Ryerson University and Tangerine, a mainly online bank acquired by Scotiabank in 2012, have collaborated to launch a “Thinkubator” housed on the second floor of Tangerine’s Downtown Toronto Café, across from the Eaton Centre.
The Ryerson Tangerine Thinkubator will provide a shared workspace and mentorship opportunities to start-ups working in the fin-tech space.
“We’re proud to be working with Ryerson University to build a new community of local entrepreneurs who will be behind some of Canada’s latest innovations,” says Brenda Rideout, Chief Strategy Officer at Tangerine. “At Tangerine we’re continually focused on innovation through technology to make our clients’ lives better, and the Thinkubator is an extension of this focus, as we support those who share the same passion for advancement.”
Ryerson University launched the DMZ in 2010, which has become one of Canada’s largest business incubators and was ranked the leading university-based incubator in North America by Swedish research organization Ubi Global in 2015.
More than 200 small businesses have passed through the DMZ, raising over $120 million in seed funding and generating almost 2,000 jobs.
“The Thinkubator is clearly aligned with Ryerson University’s vision to foster entrepreneurship, serve societal needs and engage with communities,” says Dr. Mohamed Lachemi, Interim President, Ryerson University.
The Ryerson Tangerine Thinkubator will be supported by the federal government’s Canada Accelerator Incubator Program, and will leverage a partnership with the Incubate Innovate Network of Canada (I-INC), with which Ryerson already has a connection.
Several companies are already scheduled to take up residency in the Thinkubator, including Digital Retail Apps, Curexe, WhoPlusYou and CareerJSM.
Digital Retail Apps allows shoppers to pay for their goods in store on a mobile device, eliminating the need to line up.
Curexe is an international currency exchange application that provides international payment ability to small businesses, allowing customers to make large payments through a mobile device at a cost of 1% per transaction, significantly undercutting the industry average.
WhoPlusYou generates Labour Market Information to match the right people with the right jobs.
CareerJSM is a job search management platform, allowing job seekers to manage their employment search across various hiring platforms.
In addition to the Thinkubator, Tangerine will also be supporting Magnet, a non-profit co-founded by Ryerson University and the Ontario Chamber of Commerce that works to bring unemployed or under-employed youth, immigrants, Aboriginal, people with disabilities or other barriers to employment into the labour market.
The Magnet Network uses tools developed by WhoPlusYou and CareerJSM.