MONTRÉAL, Feb. 12, 2018 /CNW
Telbec/ - National Bank announced today that it is joining
CDL-Montreal as a founding partner. In so doing, it joins forces
with Bank of Montreal (BMO), Royal
Bank of Canada (RBC) and CDPQ,
which have been supporting the CDL since autumn. This first
world-class support program for startup companies in Montréal now
has an overall operating budget of $8 million.
"As the Institut d'entrepreneuriat Banque Nationale–HEC
Montréal's early partner, it was natural for us to extend our
support to CDL-Montreal, which brings together new businesses at
the cutting edge of technology and artificial intelligence.
Supported by a team of entrepreneurs, scientists and angel
investors, these businesses will be in an exceptional development
environment that promotes all types of innovation," says
Louis Vachon, President and CEO of
National Bank. "And supporting new tech companies like this
provides abundant rewards in terms of knowledge development and
social and economic vitality."
This first group, dedicated to AI startups, launched in
December 2017 and will continue its
activities until June 2018. During
this time the startups in the program will receive objectives-based
coaching led by experienced entrepreneurs, representatives of major
investment funds and world-class scientists, with the goal of
maximizing equity-value creation. Selected applicants will have the
opportunity to collaborate with the Institute for Data Valorization
(IVADO) and the Montreal Institute for Learning Algorithms (MILA),
whose teams, including researcher Yoshua Bengio, are
recognized internationally for their work in data science,
operational research and AI.
In total, more than 200 new businesses with great potential
applied to participate in CDL-Montreal's first group. Out of all
applicants, 25 were accepted. The vast majority of them already had
or were about to be granted a patent. The average financing they'd
received was $900,000. They are led
by entrepreneurs, most of whom have carried out doctoral
studies.
CDL-Montreal is the result of a partnership between
HEC Montréal and the University of
Toronto's Rotman School of Management. The Creative
Destruction Lab (CDL) is a premier seed-stage program for massively
scalable, science-based companies. The CDL is neither an incubator
nor an accelerator; it is a program which supports the most
promising fledgling business enterprises by offering support from
mentor investors, investment funds, and AI and data science
leaders. Furthermore, specially selected MBA students will assist
these startups with their business plans, with a possible emphasis
on human resources, marketing, finance and administration according
to each venture's needs.
About the Creative Destruction Lab
Launched in 2012 at
the Rotman School of Management at the University of Toronto, the program has expanded
globally with locations in Vancouver (Sauder
School of Business, University of
British Columbia), Calgary
(Haskayne School of Business, University of
Calgary), Montreal (HEC
Montréal) Halifax (Rowe School of Business, Dalhousie University) and New York (New York
University Stern School of Business). The Creative
Destruction Lab is a unique program for massively scalable
technology-based ventures.
About National Bank Canada
With $246 billion in assets as at October 31, 2017, National Bank of Canada, together with its subsidiaries, forms
one of Canada's leading integrated
financial groups. It has more than 21,000 employees in
knowledge-intensive positions and has been recognized numerous
times as a top employer and for its commitment to diversity.
Its securities are listed on the Toronto Stock Exchange (TSX:
NA). Follow the Bank's activities at nbc.ca or via
social media such as Facebook, LinkedIn and Twitter.
SOURCE HEC Montréal