fintech

My top 10 takeaways (& one regret) from #Fintech20Ireland

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(L-R) Thomas Olszewski of Frontline Ventures, Mary McKenna, Pete Townsend of Norio Ventures, Alan Costello of NDRC

On Thursday I was delighted to participate in #Fintech20Ireland at UCD as a speaker/panel member.  The audience was a mix of experienced fintech and blockchain professionals working across the financial and insurance services spectrum in Ireland and beyond.  Some were startup founders, some were thinking about starting companies, some were well established and experienced practitioners.  Others were financiers, investors & sponsors.  Thank you to Simon Cocking, John Armstrong and the rest of the Irish Tech News team for running the event and for inviting me to speak.

I talked (honestly) about my own experience of angel investing from the angel investor perspective & I also covered the right & wrong ways to go about “bagging” an angel like me from a founder or startup perspective.  I do this talk because I see so many founding teams getting this so wrong.  I’ve written my tips on “How to Catch an Angel” up recently as a blog here.

We’re living in a time when there are so many events happening that it’s more important than ever to make sure that events you run or attend generate value for you so I thought it would be a good exercise for me to summarise the value I derived from participating & being at #Fintech20Ireland.

These were my key takeaways from the day:

  • Networking – this is always going to be top of my list because I believe that having the right network is the solution to most challenges encountered in business. #Fintech20Ireland allowed me to catch up with people I already knew, meet some new people and meet in real life a few people I’ve known for a while online.  If a few quality additions to your existing network is the only benefit you derive from attending a conference or event then in my view that probably justifies the time you’ve spent.
  • Following on from the previous point, I got offered some work by someone in the audience who’d been looking for specialist e-learning expertise – pure happenstance that I’d mentioned my own e-learning background briefly in my intro.  Serendipity is always nice.
  • I got to meet some other early stage investors that I didn’t already know. As I always say angel investing is a team sport so it’s good for me to meet other investors & hear what they’re interested in and more to the point what they’re investing their time and money in.  It’s good for me but it’s also good for my portfolio companies as investment is usually an ongoing process so it’s useful to be on the radar of a lot of different people.
  • Meeting & hearing from the numerous innovative Irish companies who are transforming financial services and who were present on the day. Giles O’Neill from Enterprise Ireland reminded us early in the day exactly what Ireland has going for it in the fintech space – an existing ecosystem, multinationals & startups working side by side, good & improving international links (I noticed 10 new US routes announced by Aer Lingus yesterday & don’t forget you clear US immigration before you even leave Irish soil), coverage of global fintech hot spots by the EI in-country teams, previous huge international success of some Irish fintech companies.  Giles didn’t make this next point but I will.  Brexit clearly offers huge opportunity for Ireland in terms of fintech and indeed financial services.
  • I met Barbara Diehl, Director of UCD Innovation Academy. Barbara used to work at Said Business School Oxford & I’m a member of SBS’s network of experts.  Colleagues at SBS had made an email intro for us some months back but we’d never actually met.  Barbara was also moderating an innovation panel on the day so I got to see her at work before we had our chat.  It’s always useful to see if there’s anyone else from your wider network you can meet who works in the venue where the event you’re attending is taking place – especially if it’s a large university or corporate or government building.
  • My favourite quote of the day came from Charles Dowd, CEO of money messaging app Plynk. The “tips for startups” panel members were asked what success looks like.  Always a great question to ask a startup.  Charles replied “Success equals doing what you love – but with metrics”.  I love it.
  • There was an incredible Gartner quote mentioned on the day. 30% of university accreditation will be done via blockchain by 2020.  It seems a little ambitious to me – not because of any blockchain technology limitations but because of the glacial speed that universities move at.  This merits more investigation so watch this space for a future blog on this topic as it’s one that interests me.
  • I heard some fabulous stories on the day – both from the public stage and a few more scandalous ones that were whispered quietly in the breaks. Stories are the other part of what makes the world go round.
  • I enjoyed the variety of the panel debates but especially the discussions about how to find & retain the right people for your team as you scale (there was a side discussion about ageism in the workplace and the massive missed opportunity this results in. See Greg Canty’s blog on this here if you’re interested in diversity in the workplace).
  • It was very useful to be reminded that most money can be made in fintech by focusing on the boring stuff – regulation, GDPR – and that early money in blockchain will be made addressing points in the ecosystem where trust is costly. I guess that’s why I’ll never be rich.  I can’t bring myself to work on boring stuff but I can see how it’s an opportunity.

My one regret of the day is that I missed Thomas Power‘s future trends talk in the afternoon but it was great to see Thomas in Dublin.

I’ll leave you today with a question one of the delegates asked me in the morning coffee break. I have £10k set aside for a new kitchen…should I spend the money on a new kitchen or invest it in a startup? I’ll leave you to decide what my answer was.