The ASPIRE Challenge

Frequently Asked Questions

ELIGIBILITY

What are the Application Requirements?

To participate, you must be in your second-year of post-secondary (as determined by your school and faculty) and attending a college, university, or polytechnic located in Canada.

All project submissions must be your own original idea and you must consult with an employer to receive feedback on your idea.

We would hate to see your hard work go to waste; please make sure you meet all the application requirements before submitting your project!

Why isn’t student travel and accommodations covered?

We dream big, but are starting small. The way our funding works means that we can’t cover the cost of student travel or accommodation. Therefore, students will have to fund their own travel to the Innovation and Industry Insights Weekend in Toronto.

Why is this only open for second-year students?

We consulted with employers, schools and students to create an opportunity that has the most impact on a students’ early career – as it turns out, everyone recognized that this experience best serves students in second-year!

Does it matter what I’m studying?

Not at all! We understand innovative thinkers can be found in every area of study, and all students have the potential to create positive change and share a new perspective. Take overfishing, for example. It’s a global problem that impacts ocean health, coastal communities and national economies. You can help to solve this problem in any number of ways regardless of your area of study, such as engineering sustainable fishing equipment to creating communications materials to change consumer behaviour.

PARTICIPATING

Why do I need to speak to an employer?

Speaking with an employer is a critical part of The ASPIRE Challenge. Not only will speaking to an employer help you develop your innovative idea in ways you may not have considered, but it’s also an opportunity to build your professional network by discussing something you’re passionate about!

I don’t want to speak to an employer, can I still apply?

Applications will be accepted without an employer consultation; however, we strongly encourage you to get feedback from an employer on your idea as it will only strengthen your idea and your opportunities. We know it can be awkward to ask for a meeting with someone new, but it’s an important life skill, and The ASPIRE Challenge is a great excuse to try it out. We’ve even developed resources Resume Writing: Getting Your Brain Into It and Preparing to Meet with Your Idea Mentor to help you! Take this rare opportunity to reach out to someone new.

I realize this is an individual challenge, but can I work in a group?

There’s a lot of group challenges out there and we know you work in teams at school. This is an opportunity to show us what you can do, and it’s also part of the reason why we accept applications in any format. We all have different strengths – we don’t expect you to be the best at everything – that’s why we’re evaluating impact, originality and practicality of your idea, rather than the format of your application.

Why do I need to submit my resume?

The employers we work with are excited to see the resumes of second-year studentswho are so driven that they have made time to apply for The ASPIRE Challenge. By submitting your resume you’re getting noticed early. We also want to give you feedback. There’s a lot of resume advice available online and on-campus, but it doesn’t always help you target your transferrable skills for a career in Financial Services. We’re giving every single applicant individualized feedback so that you can stand out to campus recruiters from Financial Services organizations.

Why complete this challenge when I could be applying to jobs?

If you win a place at the Innovation and Industry Insights Weekend you have a chance to secure a paid summer internship with a leading employer in Canada.

Do I have to want a career in Financial Services to participate?

Not at all! We certainly understand that Financial Services is not the career destination for everyone. However, we’d like the opportunity to showcase the innovative thinkers in the industry and hope that this experience will help you learn about the amazing opportunities in the sector!

LOCATION AND LODGING

Do you have to live in the Greater Toronto Area to participate?

The ASPIRE Challenge weekend event takes place in Toronto. All second-year, post-secondary students are welcome to attend – however, each individual participant is responsible for their own travel arrangements and related expenses.

APPLICATION

Can you tell me all the key dates for The ASPIRE Challenge?

September 9th 2019: The ASPIRE Challenge launches
November 25th, 2019: Deadline to apply
December 15th, 2019: Applicant feedback
January 6th to 10th, 2020: Videoconference presentation to employer panel (Semi-finalists)
January 15th, 2020: Confirmation of Finalists
January 31 to February 2, 2020: Innovation and Industry Insights Weekend (Finalists)
May 2020: Summer Internships start

Can you give me an example of an innovative solution?

For inspiration, look around your school and community. What do you think could be improved?

Perhaps you notice that children in your local community have limited access to books. The next step would be to ask, why? The library is closed by the time parents get home after working long hours and children typically stay in daycare until supper time. Why can’t the daycare take them to the library? Adult-to-child ratio is too low, so staff are reluctant. Why doesn’t the daycare have books? Lack of funding and no space to store them. So possible solutions could be: a) start a volunteer group for people to drop by the daycare to bring and read children books, or b) have a drive to raise book donations, or c) apply to community grants to purchase books, or d) apply for funding to build an app that provides both parents and daycare staff with access to downloadable children’s books.

What happens to my innovative solution?

You keep the ownership of your idea. The ASPIRE Challenge is also a great opportunity to demonstrate your problem solving and creative thinking skills to employers without having to awkwardly interview, or attempt to launch a start-up. And we will give you feedback on your innovative solution and suggest next steps you could follow to make it a reality – there’s value added for every participant. And, while funding for your innovative solution won’t be available, we’ll be providing workshops on design thinking during the Innovation and Industry Insights Weekend, which could help you take your idea to the next level.

Does my idea have to fit in the categories?

To help generate ideas we have provided three categories, 1. Environmental Sustainability 2. Equity, Diversity and Inclusion 3. Health and Wellbeing, however your innovation can relate to any area of interest to you. All ideas are welcome, this is why the fourth category is “4. Other”!

Does my idea have to be related to Financial Services?

Not at all, this is an opportunity to demonstrate your problem solving and innovative thinking, rather than demonstrating your knowledge of Financial Services. That said, we encourage you to take a closer look at Financial Services. You may be surprised to learn that our employer partners sponsor key social initiatives, community organizations and even many of the arts in your own community and across the country!

What type of format should my application file be?

Your application file provides an opportunity to add supporting information that you believe will strengthen your application. You are welcome to submit a text, graphic, video or audio file, or whatever form you feel will best communicate your idea. Please do NOT submit a recording of you reading out the answers in the application form. We all have different strengths, we don’t expect you to be the best at everything, that’s why we’re evaluating on impact, originality and practicality of your idea, not how pretty or what format your application is in. This is an opportunity to show us what you can do, and the reason why we accept all types of supporting information, we just ask that the application file is no longer than the 1 page or 90 seconds limit, and is uploaded in either PDF, MP3 or MP4 format. Please note:, to ensure fairness, application files will not be reviewed beyond the limit stated.

In the application question “What is the value offered by your solution to the intended customer/user?” What does ‘value’ mean?

In this question, ‘value’ refers to the benefit of using the solution to solve the problem. Be sure to avoid describing features and focus on the benefit.

Here are some examples:

  1. FEATURE: The cheque deposit functionality on your bank’s phone app.
    BENEFIT: The convenience of not needing to physically go to the bank, and saving time to do other things.
  2. FEATURE: Tasty cookies with low fat and lots of fiber.
    BENEFIT: The pleasure of enjoying yummy cookies without guilt that is associated with eating delicious food.
  3. FEATURE: ABS (anti-lock braking system) in a car.
    BENEFIT: The peace of mind and feeling of safety while driving on slippery roads in the winter.

ASSESSMENT

Is the employer panel assessing whether I get an internship?

The employer panel will be three people who all work for the same company. They will watch your 5-minute presentation to see how you bring your innovative solution to life and then ask you questions about it. While all employers are always on the lookout for great talent, they will only be deciding which students get invited to the Innovation and Industry Insights Weekend, not who is offered a summer internship.

How is my application being assessed?

We have partnered with an independent expert to review your application for originality, practicality and impact, and provide you with feedback. To ensure fairness, your application assessment will be based on a rubric that examines a) your solution (30%), b) the added value created by your solution (20%), c) the chance of the solution’s success (20%), and d) the quality of your application (30%).

Who is giving feedback on my resume?

We’ve partnered with an independent expert to give you resume feedback and valuable advice to help you represent yourself to employers in the best possible way. Make sure you watch the ‘Resume Writing: Getting Your Brain Into It’ video and use the resources provided to get you started, then upload your 1 or 2-page resume in PDF format with your application. You can also contact your school’s Career Centre for support with integrating the feedback and updating your resume.

THE PRIZE

What happens at the Innovation and Industry Insights Weekend?

Between Friday, January 31st to Sunday, February 2nd, 2020 we will be hosting a 3-day weekend conference in Toronto packed with business skills training, hanging out with employers, shark tanks, , office visits, student networking, social events and opportunities to hear about ground breaking innovations from leaders in the Financial Services sector, all in a chill environment with awesome food. Students attending the weekend will also have the opportunity to secure a paid summer internship with one of Canada’s leading Financial Services organizations!

Will my travel to the Innovation and Industry Insights Weekend in Toronto be covered?

We understand that the expense of travel can be a challenge for students; however, we are unfortunately not able to cover these expenses due to funding restrictions. All costs relating to travel and accommodation are the responsibility of the participant.

Which employers could I get an internship with?

ASPIRE works with Canada’s leading Financial Services providers including financial institutions (i.e., banks or credit unions), pension providers, insurance companies, investment firms, fintech and insuretech companies.

What happens if I’m not free for the summer internship?

You are still welcome to participate in The ASPIRE Challenge. If you are selected as a finalist, there’s no commitment to accept an opportunity for a summer internship and you still receive all the networking and training opportunities from attending theweekend!

What happens if I don’t like the internship I’m offered?

There’s no obligation to accept any internship; however, we ask that you communicate your non-acceptance early so that the opportunity may be offered to another candidate.