Toronto Metropolitan University’s DMZ incubator and PS43 Foundation — a non-profit founded by NBA All-Star and Toronto Raptors legend Pascal Siakam — awarded $50,000 to three Canadian edtech startups as part of the second annual Siakam EdTech Engine cohort.
Driving the news: The startups that received funding are Classwise, which uses AI to speed up grading; Training Ground.ai, an AI-powered learning platform; and CoLab Education, a platform that connects educators and schools for collaboration and resource sharing.
What they’re saying: When asked about his focus on education and edtech, Siakam told The Peak, “My dad was really big on it — I think growing up, he instilled that in us… So once I got to a level where I felt like I could help, education was a no-brainer.”
“Everything is technology nowadays.” Siakam continues. “You want to prepare [children] for that, and help that next generation dream big and have aspirations, all through technology and STEM.”
Why it matters: Pro athletes make up a growing number of startup backers as many no longer feel satisfied with parking money in hands-off investments; they are also increasingly looking beyond sports-related startups. This arguably gives sports teams a new economic dimension: if they treat a player poorly, their cities could miss out on future VC dollars.
“I was embraced here, in the city, in the country, from the first day I got in. I felt the love, and it kept going even after I was no longer part of the team,” Siakam says on why he’s staying invested in Toronto. “[It’s] a big part of who I am as a person, as a player, so we want to make sure we keep that going, no matter if I'm here or not.”
Zoom out: Athletes in Canada who want to invest in startups here have a lot of options. Per a new report from non-profit Futurpreneur, there’s a rise in startup interest, especially among younger folks, as it saw applications for its incubator program surge 50% last quarter.—QH
