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Announcing the Finalists
February was a busy and exciting month for RBC Applied Innovation. My colleagues and I enthusiastically pored over submissions in the Next Great Innovator Challenge, looking for fifteen entries that merited a second evaluation by the RBC Innovation Council. Shortly after the process began, it became clear that this would not be a simple task. One submission after another, I was thoroughly impressed with the insight and creativity being displayed.
Naturally, some entries impressed more than others. However, there were a few observations that applied to the whole:
Teams provided evidence to back up their claims about teen influence. Almost without fail, entrants provided a wealth of data to support their claims about today's teens. It was clear that a significant amount of research had been performed in order to shape and guide the subsequent ideas. In some cases, teams supplemented third-party data with primary research of their own.
Ideas were as diverse as the number of entries themselves. There were some recurring themes in the descriptions of teen influence on the financial services industry, but this is where most of the similarity ended. It was fascinating to see the diversity of ideas presented, even among teams that shared similar views about the group in question. I found it remarkable that such a vast range of solutions could emerge from similar needs or insights.
Despite pushing the envelope, entrants had solid implementation plans. When we began planning the Next Great Innovator Challenge, I worried about a potential Catch-22 situation – the most innovative ideas might be difficult to implement, while the most feasible ideas might be less than innovative. As it turned out, the submitted ideas truly push the envelope of financial services, yet the implementation plans illustrate that they are not far-fetched at all.
As you might imagine, the range of entries sparked some healthy debate during the first round of evaluation. In the end, fifteen entries were selected and presented to the RBC Innovation Council. Council members considered the submissions carefully and further narrowed the field to five finalists. So without further delay, I am happy to announce the five finalists, in no particular order:
Finalists in the RBC Next Great Innovator Challenge
Team Name - School
W.A.C.K. – University of British Columbia
J2D Innovation – University of Waterloo
Schulich IMBA '06 – York University
Group 5 – University of Ottawa
The Martlets – McGill University
Finalists have already been contacted and are currently preparing for final presentations and judging, which will take place in Toronto on the morning of March 27, 2007. Later that evening, RBC will announce the order of finish, including the name of the team that walks away with the grand prize of $20,000.
At this time, I would like to thank and congratulate all of the teams that submitted a final proposal. You should be extremely proud of your work. I sincerely hope you found the experience to be both entertaining and instructive. RBC is certainly grateful for the dedication and enthusiasm you put into this project.
Best of luck in your studies and future endeavours. If your work in this challenge is any indication, I am sure you will be innovating for a long time to come.
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The Innovator Blog is your inside source for advice and guidance on the RBC Next Great Innovator Challenge™.
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