Scotiabank, MaRS, C100 Partner on Entrepreneur Initiative

Need to Know

• Scotiabank has partnered with global Canadian tech community group C100 and urban innovation hub MaRS to support the growth of Canada’s budding entrepreneurial ecosystem. 
• Both MaRS and C100 will have access to funding and financial solutions from Roynat Capital, an arm of Scotiabank’s Canadian Business Banking unit. 
• Through its MaRS partnership, Scotiabank will have access to tech companies, research, event participation, executive education sessions, and be able to drive its AI innovation.
• C100 will align Scotiabank Canadian talent and entrepreneurs in major tech hubs across Canada and the US.

Analysis

Scotiabank has plans to drive the entrepreneurial ecosystem forward in Canada and it involves partnerships with some of the country’s biggest leaders in tech, MaRS and C100. 

“We are delighted to partner with C100 and MaRS to broaden the Bank’s innovation ecosystem and engage a tremendous pool of talent,” said Kristal Au-Yong, SVP of innovation and insights analytics for Scotiabank in a press release. “Through these partnerships, we’re supporting and driving AI innovation and adoption for business and societal good while improving our overall customer experience.”

MaRS, North America’s largest innovation hub, offers a range of high-value services that help high-growth companies succeed. Through the partnership, Scotiabank will have access to over 1,200 tech companies in the MaRS network (including companies such as Dialogue, Hubba, Rubikloud, and more) as well as research, event participation, and executive education sessions. MaRS will also help the bank drive its artificial intelligence innovation and its adoption for business and societal good.

As a global community of Canadians in tech with a focus on the Valley, C100 will help Scotiabank find exceptional Canadian talent and entrepreneurs in major tech hubs across Canada, the US. Scotiabank will return the favor by providing C100 members with international business contacts and exposure.

As part of the partnership, MaRS and C100 will have access to Roynat Capital, an arm of Scotiabank’s Canadian Business Banking unit that provides alternative financing solutions to Canadian businesses, essentially providing the Canadian tech community greater access to funding and solutions.  

In 2018 MaRS announced its partnership with Google to create an Employment Pathway Platform. The platform helps new job seekers plan a new route through the ever-changing job market and develop their own course to transition to a brand new career. The Scotiabank partnership creates an even longer runway for the innovation hub. 

“We are thrilled to have Scotiabank join the MaRS community,” said Jon Dogterom, SVP of venture services at MaRS, in the release. “Critical to our mission of helping Canada’s most promising start-ups grow is building the connections between the entrepreneurial community and corporations. Establishing the bridges for idea sharing will continue to drive innovation in Canada’s financial sector.”