In the increasingly crowded FinTech accelerator landscape, the Innotribe Startup Challenge (ISC) has maintained pride of place. Launched in 2011, the competition has evolved into an industry-leading, year-round programme that hosts showcases in four continents and attracts over 350 applications from FinTech startups around the world.</p> According to Kevin Johnson, ISC Manager at SWIFT</strong>: “The Startup Challenge benefit’s from Innotribe’s unique position as an innovation facilitator—driving thought leadership, sponsoring research, and supporting applicants and alumni through a variety of events and networking opportunities.”</p> Head Coach, Mike Sigal</strong>, has been there since the programme’s inception, working closely with Innotribe co-founder, Peter Vander Auwera</strong>, to introduce the world’s brightest startups to highly qualified industry experts, banks, VCs and members of SWIFT’s community.</p> During the regional showcases in London, Singapore, New York and, the most recent addition, Cape Town, ISC participants gather for fast-paced company pitches, networking, discussion, and impactful coaching. Coaching is an integral part of the Startup Challenge and Innotribe is grateful to partners such as Mike, who dedicate much time and energy to helping startups define their value proposition, hone their pitches and go forward with the confidence to compete.</p> As Innotribe prepares to host the Startup Challenge Finale at Sibos 2015 Singapore, we took a moment to speak with Mike – and grab some nuggets of advice for FinTech startups!</p> How did you get involved with Innotribe?</h3> Mike:</strong></em> My last business put on conferences and did analyst work around startups, and I met one of the founders of the Innotribe programme, Peter Vander Auwera</a>, at one of the conferences that I help produce. We got talking about the objectives of the Innotribe programme to bridge between innovative companies and SWIFT member banks. He asked if I could help them create a programme and this ended up being the Innotribe Startup Challenge.</p> What are the most interesting things you’ve learnt over the last few years of working with Innotribe?</h3> Mike:</strong></em> I’m a startup guy. And going into my work with Innotribe, I didn’t really understand much of how banks think and work around innovation. So first of all, I learned that – on an individual-to-individual basis within the organisation – there is a real desire to deliver better financial services. But often due to the size of the organisation as well as regulation, compliance and process, it is very difficult for those organisations to innovate or work with startups effectively.</p> The other thing that gives me a lot of hope is that we see banks maturing or getting more innovative as this market has progressed. You see banks starting venture funds, starting their own accelerators, and really engaging with the startup community to source innovation from startups. They know they have a hard time innovating. But they know they have a problem, and they are taking steps to fix it.</p> How would you explain the recent boom in FinTech startups?</h3> Mike:</em></strong> I sometimes like to point to something called the Millennial Disruption Index</a>, which is research carried out over three years and covering ten thousand or so millennials. One of the findings of that research was that 71% of millennials would rather have a cavity filled at the dentist than go to the bank.</p> This indicates to me that there is a lack of innovation on the part of banks to meet changing customer demands. As well as entrepreneurial zeal by startups to try and change the way things work.</p> What do you anticipate will be the next area to be covered by FinTech startups?</h3> Mike:</em></strong> As more FinTech startups look for other areas of financial services in which to create innovation, corporate services is something that I think, to a large degree, isn’t touched – for example, helping corporations with their financial issues or helping banks better serve corporations.</p> Small business, with the exception of lending, is pretty much untouched, and I think capital markets hasn’t really been explored. There is private wealth management, robo investors and all of that, but the core of how capital markets works… I think there is probably a lot of room for innovation.</p> What are your top tips for startups who are setting out?</h3> Mike: </em></strong>In FinTech, I am fond of saying a couple of things. Firstly, there’s no such thing as a lean startup in FinTech. Particularly if you’re going to work with banks – but even if you’re going to work against banks – FinTech has a lot of regulation associated with it. Secondly, it is a business, more than any other, which is based upon relationships. So don't underestimate the time and energy that it is going to take to be effective and successful in disrupting or supporting financial services.</p> </p> </p> The Innotribe Startup Challenge Finale will be held on Wednesday 14 October at Sibos 2015 Singapore. For more information on Innotribe @Sibos, visit https://www.sibos.com/conference/conference-glance/innotribe</a></li> For all the latest updates from Mike, follow @mikesigal on Twitter.</a></li> For all the latest updates from Innotribe, follow @Innotribe on Twitter or visit our Innotribe showcase page on LinkedIn at https://www.linkedin.com/company/innotribe</a>. </li> </ul>