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

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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.

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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

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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

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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.

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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

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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.

A social impact story: creating value out of food waste

If your mission goes beyond selling your product, you will sell more products. That was the first lesson learnt from listening to David Côté, VP of Loop Juice. He discussed entrepreneurship, alive food, fermentation, health, circular economy and innovation at HEC Montréal…

Trekking, traveling, food experimenting

David has always been interested in health, nature and plants. When his father wanted him to follow his footsteps and become a doctor, David was yearning for more – more passion.

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He had a revelation when trekking the Appalachian mountains and eating candy bars to get his daily dose of energy. He was surrounded by natural beauty but he was eating unhealthy transformed products. He decided to travel and test all kinds of food habits from fasting in a cave in Hawaii, to experimenting raw food habits. Eventually, after 8 years of traveling and working on organic farms throughout the world, he came back to Montreal with the goal of changing the world.

Entrepreneurship, a way to change the world

“I learned to be an entrepreneur. Starting a venture was not my original idea, but it became the most relevant means to deal with the issue of healthy food and eco-friendly products.”

With his friend Mathieu Gallant, David was experimenting with new food habits taken from his travels in Hawaii and California: making vegan no-bake energy balls and brewing Kombucha in the kitchen. He started delivering lunch boxes made exclusively with raw food to companies and decided to create two startups – a restaurant to promote raw-foodism (Crudessence) and the first Quebec Kombucha company (RISE Kombucha)

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(c) RISE Kombucha

“With Crudessence, we wanted to innovate eating habits and give back to people the ability of better feeding themselves.”

In 2016, after 8 years of managing two impact-driven ventures, David decided to sell his shares. His mission was accomplished. He had democratised the fundamentals of raw-foodism and provided an alternative to traditional soft drinks.

More than a serial entrepreneur, a serial world-changer

What other challenge could David address? And what innovation to tackle? For his new venture, David decided to partner with his girlfriend Julie Poitras-Saulnier. They wanted to focus on food waste after getting goosebumps from alarming figures (check this very interesting video from the Food and Agriculture Organization of the United Nations):

45% of all the fruits and vegetables produced in the world are wasted

team 1David and Julie decided to open a cold-pressed juice company to fight against food waste. They met Frédéric Monette from Courchesne Larose, a historical player in the Canadian fruits and vegetables industry. When they found out that the company was throwing 16 tons of fruits and vegetables every day, their mind was set and LOOP Juices was born.

Looping around a circular economy

Some might say that it is a project “dans l’air du temps”, that circular economy is nothing but a green washing concept. Maybe. But what David wants to prove that it is possible to provide valuable solutions to a problem.

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Everything in LOOP is targeted towards recycling and reusing food waste: one bottle of juice is made out of 1.5 kg of unused fruits and vegetables. But the circular process goes even further: The residual but still nutritious high-fiber pulp is then reused by a pet food company, Wilder & Harrier.

Loop is revolutionizing the value chain by making it circular. It is also providing a model for conscious capitalism.

Limitless innovation possibilities 

Starting next week, LOOP is launching a partnership with Sobeys to blend cold-press juices exclusively with products from the giant food retailers. In two months, they will launch their first beer, brewed with dry unsold bread. They are also thinking of making milk out of brewers’ spent grain and flavored water out of leftover essential oils…

 

Kombucha is disrupting drinks industry with fermentation

Sebastien Bureau was with RISE Kombucha, the first Kombucha producing company in Quebec, since their first steps as VP of Research and Development. Today, he is spreading the word about this new innovative drink and creating fermented products through a unique food science consulting startup – Mannanova.

The challenge of creating a new market

With a BA in microbiology and biochemistry, Sebastien Bureau is a natural born innovator. He started home brewing Kombucha in the early 2000s when it was still completely unknown in Canada.

By the way do you know what kombucha is? Kombucha is a type of fermented tea that is lightly sweetened, flavored and fizzy. It is produced through the fermentation of tea using Scoby, a “symbiotic culture of bacteria and yeast”.

This fermentation process was what fascinated Sebastien the most. Co-founder of the first Quebec Kombucha company, RISE Kombucha as VP of Research and Development, he decided, after 6 years, to focus on a new mission: developing innovative procedures and helping other in the development, preparation and execution of Kombucha and other fermented products. Mannanova was born.

Spreading the word about fermentation

Sebastien wanted to educate the general public throughout the world. He started on his own back in 2014 and created a team in 2016 with Eduardo and Thomas, Debora and Nathaly.

mannanova team

What makes this entrepreneurial adventure promising is that it answers a current interest throughout the western world: “From sauerkraut to kefir, miso to jun, the world of fermented food is rich and varied – and increasingly popular” (interesting article on the subject). Often associated with health benefits, fermented food is on the rise.

Eduardo, Vice President and business developer, is convinced that there are true opportunities in Quebec and British Columbia but also in emerging markets like Brazil (where people are already health conscious and curious about fermented food) or even in Africa. Kombucha making can even be a social development tool in countries like Haiti: the process is simple and easily accessible to economically disadvantaged populations.

A community-centered venture 

Another scope of Mannanova’s mission is to experiment with Kombucha production. Their partnership with MaBrasserie, a cooperative brewery, since Spring 2017 is one way of implementing innovations: every week, Mannanova team creates a new innovative flavor of Kombucha, served on tap in the microbrewery. Flavors are inspired by the season: on the menu this Winter you might have tasted the Pine & Christmas tree flavor (brewed with actual fir branches), Apple and Cinnamon or more recently the Kombucha Fuego, a balanced mix of spicy and sour.

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Beer lovers also find an interest in Kombucha because the brewing processes are very similar. Sour ales and brett beers. In fact, brett is short for Brettanomyces, which is the yeast used in Kombucha fermentation. In smaller doses, it is considered as a “beer sourer” and can produce wet hay “horse blanket” notes.

The team has also developed a new base material called Manna-K: this highly concentrated Kombucha is an ingredient that solves most of the problems kombucha producers face every day: alcohol control, lack of space, time and money:

Discover their consultation, education and production activities and go to MaBrasserie to taste one of their latest inventions.

From Finance to Craft Brewing, an entrepreneur story

Today, Renaud Gouin has two microbreweries in Montreal, he has been one of the key industry innovators in the past decade, seeing the potential for hoppy beers. How did he become a brewer and entrepreneur? We will have a look at his journey, from HEC Montreal to Jukebox and Avant-Garde.

The beginnings

 

At first, Renaud didn’t like beer. Because beers were unflavored, standardised, industrial. When he discovered some Belgian beers, he realised that beer could be fruity with almost a non-existent bitterness.

During his studies at HEC Montreal he started home-brewing and discovered that he could actually brew beers that were above industry averages. He also found out that the community of craft beer lovers was a passionate and dynamic one, ready to share their knowledge and experience through social platforms like the MontreAlers on Facebook. Still an amateur, Renaud accepted a position at Desjardins as a Personal Finance Advisor and decided to explore his new passion further.

A potential for innovation

There is such a diversity of flavors in craft beers: fruity, sour, even salty flavors! Some hops like Citra can create flavors of tropical fruits, litchi, passion fruit, without adding any fruit in the brew! Some yeasts like Brettanomyces can give a sour taste of hay.

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one of the very interesting infographics made by https://vinepair.com 

 

In Quebec, in the early 2010s, over 50 types of beers where still not accessible. There was one particular type that was still not adopted by industrial and medium-sized breweries: that of American Pale Ales and Indian Pale Ales. Their intense bitterness made everyone wince. But Renaud was already creating his own.

When Renaud the corporate vision of life, he decided to take a leap in entrepreneurship but he knew that he could not invest in the heavy and expensive equipment and open his own brewery. He had read a lot about contract brewing and how it succeeded in the US. Without equity, this innovation in manufacturing industry clearly eased the transition to being an entrepreneur for home brewers.

Renaud pitched his idea to Brasseurs de Montreal. At that time, they had never tried the model but as they were not into creating similar products, they decided to go for it.

Introducing hoppy beers in Quebec

renaudRenaud analysed the market and clearly saw an opportunity to catch:

“Unibroue had concentrated their efforts on creating Belgian-style brews while McAuslan was more traditionally focused on English styles but hoppy beers were new to Quebec”

He also wanted to innovate the branding and offer a disrupting image to his beers: unlike industrial or regionally focused images used by the other players, Renaud wanted to offer a whole new world: in 2012, he created his first microbrewery, Jukebox, around the world of rock music. The hoppy flavor of each of the products is as electrical as the guitar on the labels.

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If amateurs and curious gourmets liked his new products, Renaud was still working part-time at Desjardins because he needed cash flow.

“Contract brewing was great for distribution and increasing sales revenues but it did not include representation and promotion which is a crucial part.”

Innovating vs. creating profits

With Jukebox steadily working, Renaud wanted to create new products and innovate:

“One thing is to be focused on growth but I am more interested in creativity, passion and innovation and contract brewing is a perfect tool for testing the market and testing new flavors”

Renaud had met with Shawn Duriez, an ex-brewer from McAuslan. They decided to create new innovative beers together and co-founded Avant-Garde. Shawn’s experience on the ground and Renaud’s entrepreneurial experience made them complementary.

Again, timing was of the essence: in 2016, they capitalised on another innovation in the industry: Julien Niquet and David Cayer, co-founders of Glutenberg, were launching Oshlag Brewery, and offering the first contract brewing service for craft breweries. Renaud and Shawn jumped at the opportunity.

With the high popularity of IPAs, they wanted to offer more classical beers while exploring new flavors. They focused their exploration on barrel-aged beers: the Porter Imperial Bourbon, for example, has a vanilla bourbon nose, mixed with coffee, caramel, even banana flavors. They also disrupt classical recipes with the Nocture Coco, an Imperial Porter made with an unconventional ingredient: coconut!

Introducing the new innovation in craft beer tasting, made in Quebec

If you live in Montreal nowadays, you must have heard of the art of craft beers. You must know that in Quebec, beer consumption can be as refined as wine tasting in France. To make this local strength more visible, Catherine Roux has created an innovative product to help you discover new microbreweries: Passeport en fût.

Create a local emulation

The original idea for Passeport en fût was discussed in August 2015, between Catherine and her co-founder Geneviève. Catherine worked with the Quartier Latin SDC (Société de développement commercial), an organization that helps retailers promote their activities in their local environment. In a neighborhood like Quartier Latin, where there are many breweries, bars and restaurant, she wanted to offer innovative ways to create a bond between SDC and the general public.

With the rise of craft beers in consumption patterns, focusing on microbreweries was the most natural move. Especially as there were no efficient models to help retailers promote their products: there are big events organized every year to promote the craft brewery industry (cf. Mondial de la Bière) but there is no real product or service to encourage people to discover breweries by themselves, throughout the year.

“Microbreweries are real partners, they do not participate to our project, they are fully part of it”

From vouchers to a mobile application

photo Pascale Martel

A new startup was born. The original project was as simple as revolutionary: a booklet of vouchers – 12 vouchers for 12 beers (or non-alcoholic drinks) in 12 Montreal microbreweries, at a very attractive price, for a limited period. The vouchers were mailed directly to buyers. This model really put forwards breweries through a B2C approach.

For the two first editions, in 2016 and 2017, this paper version of the passport proved to be very popular but Catherine received a growing demand for innovating her product: turning the passport into a mobile application was an attractive idea, but it needed capital and expertise to succeed.

In 2017, Catherine met with the founders of a web agency, Okam and got a “professional” crush with its co-founders, Samuel and David.

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With this new partner, she could develop the app and bring her entrepreneurship adventure to the next level: through technology, she could extend the service to the rest of Quebec and serve a wider audience.

In October 2017, the new version of Passeport Local and the app were launched, with the opportunity to discover 12 locations out of 70 microbreweries throughout Quebec.

A new technology startup to promote local entrepreneurship

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The success of Passeport en fût crossed both the provincial and national borders and Catherine is currently working on possible projects in the rest of Canada and the US.

To implement these new developments, she has created another startup, PSSPRT, that specializes in developing technology products dedicated to discovering local companies and their products. Along with her partners from Okam, they are working on bringing personnalisation and customization to a whole new level, to help local companies expand their visibility with mobile tools.

“We are looking at opportunities to expand our technology beyond Quebec by selling usage rights to our app.”

We can’t wait to discover these new innovative products, but until then, a little bird told us that 15 additional microbreweries will join the Passeport en fût this Spring. To discover it all, you can download the app here.