Creative Destruction Lab

Creative Destruction Lab
Founded 2012
Type Nonprofit organization
Focus Technology transfer, commercialization
Key people
 Ajay Agrawal, Founder
Website www.creativedestructionlab.com

The Creative Destruction Lab (CDL) is a seed-stage program for scalable, science-based 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 $1.4 billion in equity value, based on valuations from investors.[4] The current goal is to create $100-billion in equity value by 2027, and for half of those companies to be Canadian based.[5]

Program

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."[6]

The CDL operates 14 streams:

  • Artificial Intelligence - For founders pursuing commercial opportunities predicated on the application of machine learning.
  • Blockchain-AI - For founders pursuing commercial opportunities that benefit from exploiting a combination of blockchain and machine learning technologies.
  • Cities - For founders pursuing commercial opportunities that enhance the productivity and livability of cities and neighbourhoods through, for example, the application of machine intelligence to public infrastructure or commercial real estate.
  • Energy - For founders developing transformational technologies for the energy industry.
  • Health - For founders pursuing commercial opportunities predicated on translational science and technology innovations that improve human health and wellness.
  • Prime (General Technology) - For founders pursuing commercial opportunities predicated on exploiting state of the art technological innovations that are outside the boundaries of the other streams.
  • Quantum - For founders pursuing commercial opportunities at the intersection of quantum computing and machine learning.
  • Space - For founders pursuing commercial opportunities that exploit the recent drop in the cost of accessing space.[7]

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.[8]

Mentors include:

Locations

Launched in 2012 at the Rotman School of Management at the University of Toronto, the program has expanded with locations in:

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. ↑ "World's first Quantum Machine Learning Start-up Program lives in Ontario". Invest in Ontario. Retrieved 28 August 2018.
  5. ↑ Silcoff, Sean. "Creative Destruction Lab expands startup program nationally". The Globe and Mail. The Globe and Mail.
  6. ↑ Silcoff, Sean. "Billion-dollar breakout". The Globe and Mail. The Globe and Mail. Retrieved 21 August 2018.
  7. ↑ "Streams". Creative Destruction Lab. Creative Destruction Lab. Retrieved 21 August 2018.
  8. ↑ Silcoff, Sean. "Billion-dollar breakout". The Globe and Mail. The Globe and Mail. Retrieved 21 August 2018.
  9. ↑ "About the Program". Creative Destruction Lab. Creative Destruction Lab. Retrieved 21 August 2018.
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