- General
- October 10, 2018
- 5 minutes read
Creative Destruction Lab gets $25 million from the Canadian Government
image source : The Creative Destruction Lab Canadian based Creative Destruction Lab, A non-profit accelerator for science based companies with…
 |
| image source : The Creative Destruction Lab |
Canadian based Creative Destruction Lab, A non-profit accelerator for science based companies with the notable slogan “Build Something Massive” and employs an “objectives-based mentoring process with the goal of maximizing equity-value” has now gotten $25 million in funding from The Canadian Government to accelerate its operations.
The Creative Destruction Lab based out of the University of Toronto will get to create and maintain more jobs thanks to this investment and will also attract more investments and development of intellectual property for Canadian companies.
It’ll also provide for further investments into CDL’s research project using artificial intelligence (AI) tools aimed for further insights into supporting business ventures that harness emerging technologies including AI, smart cities, health, energy and space and quantum technologies.
 |
| image source : The Creative Destruction Lab |
“The Creative Destruction Lab was founded in 2012 to address a failure in the market for judgment. First-time founders of science-based companies, while fully committed to the success of their venture and possessing deep knowledge in their technical domain, often lack the business judgment required to prioritize among the almost infinite list of to-dos required to successfully build and scale their business.” CDL Executive Director Sonia Sennik said in a statement.
“While we fully leverage market forces to provide prioritization guidance from individuals who themselves have built successfully scaled businesses, the coordination of those market forces requires non-market support. That is why we are so grateful to the Government of Canada for supporting our mission that will drive economic impact and create jobs, learning opportunities, and global leadership for deep-tech and science-based companies across Canada.” She added.
“Creative Destruction Lab’s exciting project promises to unleash a new wave of start-up innovation across Canada, creating thousands of middle-class jobs and further securing Canada’s position as a world leader in the AI field. Our government is proud to make investments that will help turn hundreds of innovative ideas into the good jobs and companies of tomorrow.” Navdeep Bains, The Canadian Minister of Innovation, Science and Economic Development also stated.
Current companies known to have had foundations from the Creative Destruction Lab include Deep Genomics, PetBot, Taplytics, Tenstorrent, Xanadu, A&K Robotics, Audible Reality, Creatus Biosciences, Carbon Upcycling Technologies, CryptoNumerics Fluent AI, Industrial Plankton, InnerSpace, Innovative Protein Technologies and several others.
