Save money as you spend through Mylo

Fintech comprises all kinds of innovations that aim to compete with traditional financial methods and answer the financial needs of populations. It is currently booming in Canada, as Millennials as starting to earn a living and are not satisfied with what traditional banks have to offer.

We have already touched upon fintech on Innovation Montreal: the use of cryptocurrencies and blockchain to finance projects with a social impact (Impak Finance), or Hardbacon’s app that allow users to become better self-directed investors.

Today we present Mylo: a mobile app that automatically rounds up every purchase you make and invests the spare change.

Fintech on a social mission

mylo bannerWhat drives Mylo’s founders from the beginning is to make saving and investing accessible for all Canadians and especially for Millennials.

To use Mylo, you do not need any knowledge in finance. Mylo works through a partnership with Tactex Asset Management advisors who invest your money in Exchange-Traded Funds (ETFs).

Basically, the more you spend, the more you save… simple, right? If you buy a $3.60 coffee through your debit or credit card, Mylo will automatically round your purchase to $4.00 and invest the extra $0.40.

Going even further, Mylo is not just a tool for investment, it gives recommendations that are customized and personalized. Using artificial intelligence, the app helps its clients optimize important financial decisions such as insurance coverage, interest payments, travel purchases…

“We’re focused on building the next generation of innovative technology, using AI in conjunction with financial data, to help Canadians improve all aspects of their financial lives.”

The financial model is very attractive: there is a monthly fee of $1 to get access to the app. The customized recommendations are completely free but if clients implement the recommendations, the Mylo team then earns a success fee from their partners.

Finance veterans turned startupers

_F4A0188

Phil Barrar and Liam Cheung, Founder and Chairman, are already veterans when it comes to financial investment.

Phil is less than 30 but has been into the Canadian entrepreneurial community for a while. He successively launched and sold two ventures after graduating from Concordia University and ended up joining a Montreal investment fund in 2015: Ferst Capital Partners. This is when he started thinking of ways to democratize financial investment decisions. Mylo emerged from his market study in 2016.

Liam joined the adventure later in 2017. With over 25 years of expertise in finance and technology, he had founded Tactico Inc., the parent company of Tactex Asset Management, an investment firm that manages client-focused equity portfolios.

Mylo acquired Tactex gaining more credibility in the process: a relatively new fintech actor had enough power for acquiring a team of portfolio advisers that manages over $110 million in client assets.

From pitching to seed investing, a tremendous growth

Mylo participated to the iconic TV show Dragon’s Den and got a great deal from three of the investors but as months past and as they worked on a beta version, the team managed to secure a strategic offer that made more sense for our company. They raised $2.65-million in seed financing lead by Desjardins Capital which allowed them to officially launch on the App store.

Today, the startup wants to offer more than just an app. On International Women’s Day, Mylo released a report analyzing the gap between women and men when it comes to saving and investing and offering recommendations to reduce the gap and innovate investing habits.

Montreal, an urban laboratory for experimenting artificial intelligence?

Montreal is considered as an international hub for artificial intelligence, a lab for innovation. What are the urban implications of this reputation? What is the social impact of artificial intelligence in the city? We have discussed all these issues yesterday at Newcities roundtable on the subject.

Newcities is a non-profit organization dedicated to making cities more inclusive, more dynamic, more innovative. They organized a round table dedicated to AI and urban issues. Montreal Institute for Learning Algorithms (MILA) was represented by Myriam Côté, Executive Director. She highlighted the importance of a socially responsible AI for founder, Yoshua Bengio.

event newcities.jpg
Myriam Côté, MILA (https://www.facebook.com/NewCitiesFoundation/photos/

At a time when technology and big data are blurring the limits of privacy, when academic research is driven by economic priorities, how can AI and innovation in general positively impact the lives of populations?

Cybersecurity and avoiding data deserts

data deserts.png

The main social concern with AI applied to the city is to avoid data deserts – areas where certain groups do not have data regularly collected about them. And a prerequisite to answer this concern is to educate citizens to the relevance and benefits of sharing their data in a well-defined framework.

Damien Silès is the Head of the Quartier de l’Innovation, an experimental laboratory supported by the four Montreal universities, the Federal and Provincial government and corporate partners. Its mission is to experiment with urban innovations in downtown Montreal.

We want to break down silos and make this neighbourhood a collective lab where private, public and academic actors collaborate. Only then can we truly protect data.

Artificial intelligence by and for the community

There are already great initiatives to improve the social and ethical impacts of artificial intelligence. Last November, a dedicated conference was organized by AI Alliance Impact (AIIA) and headed by Valentine Goddard. AI on a social mission presented best practices of companies applying AI in sectors like mental health, education, social work (Myelin was part of them).

During Newcities event, Valentine lead a roundtable on the subject with participants from various backgrounds: Cisco, IBM, HEC Montreal, the French Chamber of Commerce…

Today, we are beyond technological challenges when it comes to AI. Challenges are ethical. We need to present innovations as solutions to concrete problems

valentine.jpg
Valentine Goddard (https://www.facebook.com/NewCitiesFoundation/photos/

AI can be a real solution to transportation issues: location-based search engines like Google Maps can allow to make predictions so that bus drivers spend less time on focusing on their route and more time on strengthening the social link with passengers.

When it comes to artificial intelligence, there is a fundamental gap between researchers and the general public. This gap is more than ever visible in the city.

croquis
Visual representation of debates on AI and social impact

For people to adopt AI tools, it is important to educate them – not explaining the algorithms but showing how data can impact their daily lives.

Cooking to end food waste with Coriandr

There will never be too many startups to find against food waste in a city like Montreal. Coriandr is a website that provides you with recipes to use what you have in your fridge and maximise food utilisation, i.e. giving a second life to that last tomato and half broccoli.

Not just another culinary search engine

On Coriandr you will be able to enter every ingredient you have in your fridge, add search options (preferences, dietary restrictions) and find the optimal recipe to cook. The Coriandr database offers 8000 recipes from partners. This is the purely technical part of the innovation.

However, there is more: Coriandr wants to provide a tool that helps every key actor of the food industry. This is why an interactive map will be added to geolocate the nearest grocery store. And if you really do not want to use an ingredient, instead of throwing it, you can make a good action. Coriandr has partnered with the Food Banks of Quebec to facilitate donations of food or cash to the Food Banks of Quebec to support heir activities.

From traditional retail to tech innovation

David B Potvin - photo .jpgHow did this all happen? Initially, David worked as a Business Developer in the wine and spirits retail in Montreal. He did not have any background or particular interest in cooking or technology and yet he decided to become an entrepreneur. His experience volunteering at the Youth Chamber of Commerce of Montreal (JCCM) clearly triggered his interest in entrepreneurship. and gave him the confidence and methodology to structure his idea:

You have to be a little crazy to launch a business but also lucid: it is important to put money aside and question the viability of your project

David started by learning IT basics. He took part in the Lab 12 program, an initiative from Les Pitonneux, a non-profited hosted by Notman House. During 12 weeks, this bootcamp program gives learners an opportunity to become proficient programmers and developers and access to mentors and networking opportunities.

Financed by the people

food waste.jpg

Now that he had the skills, he had to finance his project and decided to launch a crowdfunding campaign in January 2018.

It was a real challenge to raise money on a crowdfunding campaign when I was not selling a concrete product, only an experience

Using La Ruche, a crowdfunding tool dedicated to supporting new projects that have a social impact in Quebec, Coriandr raised $5,290 from 89 contributors from Canada, the USA, France and Italy in 45 days. Even better, it got selected by the Fonds ADM / 375 Idées of the JCCM and received 3,750$ in microdonations.

Supported by a community

After less than a year, David has already built a lot. Through the Youth Chamber of Commerce (JCCM), La Ruche and Montreal Network against Food Waste (REGAL), Coriandr is part of a community dedicated to growth, innovation and social impact. David draws inspiration from role models and best practices like Hardbacon or Smarthalo. He has many other ideas to make Coriandr a smart tool for food inventory purposes. For now, the official launch of Coriandr is set for Spring 2018. 

Follow Coriandr on Facebook and Instagram and register on their website to find out about the official launch.

Myelin makes artificial intelligence a social innovation tool

Marc-Olivier thinks artificial intelligence (AI) can be a solution to human problems and can innovate health promotion.

myelin team

Providing a digital structure to social help

Marc-Olivier Schüle, along with his two partners, Marise Bonenfant and Francois Menet, is introducing Myelin, a new innovative startup that gives access to the best, most accurate information on autism. The AI tool adapts its answers to your level of knowledge and the type of question you want to ask.

Myelin is not inventing anything new, it innovates the way actual knowledge is processed, structured and delivered.

When you look at current information on Google related to autism, it is non-professional, non-official and… probably false. Myelin will be a source of knowledge supported by recognized institutions like the School of Psycho-Education from Université de Montreal, Quebec Federation on Autism, Ivado (the Institute for Data Valorization) and many other.

Academic excellence at the service of social intervention 

Marc-Olivier knows what he is talking about: he has years of experience in psychosocial intervention that made him realize the need for a serious and reliable foundation to build trusting relations with patients and their parents. At the same time, his academic experience (he is doing a PhD at Université de Montreal) reveals that the latest advances in research are unfortunately buried in universities’ intranet servers.

There are over 2000 articles published every day on mental health. How can we all process it and make it useful? Psychosocial actors need secure and reliable tools so we can spend more time on working on our relation with parents and children

From a prototype to a social artificial intelligence tool  

google-deepmind-artificial-intelligence-2-970x0

This is only the beginning of the story: Marc-Olivier’s speech at TedX Laval was viewed over 40,000 times on Youtube (an all-time record) so it is undeniable that people believe in artificial intelligence applied to health issues.

The prototype is now ready for autism but Myelin wants to touch on other subjects in the future: ADHDH, anxiety, Alzheimer… to provide the general public with the proper tools to make a free and informed choice in their lives.

With a successful crowdfunding campaign on La Ruche, support from prestigious academic, medical, institutional and entrepreneurial actors and – last but not least – a dedicated and passionate team of entrepreneurs, Myelin is clearly innovating the startup scene.

How to raise a child in a mobile world?

children gaming

There are so many articles lately about the risks of leaving your kids with your smartphone or in front of screens but what do tech companies do about it? Discover one innovative tool launched by two friends from New Brunswick, Itavio.

The story of two “veteran” game developers

itavio photo

Melani and Matt have worked in the gaming company for several years. They met while working at Gogii Games, a gaming company based in New Brunswick, dedicated to the development and distribution of games.

In 2015, they decided to go on the exciting adventure of starting their own business. Melani is the marketing guru and Matt is the ideation pilot. They decided to launch an innovative tool that gaming companies could offer to parents for a more responsible usage of their products. Indeed, mobile usage and mobile gaming have evolved tremendously over the years. Gamers used to be a specific community with specific tools. Today, everyone can be a gamer, including children.

An ethical dimension

Itavio stands for “It takes a village” to raise a child in a mobile world. So it has to do with education, and helping both parents and game companies provide a more responsible product.

in app add
In-app advertising (via https://pencilcase.io/blog/mobile-advertising)

Itavio offers a plugin that game developers can add to help parents limit the in-app purchases on free-to-play games. Here is a concrete example: remember that old addictive Candy Crush Saga? There are several in-app purchases available: extra lives, golden bars, extra moves, color bombs… During its peak of popularity, in 2014, Candy Crush players spent approximately $1.33 billion on in-app purchases. These purchases can be intentional but sometimes, they result from kids clicking carelessly on their parents’ smartphone or tablet.

Adapting to changing consumption patterns

Itavio wants to create a regulated environment where parents, children and gaming companies can peacefully interact and coexist. This would avoid parents an extra anxiety related to overspending and also empower children to manage their time and money. Indeed, children have become complex customers: they not only want to buy a real candy bar, but also a virtual candy.

A venture that attracts media companies

Today, Itavio has already signed with prestigious partners including Hearst. Even better, they are members of the Heart Lab, a selective community of early stage women-led startups that innovate the media or information industry. This greenhouse for new ventures invests cash and assists them in building teams and refining products.

Discover all about their pricing here.

Hardbacon, making finance accessible through innovations

Meet Julien from Hardbacon, an impact-driven fintech startup on the edge of launching an innovative mobile application to invest on the stock market.

From business journalist to entrepreneur

julien
(c) MTL in Tech

On Monday, during Queen City Fintech Demo Day, Julien must have had thousands of ideas coming to his mind: what an incredible journey, from writing articles on latest finance news at Les Affaires, Quebec top business newspaper, to raising more than 6 times the expected amount on Ulule, and being part of the prestigious accelerator by Bank of American and Wells Fargo in North Carolina.

Indeed, this is a promising success story that emerged from a desire to serve young generations’ financial aspirations and improve online brokerages and robo-advisors, Julien found out that it clearly needed improvements.

He therefore started by offering “Not Another Boring Course About Investment” through the crowdfunding campaign on Ulule: 4 hours of video content with a retail value of $100, offered at $50. Thanks to an efficient network of ambassador and really speaking to Millennials, it was a real success.

The online course was only the first step to a wider project: creating a platform that provides financial information to everyone and that allows to invest on the stock market.

Innovating brokerage  

With a dream team of 2 backend developers, 2 iPhone developers, one designer and one financial analyst, and this initial bundle of money, Hardbacon started working on creating a stock brokerage comparison tool and a mobile app.

“We want to do what Bloomberg did for financial institutions but for random people. Make investment accessible to everyone.”

screeshot hardbacon

Targeting the right public

The Ulule campaign made them realize that contributors were actually around 35-36 years old. Millennials are not yet considering investment as a priority as an initial capital of $5000 is usually needed to invest on the stock market. Instead, contributors and target customers are thinking about ways to better handle their money, thinking about wealth and pension management.

Differentiating

Since the Canadian financial market is highly concentrated, Hardbacon is not considered as a threat by brokers, banks and other financial actors. In fact, Hardbacon is earning money by selling robot-advisors services but it is also providing a unique portfolio analysis to clients.

“We want our clients to manage their portfolio by themselves, thanks to Hardbacon advice”

It’s time to disrupt the US market

uncle sam.jpg

As entrepreneurship is about always targeting new challenges, Julien is now ready to conquer the US market. Because it has similar stock market structures but with different brokers. And because it allows to offer more services to clients than Canada: in the US, Hardbacon can add a financial recommendation dimension by registering to the Security Exchange Commission.

“We want to analyse the market and provide recommendations to our clients. Ideally, the US version of the website will include a chatbot.”

You can know download Hardbcon on Apple’s AppStore.

Innovating hardware projects in Montreal, meet ADI

Startupers start from unique ideas but these young ambitious entrepreneurs do not always have the proper skills to bring these ideas to reality. Montreal is home to a unique accelerator where two magicians, Stephane and Christian, create innovations.

ADI – that stands for Acceleration Design Innovation – is an accelerator for hardware innovations that supports startups and SMEs to move from prototyping to mini-series and deliver a product that answers real needs.

Christian welcomed Innovation Montreal in his “batcave” – ADI’s production shop on Clark street, where all products are designed and invented, where you can find the first 3D printer in Quebec next to an old-school keyboard and PCBs for new smart products.

The beginnings

christian legos
Christian Beaubien

It all started in 2012. Christian and Stephane met during Mtl Mini Maker event. They immediately shared their interest in inventing products and helping new ventures to succeed.

Christian comes from a modest background and is 100% autodidact: a college dropout who loves making his own objects (he created his own version of a Meccano game when he was a kid). He progressively created his own network and became a key influencer in the hardware startups community.

Stephane has a master in engineering who started his first venture back in the 90s called RGB Technologies, a provider of quality software applications for small business that was then sold to Telus.

We complement each other to provide unique solutions to startups.

An accelerator for hardware

The concept is very simple and answers real needs: when startupers have an idea, they get excited but sometimes lack the skills and knowledge to properly design and produce. ADI helps them find the right material and create a cost-effective product. But they go even further: they provide useful advice for mass production and distribution.

“Startups want to go directly to China to produce massively at a lower cost but they need customer development insights”

To benefit from the support of ADI, there is a fixed entrance fee of $2000 for market and development research and risk analysis, which effectively results in producing two prototypes. Then, if you want to move forward, you can get a customized budget to produce a miniseries and a design brief. And then only, you can go to China for mass production.

img-6063.jpg
From the PCB to the final product

Smart objects for a smarter consumption

It is fascinating to learn how the most simple objects are made and to discover the inventions of the ADI team:

breatheThe Breathe 2 lamp (available at Neoshop, Quartier de l’Innovation) was first designed for yoga professionals. It is a smart lamp that helps regulate breathing through light variations. After testing the first version with early adopters and influencers, the team realized that there was a stronger demand for a simple meditation tool from the general public. Breathe 2 was accordingly redesigned.

img_0192.jpgPicGlu is a transparent adhesive membrane that allows smartphones to temporarily stick to pretty much all flat surfaces. You can then take hands-free selfies or film videos from a distance. This first version was created in 2015 but a few months ago, the ADI team started working on a new version called PicGlu Audio Stand. It provides a physical support to stick your mobile phone and to use for hand-free audio or video conversations. While the first PicGlu tool was for entertaining purposes, the new one answers more professional needs.

What’s next?

The ADI team is currently working with a regular customer portfolio of startups and SMEs from Montreal. Ideally, then would love to improve the distribution part of their support and help these entrepreneurs go international, providing them with the most efficient support.