University of Waterloo announces new Problem Lab
A car leaves the University of Waterloo campus on Thursday, Dec. 19, 2013. (Braden Dragomir / CTV Kitchener)
Published Friday, February 9, 2018 4:24PM EST
Have you ever thought you’d make a great entrepreneur, if only someone would give you a surefire business idea?
If that sounds like you, then the University of Waterloo might be able to help you find the answer.
The university has unveiled its new Problem Lab, which aims to help students identify problems for which they might be able to develop solutions.
Problem Lab was created through $300,000 in funding from BlackBerry co-founders Mike Lazaridis and Doug Fregin, who now work together as principals at Quantum Valley Investments.
The lab will host two pitch competitions per term where students who show they understand unique commercial challenges will be able to make their case to land funding in search of a solution.
“We believe (this) will encourage students to focus on fully understanding a problem before venturing to solve it, and will lead to better ideas and strategies for new businesses,” Lazaridis said in a press release.