U of T Entrepreneurship’s John French explains the new RBC innovation challenge and what students need to know

The University of Toronto and RBC have partnered to launch the RBC Innovation Challenge. This is the latest joint initiative to strengthen innovation and entrepreneurship efforts on and off campus.

The annual university-wide competition is open to all U of T students and invites interdisciplinary teams to focus on technology projects with potential for global impact. .

The first year’s theme, Technology for a Greener Future, asks students how Canada can use technology and data to reach its 2050 net-zero goal. Officially kicking off at the October 11th event, the challenge will run until January 26th and will consist of three phases. Development when creating an initial version of a product or service. and delivery when the team presents to a panel of expert judges.

Writer Alyson Bruce recently sat down with Jon French, Director of U of T Entrepreneurship (UTE), to learn more about the challenges and opportunities presented to student entrepreneurs.

How did the idea for the challenge come about?

It is clear that the science is clear. Human activities are having a devastating impact on our planet, and many experts say the climate crisis is the most important threat facing our society. Let’s go back to the discovery of insulin in 1921. This is another opportunity to use our technology and expertise to help create positive social and economic impact.

At the same time, U of T is proud to be one of Canada’s leading public institutions committed to its goal of reaching net zero by 2050. We have strong joint initiatives across the innovation ecosystem, including School of Cities, BioZone, and The Mass. The Timber Institute, the Munk School of Global Studies and Public Policy Environmental Governance Lab, the Adams Sustainability Celebration, and the Climate Positive Energy strategic initiative, an implementation partner for this year’s challenge, one of the university’s most ambitious strategic initiatives.

The U of T Entrepreneurship is an ideal starting point for this challenge. Because we believe it is very likely that some of the projects that will be created in the coming months will be commercialized. Our vibrant startup ecosystem has spawned 107 ventures in cleantech alone, raised $496 million in research funding, and turned CO2 into renewable fuels and materials, decarbonization technologies, hydrogen, We are conducting research on conversion to renewable energy such as sunlight.

What is the role of red blood cells?

Initiatives like this require committed partners, and we are fortunate to work with RBC, who have long supported the U of Ts innovation ecosystem. This is the latest in a series of RBC-supported activities that span startup pitch competitions, research fellowships, and his ONRamp of the St. George campus co-working and collaboration space. As one of the world’s largest banks by market capitalization, RBC has a key role to play in its journey to net zero and has demonstrated its commitment to action through the RBC Climate Blueprint. With over 10,000 employees working in a variety of technical roles, they also have a strong interest in how technology can be used to have a positive social and economic impact.

Ultimately, this is all about learning, networking and developing your entrepreneurial/intrapreneurship skills while having fun in ways that can make a big difference.

How do challenges work?

Any current U of T student at any level in any academic field is eligible to participate. Projects created during the challenge are brand new or less than 6 months old. So this is not for already well-established startups. Teams of 3 to her 6 students will participate in curricular or co-curricular initiatives (coursework, cap Stones, etc.) can be formed in a myriad of ways. , the team will take approximately two months to develop the project with assistance from RBC domain experts, faculty advisors, and targeted workshops.

The strongest teams are likely to be interdisciplinary and represent a diverse student body, as multiple perspectives lead to more effective and comprehensive solutions to the world’s biggest problems. Teams are encouraged to focus on technology-enabled projects relevant to individual Canadians, small businesses, large corporations, and governments. We expect a wide range of projects in areas such as: Measuring, reporting and reducing carbon emissions. clean and renewable energy. food security; responsible investment; transportation; clean water, sustainable manufacturing materials and planetary health, to name a few.

Why should students participate?

It’s a great opportunity for students to work on high-impact projects for the long term, learn from the world’s top innovators, researchers and climate experts, and build a network of peers who are passionate about similar pursuits. .

Top teams will also win $100,000 in prize money, including $35,000 for first place and a $10,000 People’s Choice Award. Top teams can also consider carbon offsets, present their projects and represent the U of T at future World Climate Conferences or Summits.

We anticipate that some of these projects will also turn into startups supported by the U of T Entrepreneurship community, which consists of over 10 accelerators spread across three campuses. An additional $10,000 in the form of Startup Services Vouchers to offset the costs of professional services such as legal and intellectual property protection, marketing, and finance/accounting for finalist project teams that embrace and pursue venture creation is available.

The university’s Innovation & Partnership Office (IPO) is also committed to working with qualified teams wishing to commercialize the results of their projects. RBC is also seeking ways to support U of T’s talent and team her members, as well as projects born from challenges.

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