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MONTREAL – (BUSINESS WIRE) – Quebec tech startups promoted by Concordia University and its partners are receiving a big boost from the National Bank.
The financial institution supports innovative startups through a $ 2 million donation to the Concordia Campaign: Next-Gen. Now to strengthen the MentorConnect program.
Licensed by the MIT Venture Mentoring Service of Boston and officially launched at Concordias District 3 Innovation Hub (District 3) in 2020, MentorConnect guides startups and their co-founders to successfully transform businesses into established companies that power the economy.
As part of the MentorConnect framework, mentors work in groups of three to volunteer their time and skills to startup founders. Mentors create a safe and collaborative space where mentees can thrive.
Our university is grateful to the National Bank for its support for emerging technology entrepreneurs who bring innovative ideas to market and help fuel our economy, says Concordia president Graham Carr. As Quebec’s university leader in startup incubation, District 3 aims to connect entrepreneurs with experienced coaches and funding opportunities. MentorConnect fills a gap in the journey by pairing growing startups and their founders with experienced mentors from diverse backgrounds and industries. Their guide will help startups scale, create jobs and make a bigger impact for our country.
Louis Vachon, president and chief executive officer of National Bank, LLD 19, says the financial institution is delighted to support startups on their journey to established small and medium-sized enterprises (SMEs). Business innovation is a key economic engine. Nurturing startups through effective business mentoring will accelerate their growth in a sustainable way, says Vachon. At the National Bank, we aim to have a positive impact on the next generation of entrepreneurs. We are proud to support MentorConnect with this initiative.
Xavier-Henri Herv, executive director and co-founder of District 3, BEng 87, LLD 11, adds: When we launched District 3 in Concordia in 2014, we sought to create a hub for technology pioneering people with the knowledge and skills to turn ideas into reality. While District 3 programs and coaching have been instrumental in accelerating the entrepreneurial journey of more than 600 startups, we have realized that there is a gap in helping founders move from startups to SMEs and beyond.
Tomorrow’s innovators need the support and advice of today’s business veterans, adds Herv. National bank donation enables MentorConnect to expand to serve up promising and innovative Quebec startups.
Edna Chosack, a senior coach from District 3, has searched all over the world to find the best mentoring service. He found that MIT’s VMS program, adopted as MentorConnect by Concordia and its partners, was the most effective in helping startups successfully move through the growth phase to become established companies.
The methodology behind MentorConnect creates a close-knit and highly involved group of mentors who work together to support startup co-founders. Many startups have already benefited from the program.
For Erika Braithwaite, BA 07, a graduate of Concordia, and Kathryn Morrison, co-founders of biotech firm Precision Analytics, mentoring was a game changer.
We started out as two people who had a good idea. We had traction, we had clients, but it was only with mentoring that we were able to say that we started to evolve as a real business. It was a transformative experience, says Braithwaite.
Mentors are happy to interact with like-minded peers to help startups grow – MentorConnect is a wonderful way to give back to the community and stay tightly connected to the startup ecosystem, says Chantal Laberge, business director and mentor.
Paul Chesser, Vice President of University Advancement, BA 94, GrDip 97, is grateful that this donation to the Campaign for Concord will fuel innovation. We thank the National Bank for recognizing Concordia’s role in helping the next generation of startups thrive for the benefit of Montreal, Quebec and Canada.
Combined with the support previously announced in 2014, the national banks’ total donation to the Concordia Campaign to support entrepreneurship amounts to $ 3 million.
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