The inaugural FinTech North in Newcastle was held on last Friday 5th October, with around 85 registered attendees at the Hedgehog lab, facilitated by Julian Wells of Whitecap Consulting.
So what is FinTech? It is technology to improve financial activities and the North East is surprisingly active, supporting hundreds of jobs in the sector, the biggest of which is Newcastle Strategic Solutions, part of Newcastle Building Society.
James Thwaites, Managing Director of Omni Strategic who has experience of working with technical and software companies stretching back to the 1990s, asked an esteemed panel; “I have a new Idea. What does it take to start-up in FinTech?”
Some of the answers were surprising;
- Develop the business canvas model to transform the idea to a need – Client Value Proposition (CVP)
- Sell the concept to your techie friends as a spare time venture
– Define the Minimum Value Proposition (MVP) - Get your friendly coders to break through walls to build the MVP
- Agility and speed is critical to a building the MVP and protecting your idea – don’t be bogged down with just an idea, DO!
- Test, Test, Test the CVP alongside the MVP pilot with target customers
- Dot the “i’s” and cross the “t’s” to structure the start-up to keep people committed and don’t fall in the trap of having absent shareholders
- Don’t forget the money lenders – even large cap Private Equity is interested in small cap tech. Big is fascinated by small. Get yourself out there
- As an evolving sector, other FinTech companies may be able to help and certainly, everyone is curious
- Carefully consider recruitment as you scale, use a gender and skills diverse panel from your team
The panel included;
- Julian Wells, FinTech North & Whitecap Consulting
- Aidan Dunphy, Chief Product Officer, Hedgehog Lab
- Steven Marks, Business Development Director, Newcastle Strategic Solutions, Newcastle Building Society
- Richard Blakesley, CEO, Capital Pilot
- Paul Lancaster, Plan Digital UK
- Nick Edgar, Senior Director Growth Finance CYBG
- Gavin Sewell, CEO, Honcho
- Gary Lumby, Managing Director, Focus on Success
