services that are simple and convenient to use for both merchants and consumers. Ingenuity Ventures is an augmented video indexing technology and web platform providing a unique method of marketing and advertising products or services via interactive media and social networking.
“Hosting these young entrepreneurs from India in our Digital Media Zone is another step forward in creating a permanent entrepreneurial bridge between Canada and India,” said Sheldon Levy, President and Vice-Chancellor of Ryerson University. “This first activity as part of our partnership, supported by the Ontario government, provides innovative Indian companies the opportunity to explore opportunities in Toronto to grow their companies globally. We are pleased to work with BSEI on an initiative that will support innovation and prosperity in both countries.”
BSEI’s CEO & MD, Mr. Ambarish Datta, added, “The Indian startup story continues to grow. With quite a lot of emerging startups in the country, there is hope for many product innovators to make opportunities for themselves and many others by creating great products and services not only within the Indian market but also globally. The winners of ‘The Next Big Idea’ competition have come up with some very innovative ideas which I am sure will develop into products of immense value globally.”
In July 2013 a groundbreaking Memorandum of Understanding was signed between BSEI, Ryerson University and RFI from Toronto, Canada. The document outlines 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 BSEI, 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 first activity as part of the partnership between BSEI, Ryerson University and RFI was the launch of ‘The Next Big Idea’ contest, supported by the Ontario government.
The Digital Media Zone at Ryerson University 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 innovation, collaboration and commercialization is home to both startups and industry solution-providers. The DMZ leads the way in experiential learning and business success by creating a unique ecosystem of education and entrepreneurship. Emerging leaders fast-track their product launches and grow their companies in this supportive community by connecting with mentors, customers and each other. Since opening in April 2010, the DMZ has stimulated Canada’s digital economy by incubating and accelerating 112 startups and creating nearly 900 jobs. For more information, visit www.ryerson.ca/dmz. For further information on BSEI, visit www.bsebti.com.
Ryerson University is Canada’s leader in innovative, career-oriented education and a university clearly on the move. With a mission to serve societal need, and a long-standing commitment to engaging its community, Ryerson offers more than 100 undergraduate and graduate programs. Distinctly urban, culturally diverse and inclusive, the university is home to more than 38,000 students, including 2,300 master’s and PhD students, nearly 2,700 faculty and staff, and more than 155,000 alumni worldwide. Research at Ryerson is on a trajectory of success and growth: externally funded research has doubled in the past four years. The G. Raymond Chang School of Continuing Education is Canada’s leading provider of university-based adult education. For more information, visit www.ryerson.ca.
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