Tuesday, October 09, 2018

Creative Destruction Lab Receives $25Mln CDN from Federal Government for AI, Start-up Infrastructure and Jobs

          By Henry Stewart

Industry Minister Navdeep Bains dropped by the Toronto ON based Creative Destruction Lab (CDL) on Tuesday, where he announced that the Federal Liberal government has provided $25Mln CDN in new funding for the organization.

Minister Bains on Periscope (a live video streaming app for Android and iOS) on October 9th, making the announcement that the CDL would be receiving new funding. To see the complete presentation, simply click on this link. Image c/o Periscope

As outlined in the October 9th, 2018 Government of Canada press release, "Government of Canada invests in artificial intelligence and start-up innovation across Canada," the new funding will allow CDL to:
...create and maintain 125 jobs, attract more investments in Canadian businesses, and see more intellectual property developed and retained in Canada. 
CDL's project will also involve more than 1,300 science-based ventures in a wider network across Canada over four years, and it is estimated that these ventures could create up to 22,000 new jobs.     
The CDL is a non-profit organization based at the University of Toronto Rotman School of Business that "merges science-based projects with business expertise to help young companies scale up into creators of new jobs, processes and services" and acts as a seed-stage program for scalable, science-based companies.

As outlined on the CDL website, the organization has six locations in Calgary AB, Halifax NS, Montreal PQ, Toronto ON, Vancouver BC plus a US based location in New York NY. It runs a variety of tracks based on different areas of science.

Earlier this summer, as outlined in the June 6th, 2018 Rotman School of Management press release, "Creative Destruction Lab Builds the Next Generation of Space Entrepreneurs," CDL announced the launch of CDL-Space, a new program "designed for entrepreneurs building new, science-based companies in space-related markets."

Henry Stewart is the pseudonym of a Toronto based aerospace writer. 

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