National Bankᵀᴹ is looking to get involved with the country’s startup ecosystem. We wish to foster entrepreneurship and innovation within the Wealth Management industry by supporting disruptive ideas that have the potential to develop into profitable businesses.
As such, National Bank is giving startups, students and teams of individuals the ideal platform to present their business ideas and build solutions that could transform the Wealth Management industry and help Canadians save more efficiently and better manage their money.
National Bank’s Innovation Competition is a six-month challenge giving teams the chance to present their business and technology solutions to a panel of National Bank executives, venture capitalists and technology leaders in the hopes of winning an impressive $100,000 cash prize*. The competition is sponsored in part by Flinksᵀᴹ, one of the leading providers of financial data in Canada. Flinks will give each participating team access to an API so they can build their product and access relevant, synthetic data on wealth and retail banking from a wide range of institutions.
Participants must develop a web or mobile solution using Flinks' API. The web or mobile solution (the "product") must generate value for Canadian users and businesses such as:
AS AN APPLICANT, YOU’LL GET:
Instant access to Flinks’ Starter Kit to help you build your solution
Your Participant Guide;
The opportunity to get your idea reviewed by National Bank’s venture capitalists, wealth management executives and technology leaders.
AS ONE OF THE 5 FINALISTS, YOU’LL RECEIVE:
A $10,000 grant to cover your business and technology development expenses and travel costs to attend the Grand Finale at National Bank’s HQ in Montreal;
Coaching sessions to help you build your business and prepare your pitch;
The opportunity to pitch your business and technology to a panel of National Bank executives, venture capitalists and technology leaders.
AS THE CHALLENGE WINNER:
A $100,000 grand prize from National Bank;
An initial $50,000 will be given to the winning team upon completing the competition
Three to six months after the competition, an additional $50,000 will be awarded to the winning team if they provide a satisfactory business plan to National Bank and demonstrate sufficient progress in making their product marketable.
For a complete look at the competition rules and guidelines, see here.
National Bank’s Innovation Competition (the "Competition") is organized by National Bank of Canada (the "Organizer," "us") and will be held in Canada. The Competition period is from October 22, 2019 to April 30, 2020. The important Competition dates are the following:
Fintech Startups
University Students
Teams of Individuals
Are you a developer, entrepreneur or professional? Team up with your peers!
Registration From October 22, 2019 to December 20, 2019 at 11:59 p.m. (ET), you can register for the Competition at the following address: nbc.ca/innovation-competition.
To do this, you must click on "Participate" and proceed as follows:
The participant will be required to designate a team leader as a primary contact with the Organizer and will be the liaison for all communications. This person will proceed to the registration. By clicking on "Participate" you will be directed to the F6S platform where you will need to create a profile if you do not already have such a profile on this platform. You will also have to create a team on this platform or use an existing team. Each member of the team must have such a profile on the F6S platform. You will need to provide the following information:
You will also need to provide the following information for each member of the team:
Upon completion of registration, the Team Leader will receive an email requesting that each team member accept the terms and conditions of these Competition Rules, including the Conditions of use for Flinks' API available in Appendix 1 of these rules, by signing and returning the attached documents to the email.
Once this step is completed, the designated team leader will be emailed Flinks' starter kit and the participant guide within three (3) business days. These documents could be updated during the Competition. Once they receive the Organizer’s notice informing them of this update, the Participants will be responsible for acquainting themselves with the updated documents.
It is the responsibility of the participant and each member of the team to maintain the confidentiality of the access codes and passwords giving access to the F6S platform used for the Competition. In addition, each member must respect the conditions of use of this platform.
Business idea, proposal, and description of members
No later than February14, 2020 at 11:59 p.m. (ET), each Participant must outline the business idea and proposal, as well as provide a description of each team member by answering the questions on the form, while complying with the specifications on the form regarding the length of texts and the document format.
Presentation of the product prototype
No later than February14, 2020 at 11:59 p.m. (ET), each Participant must also provide a short demonstration of how their product works in the form of a short video that covers the key functionalities and user interfaces (Maximum size of 5GB, accepted formats: MP4, AVI, MOV, FLV and WMV). Any other documents not specified in the form will not be accepted. The prototype demo and all other content submitted by the Participant in connection with the Competition will be identified for the purposes of these rules as being the Participant's "Submission."
Finalists
Between February 15 to February 21, 2020, a jury consisting of five (5) members will review each Participant's entry in the Competition and select five (5) finalists for the grand finale.
The jury will be made up of executives, venture capitalists and leaders in the technology sector. They will be designated by the Organizer in collaboration with Flinks® and OsmoTM.
The jury's decision will be based on the following selection criteria:
Relevance
Your solution has a strong value proposition and addresses an existing client problem or need.
Feasibility & Viability
Your solution is powered by an extraordinary team that understands the technical constraints but strives to build the best technology and architecture possible.
Profitability
Your solution is built on an attractive revenue model that is scalable and competitive.
Grand prize winner
On April 30, 2020, the finalists must pitch their product to the jury that is also made up of five (5) members, as mentioned above. However, the members can be different from those who selected the finalists.
The finalists must be present at the specific location and time indicated at the Organizer's offices in Montreal, at their own expense. Each finalist will be given 10 minutes to present their product using their medium of choice, to which could be added a 5 minute question period, at the jury members’ discretion. The finalists must present their product in person. Failure to attend will result in disqualification.
The jury's decision will be based on various selection criteria, including those mentioned above, as well the quality of the presentation, the expertise of team members and the quality of the developed solution.
