technology 17


Helping tech start-ups in the region to GROW


Since opening its doors on the September 8, GROW @ Green Park, the ConnectTVT innovation hub, is already making a difference to local tech entrepreneurs


Some are already on their way to securing funding and others are benefiting from the collaborative nature of co-working. One example of the power of collaboration is a joint pilot between two start-ups that was originally destined to be trialled at the London Google Campus, which is now being conducted at GROW@Green Park. A bit of a coup for an innovation hub popped up on a shoestring.


Other news from the hub


Tech start-up, AroundThen, has been announced as the latest winner of the ConnectTVT 'Take the Mic' award. The start-up competition sponsored by NatWest shines the spotlight on innovative new tech ideas being developed in the region. AroundThen won the attention of ConnectTVT and NatWest judges with its ability to


bring the power of LinkedIn to event networking. Its app enables people attending events, to see the LinkedIn profiles of other event attendees who are open to networking, making it easy to identify and connect with the people they want to meet.


The ConnectTVT 'Take the Mic' competition is open to technology businesses and entrepreneurs based in the Thames Valley. Winners receive business mentoring from the tech team at NatWest and have access to mentors in the ConnectTVT network.


What’s coming up?


As we go in to month two of the hub, ConnectTVT has unveiled its plans for Thames Valley Tech Entrepreneur Week, which is running November 15-23.


To coincide with Global Entrepreneurship Week, ConnectTVT will be championing new tech in the Thames Valley, running a series of events from the Grow @ Green Park innovation hub as well as promoting other great events across the region taking place in the same week.


In the ConnectTVT spirit of "get involved and make a difference" why not run your own tech event as part of the region’s activity. Below is a summary of some of the events scheduled but for a full list see: www.connecttvt.co.uk/tvtechweek


November 15


• How to start a start-up without funding • Digital health hack November 17 • Fail to prototype, fail to succeed • Start-up talent matchmaking


Fintech: UK’s next tech superstars?


The financial services sector has always been at the core of the City of London, but creeping into the foundations of this sector are groundbreaking “fintech” (financial technology) start-ups, writes Sahar Bickford-Smith, Of counsel, Pitmans LLP


These start-ups aim to use technology to undercut the established groundskeepers (banks). They have been able to do so largely by taking advantage of decreased consumer confidence in banks after the 2008 financial crisis. They have so far been able to innovate and create new business models that are inducing confidence and excitement.


The fintech start-ups have brought about something of a revolution in the market with the ease and transparency of the services and products they offer. UK Fintech start-ups such as Transferwise and Azimo have used the mobility of technology in smartphones to make the transfer of money quicker, cheaper and most importantly more convenient. Other companies include Nutmeg, the online investment management company that has challenged the traditional private wealth management model where managers had high minimum thresholds and


opaque free structures. Nutmeg allows its customers to manage their investments through data visualisation and analytics, offering special packages with specific goals all accessible from the comfort of the home.


Nevertheless, for all the promises of convenience that have been made, there are still a fairly small number of fintechs. The main reason for this is the regulatory obstacle course that fintechs need to pass through. The payments industry is one of the most highly regulated of industries. While it may be easy to blame stringent UK financial regulations, these are still quite flexible and open to new approaches as compared with the US financial regulations, which are notably inflexible.


Looking at the regulatory picture in a little more detail, the UK regulates certain activities such as investment, payment and lending, requiring the start-ups from the outset to seek


THE BUSINESS MAGAZINE – THAMES VALLEY – NOVEMBER 2014


regulatory approval to function and conduct business in the UK. Seeking authority from the FCA, the regulatory authority, is a very detailed and painstaking process, which from the pre-submission preparation to the post-submission execution period takes a minimum of seven months, which for a start-up can be painfully long and expensive.


In August of this year the Government finally moved to acknowledge and facilitate the growth of this sector. The chancellor of the exchequer announced that the UK plans to consider the regulation of virtual currencies and highlighted measures intended to encourage use of alternative finance providers. This, when compared to the approach across the pond, is a fairly monumental move.


The big fintech players have now caused the City’s financial establishment to sit up and take note. The large banks such as Barclays


www.businessmag.co.uk November 18


• Digital disruption technologies – How will they shape the Thames Valley?


November 19 • The big pitch night November 20


• Tech professionals – Better health seminar • Rapid prototyping November 21 • Oxford launch weekend 2014


For further information on ConnectTVT, the GROW@Green Park pop-up hub or Thames Valley Tech Entrepreneur Week contact Louize Clarke, details below.


Details: Louize Clarke louize@connecttvt.co.uk 07854-189407 www.connecttvt.co.uk


Look out for the latest news from the hub’s activities in the next edition of The Business Magazine.


and Santander have sponsored accelerators dedicated solely to fintech in acknowledgement of the importance of these start-ups. Co-working spaces such as level 39, strategically in the heart of Canary Wharf, have also dedicated their resources to fintech.


I consider that there is an abundance of opportunity in this sector for innovative businesses, despite the fact that regulatory compliance will absorb significant time and resources at the onset. In the long run ensuring proper compliance with such regulations needs to be viewed as a central feature and selling point of the best fintech businesses, as it may well be key to whether they are seen as investable.


Details: Sahar Bickford-Smith 020-7634-4591 sbickford-smith@pitmans.com www.pitmans.com


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