- BMO injects $2 million into
the Creative Destruction Lab - Montreal
- The first cohort of 28 artificial intelligence startup
companies will begin on December 15,
2017
- The program aims to help companies make the transition
from science projects to high-growth companies
MONTREAL, Nov. 21, 2017 /CNW/ - BMO Financial Group and
Creative Destruction Lab (CDL) - Montreal today announced a new partnership to
help innovators transition from science projects to high-growth
companies.
CDL was founded in 2012 in Toronto by Ajay
Agrawal in collaboration with the Rotman School of
Management at the University of
Toronto. It expanded first to Vancouver, Calgary, Halifax, New
York, and now to Montreal
in collaboration with HEC Montreal.
CDL-Montreal will focus on Artificial Intelligence and Data
Science and will target seed-stage startups by providing business
and technology mentoring, equity opportunities, and business
development partnerships.
"The CDL-Montreal program represents a stimulant challenge, not
only for our startup companies but also for all the partners
involved in this innovative project," said Fil Papich, Co-Head BMO Capital Markets,
Quebec. "HEC Montréal's commitment
to building bridges between BMO and the top emerging technology
companies provides us with a valuable perspective on providing
products and services that enable technology entrepreneurs to
accomplish their business ventures."
On December 15, the first cohort
of 28 businesses, made up entirely of artificial intelligence
startups, will enter the program. More than 200 new businesses have
submitted their applications; half of them are based abroad (e.g.
the United States, Spain, England). The vast majority already have a
patent or are in the process of obtaining one.
This year's program runs 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.
"Innovation and continuously evolving with our customers' needs
is a constant driver for all that we do at BMO, which is why this
partnership with the CDL-Montreal is a natural fit,"
said Andrew Irvine, Head, Canadian Business Banking & BMO
Partners, BMO Bank of Montreal. "The talented entrepreneurs
that we get the chance to work with through this program have so
much to offer to our industry. We look forward to collaborating
with them and helping to provide opportunities that will enhance
the financial technology landscape and ultimately provide a better
customer experience."
About BMO Financial Group
Established in 1817, BMO
Financial Group is a highly diversified financial services provider
based in North America. With total
assets of $709 billion as of
July 31, 2017, and more than 45,000
employees, BMO provides a broad range of personal and commercial
banking, wealth management and investment banking products and
services to more than 12 million customers and conducts business
through three operating groups: Personal and Commercial Banking,
Wealth Management and BMO Capital Markets.
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.
SOURCE BMO Financial Group