Exclusive Challenge for Startups
How can we help Canadians reach financial empowerment?
Challenge proposed by
In partnership with
And powered by
Challenge award: $25,000
Challenge award: $25,000
This challenge is tied to the United Nations’ Sustainable Development Goals:
This challenge is tied to the United Nations’ Sustainable Development Goals:
Background
“Financial emergencies can happen to anyone and come at any time. They can be the result of family illness, job loss, urgent home repairs, or a weather event like a major flood”, explains the Canadian government.
Today, a large number of Canadians are worried about the impact of the current COVID-19 on their personal finances. In a situation of uncertainty, financial emergencies can be stressful and cause considerable human and financial hardships. It is crucial that everyone obtains the help and quality advice needed in order to better manage their budget, savings and debt in order to be protected against the unexpected, especially during a pandemic. Progressing towards financial empowerment means learning to better manage personal budgets and making sound financial decisions, while protecting your personal data.
Faced with these challenges, fintechs can bring solutions to help Canadians.
Fintech Challenge’s Goals
The Fintech Challenge aims to support entrepreneurs in order to propel them further in their product development and give them the maximum chance for a successful collaboration with Desjardins. “Desjardins continually seeks feedback from members and clients. As soon as the pandemic struck, we took action to provide assistance and reassure members and clients that we’re committed to doing everything we can to help them get through these challenging times and manage their finances. Desjardins intends to continue playing an active role in the socio-economic recovery of our communities,” said Guy Cormier, President and CEO of Desjardins Group.
Additional information
Financial empowerment is the ability to manage daily life in a sustainable way and achieve set goals. It includes:
- Making informed choices
- Managing income and expenses
- Saving money on set objectives
- Using credit to meet certain needs
- Being protected when facing unexpected situations
- Acting safely with personal data
To participate in the Fintech Challenge, the startups must be working on at least one of the above scenarios by providing financial technological solutions that improve personal finance management, planning financial goals, automating savings, learning about online brokerage and investing, and financial education as a whole.
Additionally, the Fintech Challenge is looking for startups that work on the uptake of responsible investment. This can include educating consumers on responsible investing, categorizing and measuring impact of investments and providing opportunities to invest responsibly
Eligibility criteria
- Be a team of at least 2
- Have at least one founder or employee who is technical
- Have an MVP that has yet to be launched or already have an MVP launched and have initial sales
- Be an incorporated entity
- Desire to be propelled by an early stage investment
- Seeking to collaborate with Desjardins through Startup in Residence incubation program
- Fill in the Application Form
Programming
The Fintech Challenge is a 4-week program that includes mentoring sessions, workshops, pitch practices, internal Desjardins VIP meetings as well further tools and resources to be able to collaborate with Desjardins.
- Applications open: September 10, 2020
- Info session: September 24, 2020
- Applications deadline: October 7, 2020
- Program: October 15-29, 2020
- Product demo deadline: October 30, 2020
- Semi-finals: November 10, 2020
- Grand finale: November 18, 2020
- Startup in Residence Kick-Off: January 18, 2021
Winning prizes
The winning team will receive a $25,000 grant and an admission into Startup in Residence. Starting January 2021, the incubation program will offer support, mentor connections and business coaching to propel the winning team forward.
A $5,000 grant, in addition to a 4-month access to the Fintech Station, will be given by Finance Montreal to team ranking second.
Application Form
Get started with your application process which has two steps:
- Submit your basic contact information in the form below
- Fill out the Application Form
You will receive an email after step 2 to get in touch with our team in case you have any questions.
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Tackle this challenge and let the adventure begin!
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Let your network discover this challenge:
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Use hashtag : #cooperathon20
Use hashtag : #cooperathon20
We connect passion and talent, communities and academics. Together we develop a socially responsible future.
“Cooperathon” is a Trademark of the Fédération des caisses Desjardins du Québec.
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Subscribe to the Cooperathon Newsletter
We connect passion and talent, communities and academics. Together we develop a socially responsible future.
“Cooperathon” is a Trademark of the Fédération des caisses Desjardins du Québec.