RBC launches search for Next Great Innovator
Challenge asks Canadian students to think globally
also RBC Social media release
TORONTO, September 23, 2008 — RBC today launched
its third annual Next Great Innovator Challenge, asking students
to: "Suggest an innovative concept, product or process
from another part of the world or different industry that
Canadian Financial Services providers should adopt."
"With Canada's innovation performance receiving a near
failing grade according to a recent Conference Board of Canada
report, it is critical for Canadian businesses to promote
and foster a culture of innovation in order to compete on
the global stage," said Avi Pollock, head, Applied Innovation,
RBC. "The Next Great Innovator Challenge exemplifies
the importance of innovation. It offers RBC the opportunity
to tap into new points of view and new ways of thinking. We
feel this year's Challenge question will allow students to
apply their diverse backgrounds, prior experiences, and "on
the ground" market knowledge."
Working in teams of three or four, students must submit a
unique and innovative idea that addresses the Challenge question.
Teams must register their intention to submit a proposal online
before October 26, 2008. All completed proposals must be submitted
by December 5, 2008.
Submissions will be evaluated by the RBC Applied Innovation
team and narrowed down to the top 15 submissions. These 15
submissions will then be reviewed by the RBC Innovation Council
and the top four submissions will be chosen. The Council will
also select five additional submissions for the peer voting
selection process. A short synopsis of each entry that is
eligible for peer voting will be posted on www.nextgreatinnovator.com
and the entry receiving the most votes in the voting period
will be chosen as the fifth finalist in January 2009.
The top five teams will compete for over $45,000 in prizes
and 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. The final evaluations and
awards ceremony will take place in March 2009 in Toronto.
The winning idea from the 2007 Challenge, which focused on
personalizing the banking experience, is currently being tested
internally by RBC's Applied Innovations team.. RBC's student
peer-to-peer (p2p) information exchange site - www.rbcp2p.com
- is an initiative based on an idea from the Challenge's first
The Challenge also leverages several web 2.0 and social media
tools to keep students engaged and up to date. With tools
including text alerts, Twitter, a blog, online workspaces
as well as team and university profiles, this year's website
for the Challenge provides even more ways for students to
collaborate with one another as well as communicate and gather
feedback from RBC and their peers.
For more information on the Next Great Innovator Challenge,
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For more information, please contact:
RBC, Media relations (416) 974-2124