A formidable pair, venture capitalists and technology geeks have come together to disrupt the financial services industry. A new generation of startups called ‘FinTech’ firms combine mPayments, wealth management, peer-to-peer lending, and crowdfunding to reshape finance in three fundamental ways: quality of financial services, risk assessment, and a more diverse credit landscape.
The Impact of Regulation on Fintech with Gary Gensler at the MIT Fintech Conference
There is a buzz in the industry that about 2000 ICO's have been out, collectively raising roughly $6B USD (+ growing), however, 46% of them have failed by this time. Why is that? Primarily a result of non-compliance with regulatory bodies in the current jurisdiction and beyond. Too many companies are quick to assume the role of a trail blazer and hope that their business will be the unique business that will adjust regulations. However, the secret to sustainable growth and long term success, is to comply and work with regulatory bodies to help them understand your business, the nuances, and how certain regulations can be used to apply / comply with your business in a manner that will be successful for all stakeholders involved.
Entrepreneurship in Fintech with Kevin O'Leary at the MIT Fintech Conference
Kevin O'Leary brought forth an example of a company by the name of Wicked Good Cupcakes to help the audience understand investment in the new era and the secret sauce entrepreneurs must concoct to be successful.