Start-ups in FI space: act now! The Innotribe 2012 start-up competition is here

Start-ups in FI space: act now! The Innotribe 2012 start-up competition is here.

The objective of the Innotribe start-up challenge is to close the gap between early stage start-ups and the SWIFT community. With few exceptions, banks and large FIs are too big, too busy, and not well structured to take early stage start-up pulse in the financial services sector.

At Sibos in Toronto we did an experiment where we brought a selection of start-ups to a carefully selected sample of our top 50 clients. It turned out to be a big success! We had in excess of 200 start-ups competing, 10 pitched their product at Sibos, and two won a prize of 50K USD each! Beyond this prize though, what startups really appreciated of course is the exposure to the banks (and I know for a fact that there was action in addition to exposure). And our clients appreciated the quality and financial focus of the start-ups. See here for a detailed summary and videos of the pitches.

Based on this success, we decided that this year we will do the same, in 3 different locations, regionalising the challenge, with the objective to bring – again – the best of each competition to Sibos in Osaka (where a 50K USD cash prize will be granted to the winner).

What is the role of Innotribe in all this?
First of all, we do the pre-screening, using our network of VCs, entrepreneurs, technology and consulting partners, and banker who has experience in the start-up field. Then we build up the event where this extended eco-system (including the banks) meet and network.

To give you an idea, this is a non-exhaustive list of banks who already confirmed their participation:

• JPMorgan
• Wells
• Barclays
• Lloyds
• Commerzbank
• Danskebank
• Standard Chartered
• Deutsche bank
• Sberbank
• Banco sabbadell
• Santander
• Rabobank
• Intesasanpaolo
• Unicredit
• Nordea

The first of the 3 regional challenges is next February 8th in NYC. If you are a SWIFT customer and you are not in this list, and you want to send a qualified representative to the competition, get in touch.

If you are a start-up and want to apply, go to … you have less than a week left to apply.

The financial community, the Innotribe, is looking for good ideas!

Konstantin (Kosta) Peric