National Bank Joins Forces With CDL-Montreal
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.
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