$5 m to be raised next fiscal: BSE start—up incubator

Start—up venture incubator Zone Startups, the one—year—old joint venture between BSE Institute and Canada’s Ryerson University, today said start—ups supported by it plan to raise up to $ 5 million in next fiscal.

A list of 42 start—ups supported by the incubator, which helps start—ups with mentoring, networking, funding and market development, had raised $ 1.4 million within a year of launch.

Ryerson University president Sheldon Levy said that this list would grow to over 80 within a year, while in a statement, Zone Startups said that it hopes these ventures to raise $ 5 million in funding.

Zone Startups would also invest itself in close to a dozen companies that it incubates, the statement said, adding the ticket size would vary between Rs 30 lakh and Rs 3 crore.

Levy said that his university, which operates one of the biggest incubators in Canada, invests in companies from a fund or takes equity participation in companies for services rendered. Stake may be sold to raise more money, he added.

Stating that there is “amazing talent” and ideas in India, Levy said the university came to the country and partnered with BSE Institute last year.

Levy said that the university, which has incorporated a dedicated ‘for profit’ company to handle the start—ups space, would like to create a global network of such incubators which would help entrepreneurs all across.

To further that objective, Zone Startups tied up with South Africa’s University of Witwatersrand today to start a ‘Zone Startup’ in Johannesburg, he said, adding that talks are also on to have a presence in Australia, Dubai as well as London.

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