The Royal Bank of Canada (RBC) is teaming up with the University of Toronto on an accelerator for students, entrepreneurs and startups.
RBC is pumping C$3 million into the OnRamp project in downtown Toronto, which will support players developing commercial ideas - not necessarily fintech.
The accelerator will include an RBC innovation hub for incubating startups, enabling new companies to network with each other, showcase to potential investors and grow their businesses.
The RBC contribution will also be used to create fellowships, prizes and a speaker series intended to enhance the university's entrepreneurship ecosystem.
Bruce Ross , group head, technology and operations, RBC, says: "We have some of the brightest and best ideas emerging from our universities, but too frequently our young entrepreneurs have to look abroad to get their businesses off the ground. ONRamp should help change that."