The RBC Next Great Innovator Challenge™ is a unique opportunity for university and college students across Canada. Rather than a theorectical "textbook" case study, student teams can work on a real-life challenge for the financial services industry. They have the rare chance to see their innovation evaluated and then implemented for Canada's largest bank.

In each of the first two years of the Challenge, over two hundred teams registered from universities and colleges across Canada. The finalists were able to present their ideas to some of the top executives at RBC – who were so impressed with the ideas generated by the challengers that they are implementing some of them right now.

RBC p2p™ is the first of these to go live. RBC p2p™ has changed the way the bank connects with our student client community.

RBC's Applied Innovation team are currently testing Year Two's winning idea, VIBE personal banking workstation, with partners from various business units.

What do my students need to know?

The RBC Next Great Innovator Challenge is a chance for teams of 3 or 4 students from universities and colleges across Canada to come up with innovative solutions for one of Canada's top financial services institutions.

Submissions† can be a maximum of 2,500 words and must conform to the submission template. The top five teams will travel, all expenses paid by RBC, to Toronto to present in front of a panel of judges made up of top RBC executives. Five prizes will be awarded to the finalists ranging from $20,000 - $5,000. Students can view complete details, register and submit entries via the competition website: www.nextgreatinnovator.com

What's in it for my students?

• Five significant cash prizes to be awarded: 1st prize: $20,000; 2nd prize: $10,000; 3 runner up prizes: $5,000 each.
• A very prestigious award giving students national exposure.
• The top 20 proposals will receive feedback on their work from RBC executives and Innovators.
• Finalists get to meet and present to top RBC executives.
• Finalists receive exposure to careers in financial services with RBC and a great addition to their resumes.
• Students receive an exciting, relevant and unforgettable real-world experience which helps them better prepare for the workforce.

What's in it for professors?

• Give students a real-world problem to tackle where their solutions could be implemented and have an impact.
• Receive RBC support such as speakers for your class or industry feedback on your students' entries (For fairness, the feedback will be post-finale.).
• Special award of recognition for the top entry from your class, including presentation by an RBC representative.

What makes a good entry?

• A balanced submission - All aspects of a plan are equally important. A well thought out plan will give equal weight to the problem definition, the solution, and the implementation, including marketing and technology. Key issues for consideration, potential challenges in bringing the idea to market, potential barriers and ways to overcome them, technology required, marketing, and user impact should all be discussed.
• Excellent communication skills - presentation and written.
• Allow adequate time for proper planning and preparation of their submission.

What else should students pay attention to?

• The Innovator Blog a great source of advice and guidance on the Challenge, innovation principles, ongoing news and announcements.
• Carefully review the final Challenge question and thought starters when they are made available.
• Print out and review the Submission Template
• Specific questions? E-mail nextgreatinnovator@rbc.com

† All submissions become the property of Royal Bank of Canada.

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