- 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
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