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The RBC Next Great Innovator Challenge is now open and gives university and college students across the country the opportunity to propose an innovation that will help Canadians plan their financial future at any life stage. The finalists will be awarded cash prizes and an opportunity to interview with an RBC recruiter.
“During these uncertain economic times, financial management is top of mind for most of us, whether you’re building a business, starting a family or purchasing a home,” said Avi Pollock, vice-president, Innovation & Strategic Planning. “We want students to think outside the box and consider how we can make planning for the future easier for Canadians. The opinions and ideas generated through the RBC Next Great Innovator Challenge help us stay on the cutting edge of innovation.”
Now in its sixth year, the RBC Next Great Innovator Challenge is Canada’s leading student innovation contest. Open to all post secondary students across the country, the contest has garnered over 800 entries from schools nationwide and has awarded $260,000 in prize money.
“Being part of the RBC Next Great Innovator Challenge was one of the best experiences of my life. The challenge not only provided me with insight into the business world, but also helped me gain skills and experience that have been invaluable in my career,” said Krishna Nuthi, member of the 2010/11 winning team from University of Waterloo. “It certainly gave me a competitive edge when interviewing for jobs.”
“Financial management may not be a priority for all students, yet once the cap and gown are hung, they face the reality of finding employment and planning their financial future,” added Pollock. “This experience will help them gain knowledge and insight to help them realize their career and financial goals.”
For the first time, students from the final five teams will also be given the chance to have an interview with an RBC recruiter. Cash prizes will be awarded as follows: $20,000 to the winning team, $10,000 to the second place team, and $5,000 to the three runner-up teams. Finalists also receive an all-expense paid trip to Toronto for the opportunity to meet with and present their ideas to a judging panel that includes senior RBC executives.
Many ideas generated by competing students over the last five years have been tested and refined in the RBC Applied Innovation Lab, and some have been directly integrated into the business. RBC’s myFinanceTracker , an online expense tracking, budgeting and saving tool, was created with the help of a past submission. All ideas provide RBC with insight into emerging themes and trends such as the aging population, the workforce of the future and the use of technology.
Entries will be evaluated by the RBC Applied Innovation team and narrowed down to the top 15 submissions. Teams must submit their proposals by December 4, 2011. These entries will then be reviewed by a panel of RBC executives and the top five submissions will be chosen as finalists. The final evaluations and awards ceremony will take place in February 2012 in Toronto.
For further information:
Lauren Raley, RBC, 416-313-6496, [email protected]