The federal government of Canada has granted $25 million CAD (US$19 million) to business accelerator Creative Destruction Lab (CDL), tasking it with creating and scaling up technology startups in the country.
The accelerator will invest the funds into 1,300 startups that are harnessing emerging technologies such as artificial intelligence (AI) and quantum computing, with a goal of creating as many as 22,000 jobs in the next few years.
The program includes mentorship and assistance for startups to access venture capital and angel investors.
Canada’s major higher education institutes – including Rotman School of Management, University of Toronto; Sauder School of Business, University of British Columbia; Haskayne School of Business, University of Calgary; and Rowe School of Business, Dalhousie University – will join forces with the Lab to ensure that the program is successful.
“Our strategic investment in Creative Destruction Lab will help accelerate the transformation of innovative ideas into commercial success stories, helping Canadian entrepreneurs, creating middle-class jobs and strengthening our innovation economy,” stated Mary Ng, Minister of Small Business and Export Promotion, in a press release.
Founded by Professor Ajay Agrawal in 2012, the CDL claims to have supported 225 science-based startups, leading to the creation of an estimated 1,100 jobs.
“Creative Destruction Lab’s exciting project promises to unleash a new wave of startup innovation across Canada, creating thousands of middle-class jobs and further securing Canada’s position as a world leader in the AI field,” said Navdeep Bains, Minister of Innovation, Science and Economic Development.