4 Lessons from Startupbootcamp FinTech Singapore

It is done!

The 1st cohort of Startupbootcamp FinTech 2015 Singapore had its Demo Day last Wednesday in Gardens By the Bay, Singapore, where the 11 FinTech teams graduated from the 3 months program. With more than 650 attendees it was by far the largest Demo Day of its kind in Asia, and hell yeah, it was a great afternoon (read more here if you couldn’t make it).

As always when things calm down a bit, it is now time to reflect on the last 7 months where we built Startupbootcamp FinTech in Asia and Discovered New Grounds. Thinking back, four main areas stand out that are worth elaborating on:

1)   How to build FinTech Leaders

As highlighted during Demo Day, this entire FinTech world wouldn’t exist if there wouldn’t be FinTech entrepreneurs pushing this movement forward, challenging the status quo, innovating existing industries and even creating new ones. It is essential to help such FinTech leaders grow that build the companies of tomorrow.

I had the pleasure working with 11 FinTech leaders in the last 4 months in Singapore that are ready to take on the Finance industry. What did we do to get them off the ground?

• You challenge them everyday! Make them think about their customer, team, messaging , business model, etc. Be straight forward with them (some call it ‘be German’) so they don’t feel too cosy and have them constantly reflect why they are doing this.
• You make them build a tribe! Make clear that they have to build a followership of mentors, investors and experts that believe in the team and the idea. Without them it is a tough battle. (Some CEOs even got to read the book Tribe by Seth Godin). If they are seen as thought leaders in their respective industries, the company will become a huge success.
• You connect them! Give them an environment of mentors that provide them with more insights and knowledge, otherwise they think they might know it all. They don’t know that they don’t know. Match make them with as many relevant people as possible, so serendipity will play its part and either business and/or funding opportunities can be established.
• You make them focus, focus and focus! Very simple, focus.

Similar to having diamonds being initially compressed under high pressure, the founders were constantly bombarded with input and prepared for the tough startup journey ahead. I am sure they are ready – well done guys!

2)   How to work with banks

As the second important stakeholder in FinTech and as an essential partner of our platform, the banks played an interesting role in the last months.

Similar in putting the entrepreneurs under pressure and make them iterate fast, you got to do the same with large institutions and make them work with startups. How?

• Get mentors from the bank! In the first weeks of Startupbootcamp FinTech, the 11 teams met A LOT of mentors; most of them from the banking world, to either get more insights and/or connections. These mentors were fundamental for the success of this program where startups explored business opportunities. These are the champions to take an idea forward into the organisation.
• Get close to the leadership! Innovation in the bank wouldn’t happen if there wouldn’t be open-minded and forward thinking leaders. Exactly these leaders are necessary to meet the teams in private sessions, get them excited and they become the fox in the bank (thanks Neal).
• Get FinTech tourists! Great to see so many people getting excited about FinTech. As they come to see us in the FinTech co-working space, they realise that FINTECH IS ACTUALLY HAPPENING, and happen to sign off projects faster or make the perfect introductions. Show them the safe playground and they like to play with startups.

This and many other reasons resulted in having 15 projects signed with the 11 teams and financial institutions across Asia (LoI, PoC, Integrations) – in 3 months by the way!!

3)   How to work with the government / regulators

The Monetary Authority of Singapore (MAS) and the Infocomm Development Authority (IDA) have been a great support during this program. A big thanks to Roy Teo & team and Shue Heng Yip & team!