Ryerson University and Bombay Stock Exchange strike innovative partnership
“Youth unemployment and underemployment … needs to be addressed on a war footing”
MUMBAI, Maharashtra - Yesterday a Memorandum of Understanding (MOU) was signed between Ryerson University, Ryerson Futures Inc., and the Bombay Stock Exchange Institute Ltd (BSEI). The MOU establishes a partnership between BSEI and Ryerson that looks to increase support to local startups and entrepreneurs within India, also with the hopes of inflow in North America. Included in the agreement is the creation of an India-based incubator for entrepreneurs called the “BSEI-Ryerson Digital Media Zone,” which is modeled after Ryerson’s own Digital Media Zone (DMZ) in Toronto.
The BSEI’s CEO & MD, Mr. Ambarish Datta stated, “Youth unemployment and underemployment is prevalent in India and needs to be addressed on a war footing. Setting up new enterprises can contribute in a major way to address this issue. Apart from creating wealth and boosting the economy, new businesses also create significantly larger numbers of jobs than established ones. Hence we need to ensure there are many new enterprises and they get the required support to succeed.”
With the BSEI-Ryerson Digital Media Zone, entrepreneurs can seek guidance and mentoring from leading experts, while connecting them to investors for securing much needed capital. “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 of Ryerson Futures Inc. “These initiatives will help increase the odds of success for early-stage startups while giving them access to new markets.”
To date, Ryerson’s DMZ has contributed to Canadian innovation by incubating 92 startups and launching over 142 projects. This hub for digital media innovation, collaboration and commercialization is providing the much-needed assistance for new startups and entrepreneurs and acts as a solution to youth employment and underemployment. By extending their reach to India, Ryerson is hoping to streghten India’s own start-up environment, while boosting both partnering countries’ economies.