The way we do transactions (of all sorts) is changing. Technologies such as blockchain and AI have affected the way we do our banking, insurance, legal work, administration, investments, etc.
But I’m preaching to the choir. Many of you who read this are already part of the next wave of fintech. Or they have the new killer insurtech solution. Or you’re using using blockchain to make some current operation obsolete.
Is that you? And most importantly, do you believe in partnerships with the big players in order to become the next big thing?
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At Nestholma we believe in proximity. Employees of financial institutions and entrepreneurs need to stay close to learn from each other. We need to be there as well, to make sure collaboration happens productively.
But… fintech startups are born global. Fintech startups are not bound by national borders. They need to look past the few big players in their country and build a network of international connection early on.
Tough combination, right?
It seems like we must be everywhere at once. And even worse: financial institutions are expected to keep up with everything that’s going on!
In order to be closer to the financial and fintech ecosystems in Southern Europe and Latin America, we’ve decided to open an office in Spain. Read more »
We have run 26 different collaboration programs in the past. And in many of them, we helped financial institutions run a corporate accelerator. Because of that, I often the get asked if “we are an accelerator”. And no we’re not: we have expertise in that area, but we are far from that.
In fact, because of those moments, I’m starting to hate the word “accelerator” a little.
But there’s an even funnier part. I often realize that people are confused about what accelerators are. So let’s take a step back, and start there.
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The best innovations come from collaboration. Yet most attempts at collaboration fail. Most corporates blame the lack of strategic alignment or maturity. Most startups blame bureaucracy and internal politics.
And they’re both right: most of the time, there’s some building block missing. When you buy furniture, you wouldn’t leave half of the pieces “for later”. But with collaboration, that often happens. Neither startups nor corporations come with an Ikea-like manual.
That’s why we’ve decided to put together the elements of startup-corporation collaboration. After 25+ programs, we’ve seen a lot of what can go well, and a lot of what can go wrong. And many of the pitfalls are predictable, to some extent.
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Most corporate accelerators fail in giving tangible results. Many corporations don’t even have a clear vision of what they’re trying to do with it! Some succeed in bringing only a few innovations to the market. Rarely the ones that can create real change. And most fail at changing the corporation in any meaningful way at all. This is entirely predictable. If that’s you, you’re probably doing it wrong.
Innovation is messy: you don’t know much at the beginning of the process, of what you’re going to get. Unfortunately, many people feel like they can’t prepare because of this. When it comes to corporate transformation, it’s exactly the opposite. Both sides (the startups and the corporation) must do their homework. Before and after the accelerator.
In fact, the accelerator should be no different than normal business Read more »