Fostering technology startups

Tradeteq and reDock are two promising startups that were supported in 2017 by CDL-Montréal, a startup program for technology companies with high growth potential. Through this initiative which was based in HEC Montréal, both companies benefited from the expertise of a Canadian network of universities and industrial partners in terms of entrepreneurship and artificial intelligence.

DECISIVE SUPPORT

In December 2017, Executive Education HEC Montréal was tasked with setting up CDL-Montréal, the Quebec avatar of the pan-Canadian program called Creative Destruction Lab. This initiative provides an opportunity for HEC Montréal to support the development and valorization of technology companies and to assert its role as a leading player in Montréal’s entrepreneurial ecosystem.

At the end of its first year, CDL-Montréal had already supervised 25 startups in the early stages of their development. The Montréal program continues to recruit beyond Canada's borders.

INITIAL RESULTS FOR TRADETEQ AND REDOCK

• The Canadian company reDock has developed a search engine that uses artificial intelligence to efficiently retrieve dispersed information and to speed up submission processes. This product could revolutionize bidding processes by freeing up highly qualified professionals from long and tedious tasks. The supervision offered by CDL-Montréal enabled reDock to drastically improve the adequacy of its product in the target market (Canada and the United States). After completing the adjustments and its mentoring period in July 2017, reDock raised $1 million in capital.
• Tradeteq uses artificial intelligence to help in the decision-making process of different financial partners (banks, investors) by analyzing investment risks. Most of its 40 employees are based in London and in Asia (Singapore and Vietnam). Supervision by CDL-Montréal has provided it with enviable access to Montréal’s artificial intelligence research community and has also laid the foundation for its establishment in North America.
• Within the framework of CDL-Montréal, officials from reDock et Tradeteq were mentored by former and current senior executives of companies such as Google and Taleo.