Now, for those who are NOT familiar with Innotribe, Innotribe is the innovation arm of SWIFT, established four years ago to enable collaborative innovation in financial services (as the mantra below the logo says). In this context we promote, invest, connect, and give resources to projects with an interest for the financial community at large, or a subset of it (be that subset geographical, business or solution based). We tend to focus on projects in which SWIFT could play a role and on those which fall within the core or adjacencies of the SWIFT pillars.
The Startup Challenge is something else: it is about bridging the gap between financial institutions and early stage and growth stage start-ups, spiced up with venture capitalists and Financial Institution (FI) entrepreneurs.
This means at least two things:
- The remit of the challenge is not (only) collaborative, but also opportunistic for the banks who want to take advantage of this platform and become investors, clients, early adopters or pilots for one or more of the showcased ideas
- You can apply to the challenge even if your idea has nothing (or very little) to do with the SWIFT business core
A few examples:
- Consumer apps or products (for payments, personal finance, finance management)
- Bid data (behavioral, reputation, credit scoring, business intelligence, social that is applied to finance)
- Mobile apps (retail or B2B) related to financial technology
- Securities services
- Cyber-security, KYC, digital identity apps, wallets, flows aggregators
This list is by no means exhaustive, and if you are still unsure whether your start-up is eligible for the Challenge consider the following:
- Is your idea potentially disrupting a “traditional” service offered by a financial player today?
- Could a bank or another financial player be your partner, your customer, or your enabler?
- If you have a “technical feature” like a plug-in or a significant technology tool improving the way an existing IT service is performing or functioning, do you have a concrete FI proposal that a banker or a CIO could understand in 7 minutes?
Failing that, ask us! Reach out to the Innotribe team (@innotribe) or through Innotribe.com and we’ll advise you on whether you should apply.
So go to http://www.innotribestartup.com and take your chance!