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January 2016
Today’s schedule
 Morning: Financing Innovation
− 9:00 to 10:30 Lecture
 Michal Gromek, PhD SSE, FundedByMe, Lendico, Ro...
Groupwork: Funding your startup
 Prepare a max 5 minute presentation
− How much funding do you need to get your idea off ...
If the rate of change on the
outside exceeds the rate of
change on the inside,
the end is near....
-Jack Welch
What triggers industry transformation?
Johnson & Scholes 1997
Politics and
government
Environment Technology
Legal
structu...
Two dimensions of transformation
 Core activities – Recurring actions a company
performs that attract and retain supplier...
Trajectories of industry transformation
McGahan, HBR, 2004
1980-1999 US Industries’ Share of
Transformation
McGahan, HBR, 2004
Industry transformation
Picture: http://andrewkarpie.com/wordpress/?p=469
Number of firms in industry over transformation
Economies
of scale
What trajectory is the
financial services industry on?
McGahan, HBR, 2004
Digitization of the banking industry
Further changes…
Screenshot from Factom.org
Banking is essential,
but banks are not.
Bill Gates
What is FinTech?
Accenture/CB Insights
Technologies for banking and corporate finance,
capital markets, financial data ana...
What is Fintech?
FinTech World
Personal Finance
Payments Bitcoin & Blockchain
Currency
Currency Remittance & FX
Lending
Crowdfunding
Robo-i...
FinTech Overview
http://www.slideshare.net/eteigland
1950 1960 1970 1980 1990 2000 2010
1959,
Bankgirot
founded
1985, Swedish
financial and credit
markets deregulated
1968, Wo...
In just the past few years in Stockholm…
Company Founded Business
Klarna 2005 E-commerce payment services
MyLoan 2006 Loan...
Stockholm #2 FinTech city in EU
2010-2014 investment
● $532 Mln
2014 investment
● $266 Mln
Top 2014 Investments in
Stockho...
”Innovative Lending & Investing” emerging
2013 Stockholm FinTech revenue
Cryptocurrency
0%
Transfers
2%
Innovative
Lending...
Crowdfunding rapidly growing in Europe
Crowdfunding growth 2012-2015
USD 34 bln E
But in China alone in 2015…
http://www.crowdfundinsider.com/2016/01/79612-report-china-p2p-lending-topped-150-billion-in-2...
Four forms of crowdfunding
Form Benefits for funders
Donation-
based
Donation Intangible benefits.
Reward-
based
Donation ...
Democratizing innovation and investment?
 Women in USA
 <30% of business
owners
 <15% of angel investors
 <10% of vent...
Competing for investment?
Crowd equity
New forms of ownership…crowd equity
One step in the financing chain
Using the crowd to identify investment opportunities
Nesta
zopa
P2B lending in Sweden
Enabling local community?
http://www.fundable.com/blog/crowdfunding-infographic---the-jobs-act-explained
Emerging forms of collaborative investing
Crowdsourced hedge fund
Activist hedge fund
+
Developing investment skills online
https://www.quantopian.com/hom
Enabling financial inclusion
Cryptocurrency mining equipment
http://techcrunch.com/2014/09/04/kncminer-raises-14-million-to-take-bitcoin-mining-to-the-...
Transforming insurance
What is a cryptocurrency?
 Digital
 Decentralized, peer-to-peer (P2P), i.e., no central,
third party
 Uses cryptography...
Within 6 years:
Challenging the
fiat money
system?
Bitcoin – An emergent phenomenon
• Open source project on SourceForge i...
How does Bitcoin work?
Screenclip from: How Bitcoin Works under the hood, by “Curious Inventor”
Blockchain
• Shared public...
Enabling records, oversight
Image from the FT
Screenshot from the Economist
But also Vendor Transparency AML
and KYC Features…
IoT and smart contracts
 Ownership attached to asset/property (e.g., real
estate, shares) and can be verified
 Run on Bi...
IBM + Samsung
From “trusted”, centralized human authorities
to trustless, decentralized networks
IBM Institute for Business Value (PDF)
La’Zooz – Decentralized transportsharing
http://lazooz.org/
FinTech World
Personal Finance
Payments Bitcoin & Blockchain
Currency
Currency Remittance & FX
Lending
Crowdfunding
Robo-i...
FinTech – An increasingly crowded space
• Growing number of entrepreneurs with
experience from established finance industr...
Industry transformation
Picture: http://andrewkarpie.com/wordpress/?p=469
Trajectories of industry change
McGahan, HBR, 2004
Responses to disruptive strategic innovation
Charitou, C. D., & Markides, C. C. (2012). Responses to disruptive strategic ...
Why not
embrace
disruption?
Charitou & Markides, 2003
Incumbents running incubators
Actor Incubator Location
Citi Mobile
Challenge
Americas, EMEA,
Asia Pacific
DBS & Nest Inves...
Opening up innovation…
Citigroup Capital One
BBVA Compass Silicon Valley Bank
Bank of America
P2p industyry incumbents
Betting on the Blockchain - Together
Goldman Sachs, JPMorgan,
Credit Suisse, Barclays,
Commonwealth Bank of
Australia,
Sta...
FinTech challenges
 Regulation
 Privacy
 Security
 Untested in periods of high interest rates,
increased risk, and red...
Previously…
 In the eight-year period between the Netscape IPO
and the acquisition of PayPal (one of the winners of
this ...
Underperformers vs outperformers
Two models of industry transformation
McGahan, HBR, 2004
Thomas Jefferson (1816)
“Laws and institutions must go hand in hand
with the progress of the human mind.”
The problem is t...
The future is already here,
it’s just not very evenly
distributed.
- William Gibson
Robin Teigland
robin.teigland@hhs.se
www.slideshare.net/eteigland
@robin.teigland
If you love knowledge,
set it free…
If y...
Developing investment skills online https://www.quantopian.com/hom
Developing investment skills online https://www.quantopian.com/hom
Developing investment skills online https://www.quantopian.com/hom
Developing investment skills online https://www.quantopian.com/hom
Developing investment skills online https://www.quantopian.com/hom
Developing investment skills online https://www.quantopian.com/hom
Developing investment skills online https://www.quantopian.com/hom
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Developing investment skills online
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