TD Bank Group is providing $1 million to support an eight-week program designed to help 2,000 underrepresented entrepreneurs develop artificial intelligence skills and apply the technology to their businesses.
The funding will support Tech Spark's AI Lit for Entrepreneurs accelerator, which will provide training in AI strategy, product innovation and financial literacy. The program is intended to help participants develop practical AI capabilities as small businesses face barriers to adopting the technology.
Funding targets AI skills and adoption
TD said its support for the program is aimed at helping entrepreneurs build businesses that can use AI for growth and product development. The bank cited recent TD Economics research showing that investment costs remain a barrier to AI adoption among small businesses, including spending on employee training, data systems and business-process changes.
"TD is proud of the role we play helping Canadian entrepreneurs compete and grow," said Daniele Farinaccia, senior vice-president, Small Business Banking at TD. "Through our support of Tech Spark, we're excited to help connect more entrepreneurs with the practical tools and skills needed to put AI to work in their business."
The accelerator is free to participating founders and will focus on applying AI to business development. TD said its community giving, including previous funding for Tech Spark, has supported more than 400,000 entrepreneurs over the past eight years.
Tech Spark partnership expands
The announcement builds on TD's previous support for Spark Plug, a Tech Spark initiative that uses advanced AI to adapt complex content into more accessible formats.
Tamar Huggins, founder and chief executive officer of TechSpark, said the new funding will allow the organization to build on its work with technology entrepreneurs while giving small businesses greater control over the tools and data they use.
"Early in my career, I helped tech entrepreneurs raise millions in funding, so I know the importance of access to capital," said Tamar Huggins, Founder and Chief Executive Officer at TechSpark. "TD's support allows Tech Spark to build on that work, helping small businesses capitalize on AI by building tools they own and operate. Ownership and data sovereignty matter now more than ever. Entrepreneurs need control over their data and the value they create, and we look forward to helping them build businesses that remain competitive as AI shapes the economy."
The eight-week program is specifically intended for underrepresented founders and will cover AI strategy, product innovation and financial literacy. TD said the training is intended to help participants understand how AI can support business development and growth while building scalable businesses.
"When entrepreneurs build successful businesses, they have the power to transform a community," said Alicia Rose, associate vice-president, Global Social Impact at TD. "In an economy where AI is fast becoming the norm, supporting Tech Spark's innovative program can help give underrepresented entrepreneurs the AI literacy they need to thrive and grow."
Part of broader TD commitment
TD said the initiative is aligned with its recent $150-billion commitment to help accelerate sectors it identifies as important to Canada's economic future, including digital technology and AI, as well as to provide direct support for small and mid-sized businesses.
The bank said its research indicates that the costs associated with AI investment can be particularly challenging for small businesses when they involve intangible investments such as employee training, data improvements and changes to business processes.
The Tech Spark accelerator is intended to address the skills component of that challenge by giving entrepreneurs access to training and support focused on practical applications of AI. TD said AI can help businesses improve productivity, support innovation and adapt to changes in the economy.
The program will ultimately provide 2,000 underrepresented founders with training and tools aimed at helping them incorporate AI into their businesses and develop capabilities for future growth.