Creative Destruction Lab

Last updated
Creative Destruction Lab
Founded2012
Type Nonprofit organization
Focus Technology transfer, commercialization
Key people
Ajay Agrawal, Founder
Website www.creativedestructionlab.com

The Creative Destruction Lab (CDL) is a program for seed-stage, science-based start-ups that have the potential to scale into massive companies. Launched in 2012, the program employs an objectives-based mentoring process with the goal of maximizing equity-value creation. Its slogan is "Build Something Massive." [1]

The CDL began by welcoming a wide range of deep science and technology industries. In 2015, it launched its Artificial Intelligence (AI) Stream, the first program in the world focused on start-ups employing AI and machine learning. In 2016, it launched the Quantum Program, the world's first program focused on incubating companies operating at the intersection of quantum computing and machine learning. [2] Most recently, the CDL launched its Space Stream to help entrepreneurs launch space-focused companies. [3]

CDL alumni firms have created more than $4.3 billion in equity value, based on valuations from investors. [4] The current goal is to create $100-billion in equity value by 2027. [5]

On June 18, 2019 it was announced that Creative Destruction Lab had signed on as the sole academic founding partner of the Libra Association, the consortium created to develop and promote Facebook's cryptocurrency. [6]

Program Structure

The CDL differs from common incubator and accelerator models that provide mentorship and office space in exchange for a fee or equity stake. Instead, participating companies regularly meet with accomplished entrepreneurs and investors who assign each company three objectives that they must meet within eight weeks. Companies that fail to meet their objectives or convince their mentors that they can scale into a massive business are voted out of the program.

The CDL has been described as a "interrogation chamber for entrepreneurs" that "has developed a promising method for helping early stage companies...to grow, flourish and attract private capital." [7]

Focus Areas

The CDL operates 8 streams:

People

The CDL brings together angel investors, venture capitalists, scientists and economists, among others, to mentor companies admitted to the program. These experts together form what founder Ajay Agrawal describes as the "market for judgment," the group who advises cutting-edge research scientists to help them commercialize their ideas and scale their businesses. [9]

Mentors include:

Alumni

Alumni include: [10]

Locations

Calgary

CDL-Rockies in Calgary, Canada is located at the Haskayne School of Business, University of Calgary. [12]

Halifax

CDL-Atlantic in Halifax, Canada is located at the Rowe School of Business, Dalhousie University. The location has a special focus on ocean, clean and agricultural technologies. [13]

Montreal

CDL-Montral in Montreal, Canada ic located at HEC Montréal, Université de Montréal. The location has a special focus on data science and artificial intelligence. [14]

Oxford

CDL-Oxford in Oxford, United Kingdom is located at Saïd Business School, University of Oxford. The location has a special focus on artificial intelligence. [15]

Paris

CDL-Paris in Paris, France is located at HEC Paris. [16]

Toronto

CDL-Toronto was founded in 2012 and is the original CDL location. It is located in Toronto, Canada at the Rotman School of Management, University of Toronto. The site has a special focus on artificial intelligence, quantum computing, space and healthcare. [17]

Vancouver

CDL-West in Vancouver, Canada is located at the Sauder School of Business, University of British Columbia. [18]

Machine Learning and the Market for Intelligence Conference

The CDL hosts the annual conference on Machine Learning and the Market for Intelligence, which examines the business opportunities and economic implications of artificial intelligence. [19]

Past participants include:

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References

  1. "About the Program". Creative Destruction Lab. Creative Destruction Lab. Retrieved 21 August 2018.
  2. "World's first Quantum Machine Learning Start-up Program lives in Ontario". Invest in Ontario. Retrieved 28 August 2018.
  3. Gibson, Victoria. "University of Toronto accelerator affiliate shoots for the starry-eyed entrepreneurs". https://www.theglobeandmail.com/business/article-university-of-toronto-accelerator-affiliate-shoots-for-the-starry-eyed/ . Retrieved 28 August 2018.External link in |website= (help)
  4. Dobiecki, Julie. "HEC PARIS JOINS CDL'S MISSION TO ENHANCE THE PROSPERITY OF HUMANKIND THROUGH THE RAPID SCALING OF SCIENCE-BASED COMPANIES". HEC Paris. HEC Paris. Retrieved 25 October 2019.
  5. Silcoff, Sean. "Creative Destruction Lab expands startup program nationally". The Globe and Mail. The Globe and Mail.
  6. "Creative Destruction Lab signs on as founding partner of Facebook's new cryptocurrency". BetaKit. 2019-06-18. Retrieved 2019-06-19.
  7. Silcoff, Sean. "Billion-dollar breakout". The Globe and Mail. The Globe and Mail. Retrieved 21 August 2018.
  8. "Streams". Creative Destruction Lab. Creative Destruction Lab. Retrieved 21 August 2018.
  9. Silcoff, Sean. "Billion-dollar breakout". The Globe and Mail. The Globe and Mail. Retrieved 21 August 2018.
  10. "Companies". Creative Destruction Lab. Retrieved 2 May 2019.
  11. David, Eric. "AI startup Kyndi raises $8.5M to help companies predict the future". Silicon Angle. Silicon Angle. Retrieved 2 May 2019.
  12. "Creative Destruction Lab Rockies". University of Calgary. University of Calgary. Retrieved 7 August 2019.
  13. "CDL‑ATLANTIC". Dalhousie University. Dalhousie University. Retrieved 7 August 2019.
  14. "CREATIVE DESTRUCTION LAB – MONTRÉAL". HEC Montréal. HEC Montréal. Retrieved 7 August 2019.
  15. "Creative Destruction Lab". Said Business School. Said Business School. Retrieved 7 August 2019.
  16. Dobiecki, Julie. "CREATIVE DESTRUCTION LAB EXPANDS SEED-STAGE PROGRAM TO PARIS". HEC Paris. Retrieved 25 October 2019.
  17. "Creative Destruction Lab". Rotman School of Management. Rotman School of Management. Retrieved 7 August 2019.
  18. "Creative Destruction Lab West". UBC Sauder School of Business. UBC Sauder School of Business. Retrieved 7 August 2019.
  19. Blackwell, Richard. "Boosting education will help address short-term economic pain of AI, Mark Carney tells U of T audience". U of T NEws. University of Toronto. Retrieved 22 February 2019.