The California incubator EvoNexus is opening a 6,000-square-foot space with support from “founding sponsors” RBC and New York-based investment management firm Franklin Templeton. “We want to have a better understanding of how technology like 5G and IoT (internet of things) will evolve,” Eddy Ortiz, vice-president of innovation at RBC, told The San Diego-Union Tribune. The space can hold 15 startups with two to five employees each. (The Logic, San Diego-Union Tribune)
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The California incubator EvoNexus is opening a 6,000-square-foot space with support from “founding sponsors” RBC and New York-based investment management firm Franklin Templeton. “We want to have a better understanding of how technology like 5G and IoT (internet of things) will evolve,” Eddy Ortiz, vice-president of innovation at RBC, told The San Diego-Union Tribune. The space can hold 15 startups with two to five employees each. (The Logic, San Diego-Union Tribune)
Talking point: RBC operates a number of innovation labs around the world in Silicon Valley, London, Luxembourg, New York, Orlando and Toronto. The incubators allow the bank to monitor best practices, hire promising software engineers and occasionally acquire startups. In March, RBC CEO Dave McKay said the FAANGs were a threat, and this new fintech incubator is the bank’s latest counter-move. In June 2018, McKay announced a plan to spend $3.2 billion on technology, and in August 2018, RBC partnered with Espresso Capital, a fintech company, to provide loans and banking services focused on the tech industry.
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