New mobile payment solutions and online video indexing tools are among the highly anticipated ‘big ideas’ coming out of a technology partnership between Canada and India.
Mobile payment technologies are seen as a way not just to bring convenience to shoppers in established and mainstream markets, but as a way to bring financial services and economic equality to underserved markets in the developing world.
Online video indexing tools will allow a video viewer to pause a movie or TV show they are watching online, and then obtain information about any product or service in the visible frame – and to buy it then and there if desired.
Ryerson University President Sheldon Levy speaks at the opening of the Ryerson Digital Media Zone.
Both technologies are seen as desirable boosters for the economy, and that’s one reason why development and commercialization are being supported through the ‘Next Big Idea’ contest at Ryerson University in Toronto.
‘The Next Big Idea’ program was launched at Ryerson following the university’s signing of a deal with Bombay Stock Exchange Institute Ltd. (BSEI) and their joint initiative, supported by the Ontario government, to help young tech entrepreneurs expand into both the Indian and Canadian markets.
In fact, the organizations have created the BSEI-Ryerson Digital Media Zone, a new India-based incubator modeled on the DMZ in Toronto, where great tech ideas are fast-tracked with training, infrastructure, sponsorship and investment.
Two companies have been selected to grow their India-based company here in Canada, as they spend three weeks at the DMZ (their travel and accommodation is covered as part of the prize) gaining 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 described as simple and convenient for both merchants and consumers. Citrus was founded in 2011 by a group of software and finance professionals, and the company has already benefitted from millions of dollars in vestment capital raised around the world.
Ingenuity Ventures’ augmented video indexing technology and web platform lets marketing and advertising professionals make good use of interactive media and social networking to promote their products or services.
The firm’s patented technology allows users to pause video anytime while playing it and get information about all the items displayed on video’s paused frame. They can also purchase the items (displayed in the video they are watching).
“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.”
Ryerson President Levy chats with students during student facility opening ceremonies at the former Maple Leaf Gardens.
Lighting of a ceremonial lamp to celebrate the signing of a Memorandum of Understanding between Ryerson, Ryerson Futures Inc. and Bombay Stock Exchange Institute Ltd. to create a BSEI-Ryerson Digital Media Zone in India. From left: Richard Bale, Consul General of Canada for Western India; Ashish Kumar Chauhan, managing director and CEO of BSEI; President Sheldon Levy; and Ambarish Datta, CEO and managing director of BSE Institute.
(Levy, at the Ryerson helm for the past several years as the academic institution grew from a Toronto after-thought to one of the country’s most dynamic learning institutions and community developer, has announced his intention to retire at the end of his current term, in July 2015. In recent years, Ryerson has not only added the DMZ, but it moved into the former Maple Leaf Gardens, established the Ted Rogers and Gordon Chang schools, and grew many of its other education and student centric facilities and programs in recent years.)
The Ryerson story thus is seen as a relevant metaphor for the Indian technology scene, says BSEI’s CEO & MD, Ambarish Datta: “The Indian start-up story continues to grow. With quite a lot of emerging start-ups 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.”
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submitted by Lee Rickwood
