Creative Destruction Lab Seeking Start-ups to Apply for Quantum Stream
Toronto, Ontario, Canada, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Toronto — With applications for the Quantum stream now open, ventures and teams are encouraged to apply for the Creative Destruction Lab (CDL) 2023/24 program year at University of Toronto’s Rotman School of Management (CDL-Toronto). Ideal candidates include quantum software startups at all levels of maturity and hardware ventures with a basic prototype. Applicants can apply from anywhere.
Candidates within the software sector may include ventures or teams with a focus on logistics, finance, pharmaceuticals or manufacturing, as well as those specialized in communication or security. Within the sector of quantum simulation, startups aiming to reduce costs in chemistry or physics leading to new drug or materials discoveries are welcome to apply. Computing hardware start-ups may be building their own quantum computers, complements or sensors.
For successful applicants, the program kicks off with an intensive four week technical and business bootcamp followed by a nine-month objective setting program. Participants in the quantum bootcamp receive an education from accomplished industry experts and partner organizations including Xanadu and IBM, as well as training on their platforms. In the objective-setting sessions, ventures will receive support on refining their messaging, from pitching to product roadmap, and finding the right talent.
The CDL-Toronto Quantum stream is a place for early stage ventures that are exploring quantum technologies for computing, sensing, and communication looking to bring their scientific work out of the lab and build it into a scalable business. CDL facilitates that process by connecting participants with scientists, entrepreneurs and investors with experience in the quantum ecosystem or similar tech spaces who can open their network and provide sound advice. Participants work with these experts to sharpen business objetives, prioritize time and resources, raise funds and learn.
"I know first hand the transformational impact that the mentors at CDL can have since I participated in the program as a founder,” says Michael Helander, president and CEO of OTI Lumionics, an advanced materials company that raised $55 million in Series B funding from Samsung, LG, UDC and others in 2022. “I participate in CDL as a mentor to pay-it-forward by helping the next generation of founders succeed the way we have."
Another notable mentor for the 2023/24 program year is CDL-Toronto Quantum alumnus John Martinis, who led the team at Google quantum-AI in achieving the first quantum supremacy claim in October 2019. Francesco Bova, associate professor at the University of Toronto’s Rotman School of Management, is the stream’s academic lead.
“Graduates from CDL Quantum have not only gone on to create exceptional companies, they have also pushed the science forward and helped to build the global ecosystem of quantum startups,” says Bova, whose recent research has focused on the economics of quantum technologies.
The early bird deadline for the 2023/24 program year is March 5, 2023. Applications for the Quantum stream will be accepted online until May 21, 2023. CDL is a non-profit organization. There are no fees for participation and CDL does not take any equity.
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 12 sites across six countries. Participating ventures have created $24 billion (CAD) in equity value.
Amarpreet Kaur Creative Destruction Lab 4163339564 [email protected]