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.
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 talk with a lot of interesting people every day (definitely one of the best perks of the job!). We learn every day from these smart people and their experiences and thought why not share all that with you. Cue our new monthly webinar series.
The first six episodes focus on collaboration and specifically piloting. In each episode we have two guests from startups and one from banks, insurance companies or other corporations, who talk about the different parts of the collaboration journey from the first contact to life after the pilot.
While we are waiting for the next episode (live on the 5th of September), I thought I would gather together some of the learnings from the series. I have to emphasize the word ’some’ as it is impossible to fit everything into one post, and I highly recommend checking out the series here for all of the learnings.
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.
We have done 26 programs so far, but still, each new program makes us as excited as if it was the first one. And the same thing happened again with our latest program: startup accelerator with OTP Bank.
Now it has already been a month since the Demo Day and the end of the program itself. While the collaboration still continues, it’s a good time to look back and reflect on what happened.
Three months of collaboration, innovation & results
Last summer when we started designing this accelerator, we mapped our partner’s OTP Bank’s needs with them – like we do with every collaboration program, be it for a bootcamp, a three-month accelerator, or continuous startup-innovation support. Read more »
Corporations benefit in many ways from having an accelerator. In our whitepaper, we already analyzed those benefits in depth. But one question that is sometimes tricky for people is: how much?
This is especially relevant when preparing a business case. Should you or should you not do an accelerator? What are the benefits, the costs, what do the numbers say? And sometimes you have to discuss with others in the corporation, why it’s a good idea to engage with startups. For those moments, it’s good to have some figures with you.
That’s why we decided to build an economic model of the benefits; the Nestholma Business Case Builder. And we’re sharing Read more »
The startup event of the year, Slush, was last week and that meant it was also time for our official Slush side event: Corporate Venture Capital.
Together with Helsinki Business Hub, Mawsonia and Global Corporate Venturing we got together the brightest of the CVCs from all over the world. And thanks to the great speakers and our amazing attendees we got an interesting peek into what’s in the minds of the CVC professionals all over the world.
Corporate Venture Capital is here to stay
Corporate venture capital has been on the rise. But lately, some have started questioning whether it’s just a boom that is going to die soon. Read more »
This is a guest post from one of our mentors, Petri Ekman. Petri is an experienced executive with a broad and in-depth experience in financing, financial and insurance products and risk management strategies for corporate clients.
Change Started Later than in Many Other Industries
During my 12 years in insurance, I used to hear numerous times the claims “there have not been any new products in this industry for 100 years” or “this is how we have conducted our business for 120 years, and so far things have been rolling rather nicely.” These arrogant-sounding statements were used to blunt ideas to get some change in, well, most anything.
In reality, a major shift had already taken place then. Many companies had started to drive down their expense ratios to improve the profitability of their insurance operation. Read more »