May 08, 2013
Toronto can be a big winner in the global race for digital innovation but government and the private sector need to get behind young entrepreneurs and become start-up friendly, Ryerson University President Sheldon Levy told the Empire Club of Canada in an address today.
More young people are starting their own businesses, many of them digital, signaling that the nation’s youth – with the right help – can power a globally competitive digital economy for Canada, Levy said.
“To achieve real success in the digital economy, we need to do what New York is doing: we need to open our economy to start-ups and we need government at all levels and the private sector to become more ‘start-up friendly,’” Levy told about 500 people gathered at the Mattamy Athletic Centre at the Gardens, Ryerson’s new athletic facility. “Start-ups are more important to the Canadian economy than ever before, and their importance is only going to grow.”
Entrepreneurship represents an additional and growing career choice for young people as well as a learning opportunity. To demonstrate how young innovators in Toronto can be globally competitive, Levy turned the microphone over to four young Ryerson entrepreneurs who have created businesses that are earning international acclaim:
- Hossein Rahnama, named by MIT as one of the top 35 innovators under 35. Founder of Flybits, which has emerged as a global leader in context-aware and intelligent mobility solutions, changing the face of mobile computing.
- Jonathan Ingham, founder of Phosphorus Media, which has earned international clients such as L’Oreal, Yahoo and Sony with its high-impact display technology.
- Michal Prywata and Thiago Caires, who created Bionik Laboratories as undergraduates and have developed robotic legs as replacements for wheelchairs.
Levy asked business and government to give companies founded by young entrepreneurs a chance. “Working with start-ups is the right thing to do. And it’s good for business.” He said entrepreneurs in Silicon Valley can get a meeting with bankers and tech firms within 48 hours, but in Toronto, it takes up to eight weeks. “That’s the gap we have to close.”
All three young companies have been part of the Ryerson University Digital Media Zone (DMZ). Since opening in April 2010, the DMZ has incubated 84 startups, initiated more than 134 projects, graduated 25 companies, created over 650 jobs and hosted nearly 700 tours for visitors from around the world.
Demand is high for admission to the DMZ, a collaborative space for inventive individuals and teams to develop new products, companies and ventures. Other zones have been developed on Ryerson campus and the University looks forward to launching more.
Levy believes zone-based education can help stop the leakage of Canada’s intellectual property to other countries by creating a place for young innovators to connect to businesses and investors in Canada. Support from the federal and provincial governments has been welcomed and is helping to lay a strong foundation for a globally competitive digital economy in Canada, powered by the nation’s youth.
Read full speech [PDF].
Video available at http://ow.ly/l1XEC
