November 23, 2017
Bank of Montreal (BMO) and Royal Bank of Canada (RBC) have announced that they are injecting $4 million into CDL-Montréal (Creative Destruction Lab Montréal), a startup support program launched in May 2017 by HEC Montréal in co-operation with the Rotman School of Management at the University of Toronto.
CDL-Montréal is part of the Creative Destruction Lab program, Canada’s largest program intended for massively scalable, science-based startups.
Over 200 startups, more than half of them from outside Canada, applied to join the first Montréal cohort. Of this number, 28 startups in the artificial intelligence field were chosen and will start receiving coaching on December 15, under the direction of HEC Montréal. The program will run until June 2018.
Participating projects will be able to count on collaboration with Montréal’s Institute of Data Valorization (IVADO) and the Montréal Institute for Learning Algorithms (MILA), both of which are recognized internationally for their work in data science, operational research and artificial intelligence.
Participants will also be coached by veteran mentors with backgrounds in private enterprise, science and investment funds. In addition, MBA students from HEC Montréal will assist these startups with their business plans.
BMO and RBC representatives have said they want to be involved in helping technology entrepreneurs carry out innovative business ventures, and in boosting Montréal’s global renown as an AI powerhouse.