The Business Development Bank of Canada has launched two new programs to help small businesses adopt AI and improve productivity. The bank has appointed two entrepreneurs to lead these initiatives.
On Monday, the bank announced Mission AI and Studio AI. Mission AI will help small businesses identify areas where AI can boost productivity, while Studio AI will develop solutions to streamline transactions with the bank.
Entrepreneurs at the Helm
Dominic Gagnon, founder of Connect&GO, will lead Mission AI. Raff Paquin, former CTO of Frank & Oak, will head Studio AI.
Gagnon’s team will match businesses with suitable Canadian AI solutions. A panel of entrepreneurs will test tools to identify automatable tasks, freeing up time for business owners. “An entrepreneur should not have to become an AI expert to benefit from it,” Gagnon said.
Streamlining BDC Operations
Paquin, with experience at Shopify, Lightspeed, and Altitude Sports, aims to improve the financing and support experience for entrepreneurs. Studio AI will reduce the time it takes for businesses to receive funding from the bank, providing more visibility and predictability.
The bank’s operations are significant, with a portfolio of $30 million in debt investments, $1.74 billion in direct equity investments, and $1.68 billion in other funds. Serving over 100,000 clients last year, the bank expects to contribute $28 billion to Canada‘s GDP in the next five years.
The bank’s earlier LIFT loan program, a $500-million initiative, aimed to help 1,000 small businesses adopt AI.
The bank has claimed that increasing technological maturity among SMEs could significantly boost Canada’s GDP.