Most companies that are admitted into the CDL program have a working prototype or proof of concept and will be ready to raise their seed round during the program. CDL will accept companies that are earlier or later stage in some cases if they are exceptional in other areas.
All interested ventures must apply through the application page or through a location’s specific page. An interview day is held in the Fall for shortlisted candidates, then a decision committee meets and extends invitations to successful candidates.
Yes, CDL can be complementary to other programs, and many other incubators and accelerators encourage participation in CDL.
Ventures must attend all five sessions, commit to providing information to the CDL team on a timely basis, and work collaboratively with the Fellows, Associates, and students. The program’s milestone-based structure is designed to help ventures prioritize their workload in a series of eight-week “sprints.” The more time that is committed to meeting the objectives, the higher the chances are for a venture to stay in the program and receive funding from mentors/investors.
There is no guaranteed amount of investment but the majority of the companies that are successful in the program receive investment from the Fellows and Associates. The amount varies and is based on a number of factors. Several companies in each cohort will raise pre-seed or seed rounds in the range of $500K to several million.
Reasons for being dropped from the meetings vary. Companies are dropped due to inability to hit milestones or loss of interest from the Fellows and Associates. There are many other reasons companies are dropped that are not a result of the potential of the business or the capabilities of the founders. Companies that are dropped are still CDL alumni and in some cases may continue to access CDL resources (e.g., student support) as well as alumni programming.
There is no predetermined number of companies that are dropped, but historically approximately half of the companies that start in each cohort will complete the program.
No. A venture can only be enrolled in one cohort at one CDL site.
There are no fees for participation, and CDL does not take any equity. Admission to the CDL is 100% merit-based. CDL does not pay expenses.
No. Teams are free to operate wherever they choose, provided they can travel to the site location for five one-day sessions throughout the year. You cannot attend the sessions remotely.
The students provide support with business development, market analysis/ research, finance, and the admissions interview process. Although not mandatory, CDL looks for teams that will work cooperatively with the students and welcome their support.
CDL is only able to provide immigration support to companies that have been accepted into the program. Immigration support will be provided on a case-by-case basis. More information on Canada’s Startup Visa Program can be found here: http://www.cic.gc.ca/english/immigrate/business/start-up/index.asp