RBC announces top five team finalists for Next Great Innovator Challenge

    TORONTO, Feb. 12 /CNW/ - RBC today announced the five team finalists for
the 2008 RBC Next Great Innovator Challenge(TM). This year's finalists are
from York University's Schulich School of Business, Ryerson's Ted Rogers
School of Management and three teams from the University of Toronto's Rotman
School of Business.
    "Selecting five finalists from more than 100 incredible submissions was a
challenge," said Dr. Anita Sands, senior vice-president, Innovation and
Process Design. "This year's entries were some of the best we've seen and
these five finalists made a strong impression on the judges as well as the
student voters. Any one of them could be Canada's Next Great Innovator."
    This year's Challenge asked university and college students from across
Canada to "describe an innovation, idea or concept that Canadian financial
institutions should consider to make it easier for clients to do business with
us." Working in teams of three or four, students were asked to submit a unique
and innovative idea related to the Challenge.

    Here are the five team finalists and their innovative ideas:

    Ebiz Innovators (Rotman) - Create a parent-friendly banking services
initiative for children and pre-teens; appealing to children and trusted by

    Breakthrough Concepts (Rotman) - Offer an integrated suite of back office
services for small business owners; services they value, provided in one place
from their trusted financial services provider.

    Hype Cyclists (Rotman) - Establish a "mass" managed venture fund
collecting funds and expertise from many independent investors for the purpose
of investing in small businesses ventures.

    RUMBA (Ryerson MBA) - Evolve the retail banking experience using a
personal banking workstation to combine the best of personal banking, ATM
services and online banking in an "anytime, anywhere" fashion.

    Three Bean Salad (Schulich Undergrad) - Offer a simple-to-use,
customizable, online budgeting tool for students and young adults that
automatically sorts clients' debit and credit card purchases into various
expense categories and produces a summary of their monthly expenses.

    Proposals were evaluated by the RBC Applied Innovation team and narrowed
down to the top 15 submissions. The RBC Innovation Council reviewed these 15
submissions and selected the top four teams as finalists. The fifth finalist
was chosen after more than 3,400 votes were submitted through a peer-voting
selection process, in which the Council invited the public to choose the last
finalist from five additional Challenge submissions.
    The national winner will be awarded $20,000, second place will receive
$10,000 and the three other finalists will receive $5,000 respectively.
    "At RBC, we strive to be innovative in everything we do and connect what
is possible to what is valuable to our clients," said Sands. "The RBC Next
Great Innovator Challenge gives students the opportunity to significantly
impact the future of the Canadian financial services industry, and in fact, we
are currently in the process of implementing two winning ideas from last
year's Challenge."
    The top five teams will be evaluated by the RBC Next Great Innovator
judging panel consisting of some of RBC's top executives. The final
evaluations and awards ceremony will take place on February 21, 2008, when
RBC's Next Great Innovator will be announced. All finalists will be featured
on The Next Great Innovator Challenge website at: www.nextgreatinnovator.com.

For further information:

For further information: and to book interviews, please contact Jackie
Braden, RBC, Media Relations, (416) 974-2124

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