The increasing entrepreneurship opportunities in India is also giving rise to a new class of incubators and accelerators in the country, which along with funds, are also providing required guidance to them. One such initiative is being recently taken by Mumbai based BSEI, the learning solutions arm of the BSE Limited.
The BSEI have signed a MoU with Ryerson University and Ryerson Futures Inc. (RFI) from Toronto, Canada to form BSEI-Ryerson Digital Media Zone with an aim to to help young entrepreneurs expand into both the Indian and Canadian markets. Also, the incubator program will provide help in the domain of entrepreneurship development and professional development education.
As per BSE Institute’s CEO & MD, Mr. Ambarish Datta, setting up of such enterprises can help Indian youth’s problems of unemployment and underemployment, thus laying a growth path for the economy like in other countries such as USA, Germany, Israel, etc. around the world.
“The BSEI-Ryerson Digital Media Zone will offer startups expert guidance and mentoring to refine their concept, help them get their business up and running and also connect them with investors for securing capital.”, said Datta.
The BSEI-Ryerson incubator program will be built on a unique model developed at Digital Media Zone (DMZ) at Ryerson University, which leads the way in experiential learning and business success by creating a unique ecosystem of education and entrepreneurship. Under this model, emerging leaders fast-track their product launches and grow their companies in a 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 92 startups and launching 142 projects.
The first initiative through the partnership will be the launch of ‘The Next Big Idea’ competition, seeking India’s most innovative companies, looking to use a presence in Ontario, Canada, as a vehicle to expand to North America. The winner will receive the opportunity to incubate their company for three weeks in the DMZ at Ryerson University, including flights and hotels. Using the DMZ as a launching pad, the entrepreneurs will receive mentorship, business development advice and gain valuable international experience. The competition opens August 12 and closes August 30, 2013.
Based in Canada, Ryerson University offers more than 100 undergraduate and graduate programs and is home to more than 38,900 students, including 2,300 master’s and PhD students, nearly 2,700 faculty and staff, and more than 140,000 alumni worldwide.
Also recently, IIM Calcutta has launched a similar kind of incubation program, providing mentorship support of faculty and alumni to SME’s especially in the eastern and north-eastern part of the country.