City of Toronto becomes next leading supporter of Black Innovation Fellowship
Mayor John Tory announces the City’s commitment of $250K to build on the success of DMZ program
TORONTO, July 24, 2020 – Dedicated to supporting Black entrepreneurs in Toronto’s tech-driven innovation sector, Mayor John Tory and Deputy Mayor Michael Thompson announced today that the City of Toronto is partnering with the DMZ at Toronto Metropolitan University on its Black Innovation Fellowship (BIF) and committing $250,000 towards the expansion of the program.
The donation, which will contribute $50,000 to BIF per year over the next five years, comes from the City’s Business Incubation Program and is the latest in a string of announcements of other major Canadian leaders joining to support BIF. Through these donations, together with Ryerson’s commitment to match new major donations up to $500K, DMZ draws closer to achieving its $1M fundraising goal.
“With the current world-wide situation – a global health crisis that has disproportionately impacted equity-seeking and racialized communities, and the greater recognition of systemic anti-Black racism – it has never been more important to support Toronto’s Black community, and in this case, Black entrepreneurs,” explained Mayor John Tory during remarks about the announcement.
The funding from the City and StartUP HERE Toronto will help the DMZ recruit more senior Black executives as mentors, attract more Black talent to run the BIF program, and distribute grant funds to high-potential BIF startups, among many other program improvements.
“Now is the time to invest in the growth of an inclusive tech ecosystem and build on the success of our Black Innovation Fellowship. Toronto is home to a world-class innovation sector, and as our City works towards economic recovery, tech companies will be key players in generating employment and economic growth,” said Abdullah Snobar, Executive Director of DMZ.
“We are thrilled to see continued collaboration between the public and private sectors,” adds Isaac Olowolafe Jr., Founder of Dream Maker Ventures Inc., and BIF Founding Partner. “With the City of Toronto’s support, the DMZ will help transform more Black-owned businesses into tomorrow’s tech superstars.”
“While Toronto’s tech startup scene has seen rapid growth and sizable investment deals in recent years, this success has not been shared equally,” explained Gbemi Akande, DMZ’s BIF Program Lead. “It means a lot to have the City of Toronto come onboard to support Black entrepreneurs and make the commitment to creating a tech ecosystem that sees inclusive economic growth. I cannot wait to see where we take the program from here.”
“Toronto Metropolitan University has long been committed to our community, our city, to innovation and to fostering a welcoming culture of entrepreneurship,” said Mohamed Lachemi, President and Vice-Chancellor of Toronto Metropolitan University. “I want to thank the City of Toronto and everyone that has donated to BIF to date. I am delighted that Ryerson has pledged to match all major donations of up to $500K as part of our mission to express solidarity with the Black community and to continue to work towards a more inclusive society.”
To make a donation to the Black Innovation Fellowship program, please visit this link. Both personal and business donations are welcome.
For more information about the Black Innovation Fellowship and how to get involved, please contact Krishan Mehta, Assistant Vice President, Engagement, Toronto Metropolitan University at krishan@torontomu.ca
Media contact
Emily Collins, DMZ
e1collins@torontomu.ca
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About The DMZ:
We help companies grow their business. That means when founders want a high-impact and highly-customized tech accelerator program, they come to the DMZ. Ranked as the #1 university-based tech accelerator in the world, the DMZ provides a launchpad for founders to build and scale fast. Bigger and bolder than any other program of its kind, the DMZ has been creating the next gen of game-changing, global businesses since 2010. To date, the DMZ has helped more than 400 startups raise $870+ million in capital and create 4,000+ jobs. With its headquarters in Toronto, Canada, the DMZ has a widely-recognized international presence including offices in New York City and 70 partnerships around the world. Learn more at ryerson.ca/dmz
About Toronto Metropolitan University:
Toronto Metropolitan University is Canada’s leader in innovative, career-oriented education. Urban, culturally diverse and inclusive, the university is home to more than 45,300 students, including 2,600 Master’s and PhD students, 3,800 faculty and staff, and more than 216,000 alumni worldwide. For more information, visit ryerson.ca.
About the City of Toronto:
Toronto is home to more than 2.9 million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture, and innovation, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit www.toronto.ca or follow us on Twitter, on Instagram or on Facebook.
