A generous contribution from Invest Nova Scotia promises growth and longevity to the Creative Destruction Lab Atlantic (CDL鈥揂tlantic), a unique coaching and seed-stage financing program for science and technology startups in Atlantic Canada.
CDL鈥揂tlantic is a partnership between the University of Toronto鈥檚 Rotman School of Management and AV俱乐部鈥檚 Rowe School of Business.
Invest Nova Scotia鈥檚 contribution totals $1.25 million鈥�$250,000 a year for five years鈥攁nd will support CDL鈥揂tlantic鈥檚 operations and development. Invest Nova Scotia helps sectors and communities become more competitive by funding projects that have a broad impact and promote cooperation and partnerships.
鈥淲e thank the Province of Nova Scotia and Invest Nova Scotia for their generous contribution,鈥� says Dr. Alice Aiken, Vice-President, Research and Innovation at AV俱乐部. 鈥淭his investment will allow CDL鈥揂tlantic to continue leveraging the unique strengths in this region and show the world what we have to offer.鈥�
The nine-month CDL program matches high-potential startups with experienced business leaders to provide expert mentoring and leverage investment. CDL鈥揂tlantic engaged 52 business leaders to serve as Fellows and Associates for the first cohort of ventures admitted to the program in 2017鈥�18.
Massively scalable
In total, 12 companies graduated from CDL鈥揂tlantic this year. Among them, they raised an impressive $9.6 million in investment and created approximately $48 million in equity value. Eleven of these graduating startups attended the CDL Super Session at the Rotman School of Management in June, a gathering of all successful ventures from the five CDL sites across Canada. In total, these 11 ventures received 133 offers of support from Super Session attendees: Fellows, Associates, prospective investors and others.
鈥淐reative Destruction Lab has established itself as the best mentoring program for massively scalable science- and technology-based companies,鈥� says CDL鈥揂tlantic Fellow Jevon MacDonald, CEO and co-founder of Manifold, a company that helps developers and cloud services work together better. 鈥淗aving this program in Atlantic Canada is a game-changer that has unlocked unprecedented mentorship and investment for startups in the region. This support will complement the existing private-sector support and engagement with CDL to further amplify its impact.鈥�
The new funding will reinforce and expand CDL鈥揂tlantic鈥檚 proven programming, including mentoring, coaching and workshops. It will also grow other CDL鈥揂tlantic initiatives, including the Diversity and Inclusiveness Project, Atlantic Student Project, Speaker Series Project and the Artificial Intelligence and Innovation and Entrepreneurship Projects. Other endeavours that capitalize on the region鈥檚 burgeoning ocean and technology sectors are also in the works.
Ashley Kielbratowski (pictured left), a CDL鈥揂tlantic graduate, is co-founder and head of product development at Harbr, a software-as-a-service project management platform for retail construction. 鈥淐DL sets up a really nice structure鈥攜ou leave each session with clear goals and actionable objectives to boost your business along,鈥� she explains.
Harbr completed the CDL program with $1.75 million in investment from eight CDL鈥揂tlantic mentors, the best result of any graduating venture. 鈥淗aving the influential Fellows in Halifax hear about us, our business, and our product has been invaluable,鈥� adds Kielbratowski. 鈥淚t's a nice synergy of getting exceptional advice, quality networking, and confidence from business leaders believing in you."