MONTREAL, June 14, 2022 (GLOBE NEWSWIRE) -- This summer, Creative Destruction Lab-Montreal (CDL-Montreal) is launching a new Web3 stream. Ventures employing blockchain technology to disrupt the fields of decentralized finance (DeFi), decentralized autonomous organizations (DAOs) and gaming will receive unparalleled opportunities to work with mentors at the vanguard of their industries.
The significance of Web3’s emergence cannot be understated. Web3 is a fundamental shift in the internet as we know it today — user-created content without ownership — toward platforms that aim to share ownership and value creation with users.
Alongside CDL-Toronto’s Blockchain stream, the Web3 stream will deepen CDL’s commitment to the field. The Blockchain stream, founded in 2018, is for ventures based around technologies core to the advancement of blockchain technology with a specific focus on DeFi. It has 44 alumni companies with $773 million in equity value.
The CDL-Montreal Web3 stream will focus on founders experimenting with new business models leveraging blockchain technologies. This includes:
- The gaming industry, where ownership and tokenization of digital assets have yet to be leveraged in a AAA-type game.
- Decentralized finance (DeFi) with a particular focus on solutions enabling traditional institutions and bridging both worlds.
- Decentralized autonomous organizations (DAOs) that explore new ways to govern communities and organizations.
CDL Founding Partners from the biggest financial institutions in Canada are eager to learn and interact with this paradigm shift in the finance industry. The Government of Canada, another CDL supporter, as well as the Government of Quebec, which is supporting CDL-Montreal, are also seeking to be exposed to innovation in this space.
The Web3 stream is a natural fit for CDL-Montreal, which operates out of Executive Education HEC Montréal.
“With our new stream, CDL-Montreal will be one of the first programs specifically catering to Web3 companies in the province of Quebec. Montreal is a global hub for video game production and a pole of excellence for the financial industry, two fields ripe to be transformed with the recent advancement in blockchain technologies,” says Julien Billot, Site Lead, CDL-Montreal.
“Moreover, Montreal is home to a thriving AI ecosystem, with one of the most dynamic scientific communities in the world. There is no better place to explore how the intersection of AI and blockchain technologies can shape the future of the internet."
The Web3 stream gives ventures that harness blockchain the opportunity to work with mentors who built or actively participated in the scale of internet companies and want to leverage their expertise to support founders building the internet companies of tomorrow.
“The primary challenge I was looking for business judgment on was prioritization of tasks. CDL helped us overcome this by providing direct feedback on exactly what we were working on from experienced people in the industry. The CDL network was instrumental in helping to obtain the capital needed to help us scale,” says Michael Bazzi, Onomy Protocol founder and recent graduate of CDL-Toronto’s Blockchain stream.
Paul Desmarais III, Chairman and CEO of Sagard adds: “Blockchain technologies hold a great promise of disruption of existing markets, and creation of new markets. A Web3 stream launching at CDL-Montreal is an exciting prospect for future cohorts of Web3 entrepreneurs. They can tap into a world-class network of mentors and a tradition of supporting bold innovators.”
Join a CDL Web3 webinar to learn more. Companies and founders interested in applying to the Web3 stream can contact cdl-montreal@creativedestructionlab.com for more information. Applications will be accepted online until July 31, 2022.
About Creative Destruction Lab
Creative Destruction Lab (CDL) is a nonprofit organization that delivers an objectives-based program for massively scalable, seed-stage, science- and technology-based companies. Its nine-month program allows founders to learn from experienced entrepreneurs, increasing their likelihood of success. Founded in 2012 by Professor Ajay Agrawal at the University of Toronto’s Rotman School of Management, the program has expanded to 11 sites across five countries. Participating ventures have created $20 billion (CAD) in equity value.
About CDL-Montréal
CDL-Montréal is one of the Creative Destruction Lab 11 sites and has been founded by Executive Education HEC Montréal. Among CDL-Montreal Founding Partners are the Power Corporation of Canada, the Royal Bank of Canada, the National Bank, Espace CDPQ and the Bank of Montréal.
Media Contact:
Amarpreet Kaur
Associate Director
Creative Destruction Lab
amarpreet.kaur@creativedestructionlab.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0069e0e4-cdcd-4b42-9a05-03774b9ab09a
