Ryerson University announced a new innovation centre to be established on their campus Jan. 6.
A $13-million gift by Jack Cockwell and the Brookfield Partners Foundation was awarded to the university for the creation of the Brookfield Institute for Innovation and Entrepreneurship, according to a press release on the Ryerson website.
The new centre will fund innovation projects for student with projects in their early stages of development, in contrast to Ryerson’s other innovation centres, including its Digital Media Zone (DMZ).
Ryerson University president Sheldon Levy said “Brookfield will not be an incubator” in relation to the university’s other innovation centres, “but will be a support centre for students”.
“The institute does not want to duplicate what’s already in place, but instead wants to support and enhance the positives and fill in the gaps in regards to innovation centres,” Levy said.
Levy highlighted one of the goals for Brookfield, which consists of an outreach program for high school students.
“Brookfield wants to reach out to high schools via a fellowship where students can compete for a summer position at the Institute,” Levy said.
Valerie Fox, executive director of the DMZ said there will be higher requirements for admission into the DMZ.
Fox stated that unlike Brookfield, to enter the DMZ, entrepeneurs must have “a unique and innovative business idea,
enabled by technology, that brings commercial or social value, a business model, and a prototype already in the market or ready-to-launch.”
Fox said she looks forward to working closely with the Brookfield Institute, where they will be helping successful entrepreneurs from the Brookfield Institute get ready for the DMZ and beyond.
Ontario Minister of Research and Innovation Reza Moridi responded positively to the announcement.
“The creation of Brookfield Institute for Innovation and Entrepreneurship will help Ryerson continue to develop the next generation of innovators and business leaders which are so important to Ontario’s economic future,” he said.
The Minister also said Ontario’s “ability to compete globally depends on how well we can harness our research, innovation and entrepreneurship strengths”, and that “thanks to the generosity and foresight of Jack Cockwell and the Brookfield Partners Foundation, that’s exactly what Ryerson will be doing.”
The new institute will be located in the new Student Learning Centre and is currently under construction.
