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.
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.
ACCESS TO A LEADING ECOSYSTEM
“We had access to a strong network of expertise, both with regard to marketing, and to product development and the promotion of reDock. Our position now is better than ever before.”
“CDL put us in touch with the scientific community in Montréal, as well as with an entrepreneurial ecosystem, thanks to which Tradeteq might consider expanding to North America.”
CDL : AN ACADEMIC PARTNERSHIP
- Rotman School of Management, University of Toronto
- Haskayne School of Business, University of Calgary
- HEC Montréal
- Rowe School of Business, Dalhousie University
- Sauder School of Business, University of British Columbia
FOR FURTHER INFORMATION
- Creative Destruction Lab
- Learn more about our achievements in entrepreneurship and creativity
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