First bank in North America to step up with resources to help financial sector start-ups protect
$3.25 million of Fintech pool now earmarked for patent application support for start-ups
TORONTO, Oct. 4, 2017 /CNW/ - TD Bank Group (TD), today announced a new and unique program to support young fintechs and start-ups in their patent applications – a first of its kind in North America. TD has earmarked $3.25 million from its Fintech investment pool to provide patent application funding and expertise specifically to new ventures. The goal is to help high-potential early stage ventures secure their intellectual property rights and enable them to stay focused on rapid growth and innovation. TD is the first bank in North America to offer a non-equity based program specifically supporting the patent application process for early financial sector start-up ventures.
This patent funding initiative builds on TD's commitment to build strategic relationships with fintechs ranging in size from seed stage start-ups to more established companies that have received past rounds of funding. TD has already made a number of investments in companies that are positioned to lead the development of next generation financial solutions.
"The success of young, innovative start-ups is key to Canada's future, and to TD's," said Colleen Johnston, Group Head, Direct Channels, Technology, Marketing and Corporate & Public Affairs, TD Bank Group. "TD is building the bank of the future, and strong relationships with leading technology and fintech companies provide us with enormous insights while fueling our own creativity and innovation. Ultimately, the customer wins when banks and fintechs collaborate."
Driving Canadian Innovation
The TD patent program for fintechs and start-ups is designed to support companies at the seed stage with funding and assistance with the rigorous patent application process in Canada, the US and elsewhere, helping them tap into the value patents can offer in supporting their growth. All patents will belong to the start-up and be held in their name. The fintechs will also retain all rights to their underlying technology. In return for the funding, TD will be granted a non-exclusive license to such patents. The mutually beneficial program is designed to support high-potential start-up organizations that TD is interested in working with so they can continue to focus on building out their concepts.
"By combining our scale, customer base and financial strength with the speed and entrepreneurial spirit of start-ups we can move with purpose to deliver new experiences to customers," said Tim Hogarth, VP, Innovation Framework and Strategies at TD. "The patent program is the latest step towards helping young innovators thrive. We look forward to working with them to protect their exciting intellectual property and give them a leg-up as they move from creation to commercialization."
A recent study exploring the economic impact of patents found that start-ups that are able to secure patent rights to their ideas were more likely to succeed with greater revenues, more staff and financing opportunities than start-ups who did not secure patent rights.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves more than 25 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 11.5 million active online and mobile customers. TD had CDN$1.2 trillion in assets on July 31, 2017. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group
For further information: Laura Butcher, TD Bank Group, 416-816-5759, [email protected]