This morning we had a lively panel discussion at FinTech Partnerships - The Mash-Up: When Big Meets Start-Up
The panel consisted of:
Jim Hale - FTV Capital
Mike Diamond - Mitek Systems
Steve Carlson - Intuit
Robert Schiff - McKinsey & Company
Moderated by Jane J. Thompson of Jane J. Thompson Financial Services
Discussion highlights:
Think of it in terms of elephants and mice, the big banks and issuers are the elephants and the innovators and start ups are the mice.
For elephants, fewer and fewer people are empowered to say yes, while more and more are empowered to say no. So mice need to have a way to solve a problem for the elephants to be interested in the potential partnership - they want certainty.
Key points to remember as the innovator:
- Keep your eye on the ball; natural alignment focused on selective objectives
- Be wary of side agreements like revenue sharing agreements and exclusivity agreements
- Be stingy with control
- Partners' ownership is additive
- Think long term; begin with the end in mind
What makes a partnership successful?
- Be clear about the problem you are trying to solve
- Internal champions are critical - career risks, putting a lot on the line
- Make sure goals and objectives are aligned early on
Currently the consumers are driving innovation - this creates new challenges for the elephant and the mouse. Further cementing the importance of aligned goals and objectives between all parties involved.
Thank you to the outstanding panel and stay tuned for more live recaps from All Payments Expo & FinTech Partnerships!
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