FinTech and Ecosystems
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Slides from my lecture at the Stockholm School of Economics in March 2018 on FinTech and the Stockholm Ecosystem
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FinTech and Ecosystems
- 1. FinTech and Ecosystems March 2018
- 2. People • “Net generation” • 24x7 “mobile” workforce • Informal learning via SNS • Sharing not owning • Sustainability • Gigs, not jobs Technology • Broadband/wifi • Smart phones • Cloud, fog • Internet of Things • Data/AI/ML/NN • Autonomous vehicles • Smart robotics • VR/AR/Holography • 3D printing/ALM • Blockchains Open Source • Software • Hardware • Physibles Convergence of….. Finance • Microlending/microfinance • Crowdfunding/equity/P2P • Cryptocurrencies • Blockchains & smart contracts • Mobile money and payments • M2M and R2R payments
- 3. Digital is the main reason just over half the Fortune 500 companies have disappeared since the year 2000. -Pierre Nanterme, CEO Accenture, 2016 Yet..Digital disruption has only just begun.
- 4. The commodification of banking In 2000, the U.S. cash equities trading desk at Goldman Sachs’s New York headquarters employed 600 traders, buying and selling stock for large clients. Today there are just 2 traders left. http://www.nanalyze.com/2017/02/artificial-intelligence-investment-banking/
- 6. Banking is essential, but banks are not. Bill Gates
- 7. From the north of Sweden
- 9. Four forms of crowdfunding Form Benefits for funders Donation- based Donation Intangible benefits. Reward- based Donation or pre- purchase Rewards in addition to intangible benefits. Equity-based Investment Return on investment if company does well. Rewards sometimes also offered and intangible benefits may motivate too. Loan-based Loan Repayment of loan with interest. Alternatively intangible benefits if loan given interest-
- 10. Crowd equity financing enabling new entrants
- 12. toborrow
- 13. Exploitation Improving existing value creation activities Exploration Developing new value creation activities Adapted from March 1991
- 14. –
- 15. https://bitcoin.org/bitcoin.pdf “…an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.”
- 16. Institutions EmergentCollective VS E.g., Central Bank ~ Long-standing financial institutions and regulations E.g., Bitcoin Community ~ Self-organizing community of strangers across globe connected through Internet Teigland, Yetis, Larsson 2013
- 17. - Andreas Antonopolous Saying that Bitcoin is a currency is like saying that the internet is email. Currency is just the first app! http://startusingbitcoin.com/blog/1-what-is-bitcoin/
- 18. Digitalizing distributed ownership with no central actor other than a computer network?
- 19. Time will tell….. The Blockchain is the glue that is going to drive a productivity revolution across the globe on par with what Henry Ford did with the automobile. — Paul Brody, Americas Strategy Leader, Technology Sector, Ernst & Young
- 20. FinTechs moving in on traditional bank territory Inspiration from CB Insights, SEB base webpage slightly modified to make more room
- 21. In just the past few years in Stockholm… Company Founded Business Klarna 2005 E-commerce payment services MyLoan 2006 Loan broker Trustly 2008 Online payments iZettle 2010 Mobile payments FundedByMe 2011 Crowdfunding, crowd equity Kivra 2011 Digital mailbox Tink 2012 Personal finance Safello 2013 Cryptocurrency exchange KnCMiner 2013 Cryptocurrency mining equipment Toborrow 2013 P2P lending for companies Cryex 2014 Cryptocurrency clearing house
- 22. Steady growth in Greater Stockholm Region https://www.hhs.se/contentassets/0602629cbe1e4d7ca1e2a30948a48a61/stockholmfintechreport2018v2.3.pdf Gromek et al., 2018
- 23. Gromek et al., 2018 https://www.hhs.se/contentassets/0602629cbe1e4d7ca1e2a30948a48a61/stockholmfintechreport2018v2.3.pdf Stockholm FinTech
- 24. 1950 1960 1970 1980 1990 2000 2010 1959, Bankgirot founded 1985, Swedish financial and credit markets deregulated 1968, World’s first online ATM in Sweden First wave of electronic trading software companies emerges 2003, First BankID issued in Sweden 1990s, Sweden invests in Internet infrastructure, today country with 3rd highest Internet penetration 2010, iZettle founded 2010, Neonet $160M exit 2014, iZettle raises $55M 2014, Klarna raises $125M in PE 1967, First ATM installed in Sweden 1984, Optionsmäklarna (OM) opens in Stockholm, Sweden’s first stock option market, electronic trading introduced 2012, TriOptima, $160M exit 2005, Klarna founded 1998, Merger between Stockholm’s Stock Exchange and OM Stockholm 2007, NASDAQ acquires OMX Group Unicorns such as Skype, King, Spotify and Mojang founded 2014, FinTech Funding in Stockholm Explodes Long history of “FinTech” in Stockholm http://www.slideshare.net/eteigland/stockholm-49722748
- 25. High concentration of FinTech companies around downtown Stockholm
- 26. 27 A taxonomy of agglomeration Agglomeration of economic activity in general Transaction efficiency and flexibility Innovation and upgrading • Ullman, Krugman: ”Manufacturing belts” • Pred, Myrdal, Hirschman: ”Metropolises” Agglomeration of related firms and industries • Scott, Storper: ”Regional production systems” • Piore & Sabel: ”Industrial districts” • Andersson, Florida: ”Creative regions” • Johanisson ”Entrepreneurial regions” • Saxenian: ”Learning regions” • Aydalot, Maillat: ”Innovative milieux” • Porter: ”Industry clusters” Source: Malmberg, Sölvell & Zander, 1996
- 27. 28 A taxonomy of agglomeration Agglomeration of economic activity in general Transaction efficiency and flexibility Innovation and upgrading • Ullman, Krugman: ”Manufacturing belts” • Pred, Myrdal, Hirschman: ”Metropolises” Agglomeration of related firms and industries • Scott, Storper: ”Regional production systems” • Piore & Sabel: ”Industrial districts” • Andersson, Florida: ”Creative regions” • Johanisson ”Entrepreneurial regions” • Saxenian: ”Learning regions” • Aydalot, Maillat: ”Innovative milieux” • Porter: ”Industry clusters” Source: Malmberg, Sölvell & Zander, 1996
- 28. Entrepreneurial ecosystems Knowledge sharing and spill-over − Generic business processes − Emerging technologies − Regulations and compliance Business model experimentation New venture creation, scale-up Sensemaking process 29 Sensemaking SensegivingSensebreaking
- 29. Stockholm – a unicorn breeding ground Unicorns: Private companies valued at more than USD 1 bln www.slideshare.net/eteigland
- 30. Technology with a focus on the User LinkedIn Stockholm Economic Graph 2015 Stockholm’s top industries Stockholm’s unique skills
- 31. Strong “pay-it-forward” culture “Stockholm has accumulated a high degree of entrepreneurial experience that continues to be fed back into the ecosystem.” - Stockholm entrepreneur “I really think that there is something special here in Stockholm that I haven’t seen anywhere in the world. I came here with no networks and less than six months later, I have an extensive network in the Stockholm startup community.” - Hong Kong entrepreneur
- 34. Robin Teigland robin.teigland@hhs.se www.robinteigland.com www.slideshare.net/eteigland @robin.teigland If you love knowledge, set it free… If you like this presentation and would like to contribute to our research, we accept bitcoins: 1HthhUB62EzqEyKaAKvF1LGTabcdp4HsU. Thank you!!!!!