New York’s sixth annual FinTech Innovation Lab is now accepting applications.
The 12-week program co-founded by Accenture (NYSE:ACN) and the Partnership Fund for New York City allows early- and growth-stage fintech companies to accelerate product and business development by gaining exposure to top bank and venture capital executives.
The program backs six entrepreneurs that are developing disruptive technologies for the financial services sector – particularly in the areas of big data, analytics and cognitive computing; security and identity management; risk management and compliance; digital marketing and social media tools; cloud enabling technologies; payments; blockchain technology; talent management; and, Internet of Things applications.
Applicants must have at least a working beta version of their technology that is ready to be tested for either the institutional or retail market. The Lab, which begins in April 2016, will match chosen entrepreneurs with senior-level bank executives and technology entrepreneurs, who will help them fine-tune and develop their technologies and business strategies through a series of workshops, panel discussions, user-group sessions, networking opportunities, one-on-one meetings and presentations.
The Lab ends in June 2016 with a Demo Day presentation by all six participants in front of an audience of venture capitalists and financial industry executives.
Applications, which are due by Dec. 3, are available at www.fintechinnovationlab.com.
Program supporters are:
American International Group, Inc. (NYSE:AIG)
Ally Financial (NYSE: ALLY),
American Express (NYSE:AXP),
Bank of America (NYSE:BAC),
Capital One (NYSE:COF),
Credit Suisse (VX:CSGN),
Deutsche Bank (Xetra:DBK),
The Guardian Life Insurance Company of America,
Goldman Sachs (NYSE:GS),
JPMorgan Chase & Co. (NYSE:JPM),
Morgan Stanley (NYSE:MS),
New York Life, and
Wells Fargo (NYSE:WFC).
Supporting venture-capital firms include:
Bain Capital Ventures,
Contour Venture Partners,
RRE Ventures and
Founded in 2010 by Robert Gach, managing director of Accenture Strategy Capital Markets, the New York FinTech Innovation Lab, has provided entrepreneurs from 31 technology companies with mentoring and access to more than 30 leading bank CEOs, CTOs, CIOs, venture capitalists and technology luminaries. Previous participants have raised a total of over $175m in venture financing after participating in the program; four participants have been acquired, two in 2015 alone, including Standard Treasury and BillGuard.
Following the success of the FinTech Innovation Lab in New York, three other labs around the world have been opened in London (2012), Hong Kong and Dublin (both in 2014).