Innotribe Startup Challenge for FinTech and Financial Services Innovators

By Vallabh Rao|8th Dec 2011
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The Innotribe Startup Challenge seeks to foster innovation in the Financial Industry by introducing the companies delivering the most important new products and services in FinTech and Financial Services to the leading angels, VCs and decision makers from SWIFT’s member community of over 9700 financial institutions and corporations who are actively investing in innovation. SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 9,700 financial institutions and corporations in 209 countries.Kosta Peric, Head of Innovation, SWIFT said: "The Innotribe Startup Challenge is an unparalleled opportunity for the young, most innovative parts of our industry to engage with senior decision makers from financial institutions and early-stage investment firms. Bringing innovators and investors together to help create and promote products that the whole industry can benefit from is exactly what Innotribe is all about."

In 2011, over 200 financial technology and service start-ups applied to the Challenge. Mike Gault, CEO of this year's winner, Singapore-based GuardTime, said: "The Innotribe Startup Challenge was fantastic experience for GuardTime. The program was incredibly well run, delivered great feedback and relationships, and we generated more than 50 leads."

This year's Regional Showcases will be held in New York on 8 February 2012, Bangkok in April 2012 and Belfast in June 2012.

What you can win 

Semi-Finalists: Up to 10 early-stage and 5 later-stage companies will be invited to each Challenge Showcase, and enjoy: 

The opportunity to make a 10-minute pitch + Q&A to an invitation-only audience of 40-50 financial industry executives, investors and media during one of the day-long Challenge Showcase events.

Introduction to the SWIFT Innotribe team and consideration for funded participation in the Innotribe Incubator.

Online exposure to SWIFT’s 9,700 member organizations and introductions to members who express interest in meeting you

A ½ day feedback/mentoring session with competition judges to refine your pitch.

Invitations to a post-competition networking event to network with investors, executives from participating institutions and Challenge sponsors.

The opportunity to be selected as a Finalist (one early-stage and one later-stage will be selected at each Showcase).

Finalists: Up to 10 early-stage and 5 later-stage companies from across all three Challenges will enjoy: 

Up to 2 complimentary registrations to attend Innotribe @ Sibos in Osaka (value of approx. €3000/registration).

Reimbursement for airfare and hotel expenses to attend Innotribe @ Sibos (Early-Stage Finalists only).

The opportunity to make a 10-minute demo pitch to an invitation-only audience of dozens of financial industry executives, investors and media.

Marquee exposure to SWIFT’s 9,700 member organizations and introductions to members who express interest in meeting you.

A ½ day feedback/mentoring session with competition judges to refine your pitch.

Invitations to a post-competition networking event to network with investors, executives from participating institutions and Challenge sponsors.

Winners: One Startup and one Innovator will be selected as winners of the entire Challenge and enjoy exposure during a keynote session at Sibos and a one-on-one feature interview published via Innotribe’s newsletter, which reaches over 15,000 senior financial industry executives.

Challenge Sponsors and Partners may provide additional prizes or awards for semi-finalists, finalists or winners.

Selection of semi-finalists & finalists

All semi-finalists and finalists must demonstrate extraordinary potential to deliver significant sustaining or disruptive innovation to the global financial industry.

Eligibility Review: The competition administrators will review all applications to verify their eligibility prior to judging. The opinions of conference administrators in regards to applicant eligibility are final.

Selection of Semi-Finalists for Showcases: Multiple judges will evaluate and rank each applicant. Applicants should provide complete and clearly stated information in their pitch-decks as they will be scored harshly if there is no relevant information. Overall rankings and feedback (if any) will be provided to each applicant.

Applicants will be evaluated in two separate pools - Startups and Innovators for each individual Challenge Showcase. Judges will evaluate the novelty/innovation, market potential, competitive positioning, execution, and team of each applicant follows:

Novelty/Innovation: Does this product/service present a new and novel approach to solve a recognizable problem for the financial industry?

Market Potential: Is the market a big macro opportunity, and does the company have a scalable business model?

Commercial Viability: Does the company have evidence of strong execution, defensible competitive advantage(s) and market traction?

Team: Does the team have the talent and expertise required to realize the opportunity?

Click here to find out more.

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