RBC to support Imagine H20 Innovation Challenge
Prizes of $50,000 for business plans that encourage water
efficiency
TORONTO, May 12, 2009 — As part of the RBC Blue
Water Project, RBC today announced its support for the launch
of Imagine H20, a new innovation challenge, with
$50,000 USD in prizes for business plans promising the greatest
breakthroughs in the efficient use of water.
The annual Imagine H20 Prize will encourage the
competitive and ambitious spirits of entrepreneurs, investors,
experts, inventors and academics around the world to focus
their energies on water issues.
While the cash prize will incent participation, it's only
the beginning. "What sets this prize apart is our Incubator
Program and 'ecosystem' for water leaders," said Tamin
Pechet, Imagine H20's Chairman and Executive Director,
who co-founded the organization at Harvard Business School
in 2007. "The winners will also receive thousands of
dollars in business and legal support and access to a network
of partners, customers and financiers to help bring their
ideas to market so they can make a real difference."
"RBC is proud to be a founding sponsor of this important
competition," said Gordon Nixon, President and CEO of
RBC, Canada's largest bank and one of North America's leading
diversified financial services companies. "Water is the
problem of the ages, and clearly, there is a role for business
in offering innovative solutions to the challenge of improving
the efficiency of water usage."
The competition's inaugural prize will focus on water efficiency
in agriculture, commercial, industrial or residential applications,
such as water demand reduction, improved water use, water
recycling and/or reuse. Future years' competitions will have
different prize topics addressing other critical water problems.
The global competition is open to anyone, and entries will
be accepted starting in September 2009. Winners will be announced
in early 2010.
Two-thirds of the world's people may be living in water-stressed
conditions by 2025, according to the UN Environment Program.
"Few realize the severity and escalation of water problems
in the developed world as well as in developing countries,"
said Pechet.
The RBC Blue Water Project is a 10-year commitment to help
foster a culture of water stewardship worldwide. RBC supports
charitable organizations that protect watersheds and ensure
access to clean drinking water through a $50-million grant
program. RBC also promotes responsible water use with its
employees and clients, and encourages the growth of North
American businesses that develop and commercialize innovative
solutions to the water issues facing the world.
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries
operate under the master brand name RBC. We are Canada's largest
bank as measured by assets and market capitalization, one
of North America's leading diversified financial services
companies and among the largest banks in the world, as measured
by market capitalization. We provide personal and commercial
banking, wealth management services, insurance, corporate
and investment banking and transaction processing services
on a global basis. We employ more than 80,000 full- and part-time
employees who serve more than 18 million personal, business,
public sector and institutional clients through offices in
Canada, the U.S. and 52 other countries. For more information,
please visit rbc.com.
For information about the Imagine H20 Innovation
Challenge, visit www.imagineH20.org.
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Contacts:
Amy Logan, Imagine H20, (415) 419-5557
Jackie Braden, RBC Media Relations, (416) 974-2124
Kevin Foster, RBC Capital Markets, (212) 428-6902
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