An $800,000 donation by the Royal Bank of Canada Foundation, announced Tuesday, will support programs in the Entrepreneurship Practice and Innovation Centre (EPICentre) to help students and recent graduates start and grow new business ventures.

EPICentre supports Windsor-Essex youth—postsecondary students and recent graduates—by providing opportunities for students and faculty to connect with businesses and other partners in order to encourage development of new technologies and products.

The investment will support the RBC EPIC Founders Program, an intensive 12-week opportunity that gives up to 12 young entrepreneurs $6,000 each in funds to develop their business idea. At the end of the session, participants have an opportunity to showcase their work to mentors, supporters, and potential investors during Demo Day, where the team with the most viable business idea will receive the $3,500 RBC Top Founder Award to help them take their business to the next level.

All Founders Program participants can also apply to be part of an on-campus business incubator that gives them six months of free rent, as well as advice and support from business faculty and industry mentors. Incubator businesses are eligible to participate in the RBC Business Model Competition, also funded by today’s announcement.

The competition will give students and alumni the opportunity to test the market-readiness of their business idea, with a goal of helping young entrepreneurs develop a strong business model for their venture. The RBC EPIC Business Model Award will provide $10,000 and $2,500 respectively to the two top performing businesses.

As well, two of EPICentre’s incubation modules will now be known as the RBC Innovation Space.

“EPICentre provides the tools and support young entrepreneurs need to connect and learn from mentors and one another,” says UWindsor president Alan Wildeman. “The RBC Foundation’s investment in students and their business ideas is an investment in the future. EPICentre programs not only give students a place to create their own opportunities, they foster a belief in the entrepreneurial spirit that benefits us all.”

Margaret Corio, RBC regional vice president for Windsor-Essex, says the RBC Foundation is delighted to support innovation and entrepreneurship at University of Windsor.

“The learning that will take place here goes beyond the traditional classroom and will enrich our community for years to come,” she says.

Royal Bank of Canada is Canada’s largest bank. It supports a broad range of community initiatives through donations, sponsorships and employee volunteer activities.