Startups affiliated with Concordia University’s MentorConnect program just received a lot more access to capital. That’s because Banque Nationale is donating $2 million towards the program.

Concordia University, which also houses the District 3 Innovation Centre, says MentorConnect helps “successfully transition companies into established firms that fuel the economy.”

Mentors in the MentorConnect program work in groups of three to volunteer time to startup founders. According to a statement, mentors “create a safe, collaborative space in which mentees can thrive.”

“MentorConnect fills a gap in the journey by matching growing startups and their founders with experienced mentors who come from diverse backgrounds and industries,” said Concordia’s president, Graham Carr. “Their guidance will help startups scale, creating jobs and making a bigger impact for our country.”

“Innovation in business is a key economic driver. Nurturing startups through effective business mentoring will accelerate their growth in a sustainable way,” said Louis Vachon, the CEO of Banque Nationale. “At National Bank, we aim to have a positive impact on the next generation of entrepreneurs. We are proud to support MentorConnect with this initiative.”

The MentorConnect program was officially launched at District 3 in 2020, and is licensed from Cambridge’s MIT Venture Mentoring Service. MIT’s program “has set clear benchmarks for mentoring at one of the most powerful engines of innovation and entrepreneurship in the tech world.”

Banque Nationale has now donated $3 million in total towards Concordia entrepreneurship endeavours.