Big Four firm KPMG announced that a student team representing the University of Toronto has won its second annual Ideation Challenge.
The international competition gathers teams of STEM (science, technology, engineering and math) students to help solve real-world business issues with AI-driven ideas and solutions. Out of more than 600 initial applicants, nine teams from nine countries were selected to advance to the final round, which was held May 10-12 in Amsterdam. Teams representing Australia, Canada, China, Germany, Luxembourg, Italy, Netherlands, the U.K. and the U.S. participated.
Throughout the challenge, teams were asked to apply AI technologies to solve real or mock business problems within an organization of their choice. Student teams worked with KPMG professionals to develop their ideas and prototypes of their solutions. Student teams’ final submissions were then reviewed by a panel of KPMG judges, who scored each submission based on innovation, presentation, feasibility, client impact and customer impact.
The University of Toronto’s “Team Paramount AI” placed first for their solution utilizing AI and intelligent automation for the waste management industry, solving the issue of rising landfills by automating waste segregation at the source.
In addition to retaining the intellectual property rights to their solution, Team Paramount AI will attend the KPMG Annual AI Summit in October in Toronto to present their winning solution to KPMG professionals, data scientists, influencers and clients.
“The KPMG Ideation Challenge gives talented STEM students the opportunity to ideate, create and build new technology capabilities and apply these to solve some of the most pressing issues facing our society” stated Anthony Coops, KPMG partner and head of KPMG Lighthouse in Australia. “Through the Challenge these students experience the type of work member firms do for clients every day and it helps us identify future leaders with the necessary skills to design, develop and deliver industry-leading solutions for clients and for society.”
For more information on the Ideation Challenge, head to KPMG’s site here.
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