A $2-million gift from entrepreneurs Eva Lau and Allen Lau to the University of Toronto will enable full-time graduate students, postdoctoral researchers and faculty members affiliated with the Faculty of Arts & Science and the Faculty of Applied Science & Engineering to transform their early-stage ideas into real-world solutions. The two faculties will provide matching funds, doubling the impact of this gift.

The Eva and Allen Lau Commercialization Catalyst Prize for Computing & Engineering Innovation is designed to bridge the funding gap between the initial phase of an invention and the stage when it becomes an investment-ready venture. The prize will support mentorship, workspace and access to prototyping labs.

Awarded annually to two teams, one each from Arts & Science and Engineering, the prize targets startup ideas that aim to commercialize technology and material innovations in the computing field, such as semiconductors, AI, robotics and quantum technologies. Projects in more traditional fields such as biotechnology, chemical or mining engineering will be eligible if their core innovations relate to the computing field.

Students looking to get their ideas off the ground face many challenges, and this award provides the tangible support and boost of confidence they need to succeed.

“The Eva and Allen Lau Commercialization Catalyst Prize is a testament to the Laus’ leadership in advancing innovation and entrepreneurship in the tech industry,” said Christopher Yip, dean of the Faculty of Applied Science & Engineering at U of T. “Their gift builds on U of T’s strengths in cultivating entrepreneurial talent and technology-based startups. Students looking to get their ideas off the ground face many challenges, and this award provides the tangible support and boost of confidence they need to succeed.”

“Eva and Allen Lau’s generosity is providing a wonderful opportunity to our community of innovators who are working to commercialize game-changing ideas,” added Stephen Wright, interim dean of the Faculty of Arts & Science. “We are grateful to the Laus for championing novel applications of today’s technologies with the potential to change the way we think and live.”

“As U of T alumni, we are thrilled to launch this new prize to support talented U of T students in commercializing transformative ideas in next-frontier computing and bringing them to market,” said Eva and Allen Lau. “The university’s research capacity, strong networks and culture of calculated risk-taking for the benefit of society make it an ideal place for aspiring entrepreneurs to turn bold ideas into real-world impact.”

Bolstering U of T’s leadership in entrepreneurship

The prize reinforces University of Toronto’s reputation as an innovation and entrepreneurship powerhouse: U of T is top five in the world for university startup incubators, has created more than 1,200 venture-backed startups and is ranked among the world’s top 10 universities powering global innovation in critical areas like technology, health care, sustainability and economic development.

“We are delighted that Eva and Allen Lau have chosen to support a key stage of the entrepreneurial pipeline that can make all the difference to a student entrepreneur’s success,” said Leah Cowen, vice-president of Research and Innovation, and Strategic Initiatives. “Their gift provides a generous boost to an innovation ecosystem focused on solving a wide range of challenges with the potential for global impact.”

The university’s numerous partnerships with key industry players and world-class hospitals, along with its global alumni network, mean U of T entrepreneurs can leverage a wide range of connections to help fulfill the potential of their ideas.

Entrepreneurs-turned-investors who are making an impact

Eva and Allen Lau are longstanding U of T volunteers and champions of the university’s entrepreneurial ecosystem.

Eva Lau holds a bachelor’s degree in industrial engineering from U of T and serves as a member of its Defy Gravity Campaign Steering Committee. Her mentorship and advocacy have played a vital role in supporting the university’s efforts to empower the next generation of innovators.

Allen Lau earned both his bachelor’s and master’s degrees in electrical engineering from U of T. A visionary entrepreneur, he was inducted into the U of T Engineering Alumni Hall of Distinction in 2020, recognizing his outstanding contributions to his field and to the university community.

The couple co-founded Two Small Fish Ventures – an early-stage deep tech venture capital firm with a focus on the next frontier of computing – where Eva is general partner and Allen is operating partner. Allen also co-founded Wattpad, the social storytelling platform where he was CEO and Eva was a founding team member.

We are thrilled to launch this new prize to support talented U of T students in commercializing transformative ideas.

“We are deeply grateful to Eva and Allen Lau for demonstrating the role philanthropy plays in driving innovation and entrepreneurship and serving as inspiration to our broad community of supporters looking to drive meaningful change,” said David Palmer, vice-president of Advancement at U of T.