FinTech is now accepting applications for their annual program for early and growth stage companies that work in the financial services technology sector. The program is now in its 7th year and hopes to have another successful showing of cutting edge technology companies aimed at disrupting the financial services market!
Who is FinTech?
The FinTech Innovation Lab is collaboration between the Partnership Fund of New York City and Accenture which allows technology startups with backgrounds in financial services to present their businesses/ideas to venture capitalists in order to get funding for their companies. The program has been held annually for 7 years and continues to be a great source for the development of partnerships between startups, large financial institutions and investors. There will be upwards of 30 representatives from some of the largest Wall Street companies in the world; such as American Express, Goldman Sachs and Bank of America. All will be present to offer mentorship and guidance to any technology company presenting at the conference.
Applications are due by December 1st, 2016.
Who can apply for the FinTech Innovation Lab?
If you are an entrepreneur involved with a technology company that works within the financial services sector, you can apply to be part of the FinTech Innovation Lab! Applications must have, at the bare minimum, a working beta version of their technology that is ready to be tested. The Lab starts in April 2017 where you will be paired up with top level executives from banks in conjunction with technology entrepreneurs who will help you hone and refine your product in preparation for a demo day that takes place in June 2017. During that demo day you will present your technology to venture capitalists and financial industry executives in an attempt to gain funding for your company.
How big is FinTech?
FinTech was founded in 2010 and since then has raised over 300 million in venture capital for participants in the program. The value of these investments has grown astronomically and nearly doubled last year from $12.6 billion to $22.3 billion. In New York alone FinTech deals tripled and surpassed Silicon Valley in the first quarter of 2016 for the first time.
How is FinTech Unique?
FinTech provides an amazing opportunity for technology start ups to learn from top level executives as much as it provides the opportunity to promote and sell their products to venture capitalists. Unlike other technology conferences where the goal is to simply get funding or close a deal, FinTech provides an amazing amount of value through the guidance and mentorship included in its program before the actual demo day. The insight received during this process can be invaluable regardless of venture capital interest.
In conclusion, if you are working with a technology startup that has a presence in the financial services industry, you owe it to yourself to check out FinTech to see what it’s all about. You may even want to apply for the program and take a shot at gaining some investment interest!