U of T currently leads North American universities in the number of student start-ups launched. U of T has a number of university-wide programs, which range from beginner-level courses on how to start a business to financial aid for student projects. There are more than 50 enterprise-fostering courses, programs, labs, and clubs at U of T.
The Innovation and Partnership Office (IPO) provides students with over 2,000 partnership agreements and over $50 million of leverage funding each year. The IPO assists students in the commercialization and licensing of their companies to international proportions.
“Whether you have worked with us before or are looking to start a new partnership, the IPO is your first stop in building a successful relationship with U of T,” said Derek Newton, executive director of the IPO.
The MaRS Discovery District Initiative (MI) provides help to companies at any stage of development. Resources are available for students who are looking for funding, mentoring by industry experts, or classes on the basics of entrepreneurship. In fact, the MI is stated to have an estimated $27.5 billion available for start-up funding through thousands of private investors and funding programs.
The University of Toronto Early State Technology (UTEST) program is available to current and recent U of T students, as well as faculty members. Kurtis Scissons, co-director of UTEST, explained that UTEST is aimed at students looking to build companies focused on software. “It’s more business-to-business software ideas rather than business-to-consumer, but there can be a business-to-consumer platform that is definitely eligible,” Scissons said.
The UTEST program runs for 12 months and includes a $30,000 cash investment to the new company. Eleven companies have come through the program, including eQOL, which created DiCAT, a mobile app that provides helpful tools to renal dialysis patients. UTEST receives additional funding from its partners, as well as from federal and provincial programs, amounting to up to $100,000 of support for new companies.
As well as funding, UTEST runs a speaker series and workshops on entrepreneurship where students can learn about building a company, accounting, brand image and design, and intellectual property protection. These events usually attract around 20 people at a time.
The Impact Centre at U of T also aims to support students who have technology and science-oriented business interests. Emanuel Istrate, academic program coordinator, said that, although the Impact Centre focuses on science, students from all academic backgrounds can contribute to businesses and become involved in entrepreneurship. “It’s multi-disciplinary and it’s very rewarding, and it allows you to see your invention and your technology to be used by others, so it’s something to be encouraged,” he said. The Impact Centre provides summer training as well as term-time courses.
Jimoh Ovbiagele and Christian Medeiros are both full-time U of T undergraduates, and decided to create their own productivity application for Android phones. The application, called Big Mother, incentivizes users to complete tasks by monitoring smartphone and browser activity. If the user does not accomplish their goals, the app publishes embarrassing statuses on Facebook and Twitter. Ovbiagele and Medeiros developed the application without any help from external resources.
For Ovbiagele and Medeiros, the motivation was not financial; they used their own funds to print posters for their advertising campaign and to buy their domain online. “I like consumer technologies just because you can create something and see a visible difference or improvement in somebody’s life,” Obviagele said. “I’d rather be successful in terms of downloads and popularity first before money. We never did it with the intention of making money,” Medeiros added.
Ovbiagele and Medeiros acknowledge the value of start-up societies on campus, and are both involved with the Trinity College Entrepreneurship Club. Although the club is in its infancy and currently functions as a discussion group for students who are interested in starting their own projects, Ovbiagele and Medeiros hope to expand it. They hope to provide education and networking services, including bringing in speakers and strengthening alumni relations.
Kein Bejko, a first-year business student became involved with the Rational Capital Investment Fund (RCIF), a value investing club at U of T. The club, which has been completely student-run since 2007, has generated over $50,000 dollars in private investment so far. Bejko summarized the entrepreneurial desire: “if you’re not happy with something you see at U of T, or if you see something lacking, open your own club. It’s very easy if the desire’s there.” The RCIF currently has over 20 analysts, 150 active enrolled members, and over 600 alumni.
