FinTech Boom: Chance oder Bedrohung für den Finanzplatz Schweiz? Zürich, 29. September 2015 T. Puschmann Investments in innovation are currently primarily driven by FinTech companies – cooperation with FinTech companies therefore is key Non-banks` Innovation Spending Banks` Innovation Spending Average yearly growth rate (simplified) 48.4 billion USD?* (estimated for 2017) • • Average yearly growth rate (simplified) 60 billion USD?* (estimated for 2017) Banks don't show up on the “Global Innovation 1000 largest copmanies” spending report* They are lumped in to the “other” category of all industries * Sources: - Jaruzelsky, B., Staack, V., Goehle, B, Global Innovation 1000, PwC Strategy& Inc., New York (NY) - Lodge, G., Zhang, H., Jegher, J., IT Spending in Banking: A Global Perspective, Celent, Boston (MA) Swiss FinTech Innovation Lab / 2 Thus, FinTech has become THE key topic in all financial centers around the world Swiss FinTech Innovation Lab / 3 But FinTech innovations are currently created outside Switzerland – although Switzerland / Zurich ranks high in many areas Swiss global competitiveness ranking Zurich global financial center ranking 2 2013 5 4 2015 7 London New York Silicon Valley Swiss global innovation ranking 1 Zurich Swiss global offshore wealth ranking 2015 1 Legend: existing in conception does not exist / no plans yet Comment: Dublin, Tel Aviv, etc. are other locations, which do currently not have relevant investments. Swiss FinTech Innovation Lab / 4 Hong Kong Singapore Sydney How can we bring Zurich on the global FinTech map? Source: https://www.youtube.com/watch?v=s7oYU7hb__U Oliver Bussmann / UBS – Networked innovation in ecosystems is key Source: https://www.youtube.com/watch?v=fwhEKaLCv0c We currently observe a paradigm change in innovation from a linear to a networked model Today: Linear Model Idea Generation Conversion Future: Networked Model Innovation Ecosystem Diffusion Governm. & Regulator Governm. & Regulator Universities Start-ups / Incumbents Angels & VCs Innovations Universities Innovations Angels & VCs Diffusion Swiss FinTech Innovation Lab / 7 Start-ups / Incumbents But what are the «ingredients» of a successful innovation ecosystem? Collaboration: Strong research and innovation and very close (physical) collaboration of science and practice Money: Research and investment capital Culture: Attract leading persons from science and practice and increase entrepreneurship culture “Professor (and Provost from 1955 to 1965) Frederick Terman worried about a “brain drain” of Stanford graduates to the East Coast, where jobs were plentiful. So he worked with President J.E. Wallace Sterling to create what Terman called “a community of technical scholars” in which the links between industry and academia were fluid. “ Source: Berlin, L., Project Historian for the Silicon Valley Archives at Stanford University “The Man Behind the Microchip: Robert Noyce and the Invention of Silicon Valley.” Swiss FinTech Innovation Lab / 8 A new «Swiss FinTech Innovation Lab» shall coordinate the innovation value chain and the corresponding ecosystem Swiss FinTech Innovation Lab Wissenschaft Praxis Ideengenerierung Disziplinen • Wirtschaftsinformatik • Banking & Finance • Informatik •… z.B. Open Innovation Konversion z.B. Prototyping Partnerinstitutionen • UZH • ETH • ZHAW • … • … Diffusion z.B. Start-up-Gründungen • • • • • • • • • • Banken (Rück-)Versicherer Dienstleister Regulatoren (Finma) Startups Inkubatoren Accelerators Funding Angels Venture Capital Unt. … Übergreifend Strategy & Governance (Steering Committee) Komm., Marketing & Event Plattform (Standortmark., etc.) FinTech Compliance (Finma) Funding Platform Start-up Support, (Angels & Venture Steuern, Visa, etc. Cap. Unternehmen) (Kanton & Stadt ZH) Infrastruktur (Co-Working Spaces, Housing, etc.) Swiss FinTech Innovation Lab / 9 Swiss FinTech Service Plattform Benefits of the Swiss FinTech Innovation Lab Establish new research programs around digital banking and insurance and strengthen international competitiveness of the Swiss financial center. Improve innovation transfer to banks and insurance companies (intrapreneurship), increase the number of start-ups in relevant areas (entrepreneurship) and ensure a leading position in global innovation. Establish new education programs and link them with existing programs and ensure long-term employment in the Swiss financial services industry. Swiss FinTech Innovation Lab / 10 Swiss FinTech is about collaboration Swissness 1307 Swiss FinTech Innovation Lab / 11 Swissness 2014 Thanks for your attention!
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