Got a new technology to innovate the workings of Wall Street?
If youre an entrepreneur hoping to target the financial services sector with something new, get ready for major challenges, like dealing with longer-than-average sales cycles and knocking on a lot of doors. Without the proper contacts or guidance on how to adapt your technology to the Streets regulatory and structural requirements, a good idea might never see the light of day.
Thats often the harsh reality, venture capitalists say, for entrepreneurs trying to bring fresh ideas to the financial technology arena.
Wall Street is famous for just wearing down these entrepreneurs, says Steve Brotman, a managing partner with Silicon Alley Venture Partners and an investor in the sector. He says that many of the larger banks still prefer to innovate from within. They tend to shun new technology from smaller firms, and when they do seriously consider bringing in new technology from outside the corporate firewall, the vetting and assessment process can take forever.
The FinTech Innovation Lab aims to change all that. The program, now in its second year, is overseen by Accenture and the New York City Investment Fund, a fund backed by KKR co-founder Henry Kravis and other business leaders to help grow local jobs. The lab program, however, is more specific: It aims to prepare financial technology start-ups for the often arduous vetting and sales challenges ahead and speed up the process, while also introducing them to potential venture capital investors in the New York area.....