The University of Toronto and RBC announced a major new initiative to support Canada's innovative entrepreneurs. Located in the Banting and Best Centre for Innovation and Entrepreneurship (BBCIE), ONRamp will provide new collaborative workspaces for students, entrepreneurs and startup companies to support them in developing commercial ideas.
Universities and colleges play a key role in driving innovation and fostering entrepreneurship, and the University of Toronto has emerged as a leading institution in creating startup companies based on research ideas.
Supported by a $3 million commitment from RBC, in support of the university's $2 billion Boundless campaign, ONRamp will include the RBC Innovation Hub within this new space for incubating startups, all housed within the BBCIE, in downtown Toronto. The space will enable these new companies to network with each other, showcase to potential investors and grow their businesses. The RBC contribution will also be used to create fellowships, prizes and a speaker series intended to enhance the university's entrepreneurship ecosystem.
Under the umbrella of the BBCIE, the university continues to create opportunities for early-stage companies by offering more than 60 entrepreneurial courses and programs. It also supports a network of nine campus-linked accelerators established to fill demand from the university's diverse faculties and three campuses. The ONRamp initiative will further support the startups' growth in Canada, where they will create wealth, provide jobs and contribute to the nation's prosperity.
"U of T is a global leader in transforming innovative ideas into products, services, companies and jobs," said Meric Gertler, President of the University of Toronto. "With RBC's support, this new initiative will further expand the university's entrepreneurial efforts and help ensure our nation remains competitive by keeping talented innovators in Canada."
Bruce Ross, Group Head, Technology and Operations, RBC said: "We are delighted to be collaborating with the University of Toronto on this exciting program. We have some of the brightest and best ideas emerging from our universities, but too frequently our young entrepreneurs have to look abroad to get their businesses off the ground. ONRamp should help change that. This initiative will provide the perfect environment to help these innovative startups develop and, importantly, to stay in Canada."
ONRamp will provide a central program of support for the university's most innovative students across all three campuses This support will include giving University of Toronto entrepreneurs the opportunity to pitch their business ideas, be recognized, and secure financial assistance as they undertake their entrepreneurship journey. A number of post-doctoral and graduate scholarships and fellowships have also been created that will recognize, reward, and support innovative students across a broad range of research areas.
Set over three floors in the Banting and Best Centre for Innovation and Entrepreneurship, ONRamp will provide a collaborative space for University of Toronto students and graduates, and to new young companies from other Ontario universities and colleges.
