Buy Blue: U of T becomes customer for student startups
Of all the ways a university can help students with startup companies, one of the most effective ways is also the simplest: become a customer.
A new U of T initiative called ‘Buy Blue’ is encouraging university faculties and departments to become early adopters of products and services developed by U of T startups--including a tea-making robot with a UTM connection.
“Buy Blue removes a barrier to entry to many new companies by allowing startups to engage a large client who is open to new and innovative ideas,” said Brian Lee, co-founder of teaBOT, one of the companies participating in the initiative. “Having this type of support and openness is ultimately what fosters growth in the startup space.”
U of T faculty and departments can tap into funding from the Banting & Best Centre for Innovation & Entrepreneurship (BBCIE) to ‘Buy Blue’. This funding allows the cost to the university customer be reduced, while the startup still receives 100 per cent of the deal’s profit.
“It’s a win-win situation,” said Karen Sievewright, managing director of BBCIE. “The startups gain credibility and exposure, and the university receives a quality product that they can proudly say was developed right here on campus.”
The university has already secured three Buy Blue deals to date, with more agreements expected soon.