Challenge Details
The Innotribe Startup Challenge seeks to foster innovation in the Financial Industry by introducing the companies delivering the most important new products and services in FinTech and Financial Services to the leading angels, VCs and decision makers from SWIFT’s member community of over 9700 financial institutions and corporations who are actively investing in innovation.
No other program offers FinTech and Financial Service startups and innovators of all stages such targeted access to a qualified group of potential investors, partners and customers from around the world.
What you can win
Semi-Finalists: Up to 10 early-stage and 5 later-stage companies will be invited to each Challenge Showcase, and enjoy:
- The opportunity to make a 10-minute pitch + Q&A to an invitation-only audience of 40-50 financial industry executives, investors and media during one of the day-long Challenge Showcase events.
- Introduction to the SWIFT Innotribe team and consideration for funded participation in the Innotribe Incubator.
- Online exposure to SWIFT’s 9,700 member organizations and introductions to members who express interest in meeting you
- A ½ day feedback/mentoring session with competition judges to refine your pitch.
- Invitations to a post-competition networking event to network with investors, executives from participating institutions and Challenge sponsors.
- The opportunity to be selected as a Finalist (one early-stage and one later-stage will be selected at each Showcase).
- The two companies (1 early-stage and 1 later stage) companies selected as winners of the NYC Challenge Showcase will be invited to present at the 2012 Future of Money & Technology Summit on April 23, 2012.
- NEW PRIZES: The two companies (1 early-stage and 1 later stage) companies selected as winners of the Singapore Challenge Showcase will be invited to present (expenses covered) at the Innotribe @ The Asian Banker Summit on April 25, 2012.
- NEW PRIZES: All Innotribe Startup Challenge Semi-Finalists will receive a fee waiver for PayPal processing fees up to $10,000 in transactions or 18 months, whichever comes first!
- Up to 2 complimentary registrations to attend Innotribe @ Sibos in Osaka (value of approx. €3000/registration).
- Reimbursement for airfare and hotel expenses to attend Innotribe @ Sibos (Early-Stage Finalists only).
- The opportunity to make a 10-minute demo pitch to an invitation-only audience of dozens of financial industry executives, investors and media.
- Marquee exposure to SWIFT’s 9,700 member organizations and introductions to members who express interest in meeting you.
- A ½ day feedback/mentoring session with competition judges to refine your pitch.
- Invitations to a post-competition networking event to network with investors, executives from participating institutions and Challenge sponsors.
- One Startup and one Innovator will be selected as winners of the entire Challenge and enjoy exposure during a keynote session at Sibos and a one-on-one feature interview published via Innotribe’s newsletter, which reaches over 15,000 senior financial industry executives.
- NEW PRIZES: One or more early-stage companies selected as winners will share in $50K in cash awards.
Selection of semi-finalists & finalists
All semi-finalists and finalists must demonstrate extraordinary potential to deliver significant sustaining or disruptive innovation to the global financial industry.
Eligibility Review: The competition administrators will review all applications to verify their eligibility prior to judging. The opinions of conference administrators in regards to applicant eligibility are final.
Selection of Semi-Finalists for Showcases: Multiple judges will evaluate and rank each applicant. Applicants should provide complete and clearly stated information in their pitch-decks as they will be scored harshly if there is no relevant information. Overall rankings and feedback (if any) will be provided to each applicant. Applicants will be evaluated in two separate pools - Startups and Innovators for each individual Challenge Showcase. Judges will evaluate each applicant according to their G/Score and the potential impact the company’s innovation can have for the financial institutions and corporations that are members of SWIFT’s community, and the financial industry in general.
Selection of Finalists for Innotribe @ Sibos: Finalists will be selected in two separate groups. A total of 10 Startups and 5 Innovators will be selected as Finalists, 6 at Challenge Showcases and 9 by Financial Industry Professional Vote.
At Challenge Showcases: At each Challenge Showcase the participants will vote for the most promising and important Startup and Innovator. The winning Startup and Innovator from each Challenge will automatically join the pool of finalists.
By Financial Industry Professional Vote: In order to maximize the exposure received by all semi-finalists, 7 Startups and 2 Innovators will be selected as finalists by the by popular vote of Challenge participants and judges, and financial industry professionals.
Following all three Challenge Showcases, each semi-finalist will be invited to post a revised pitch deck and/or a short pitch video to the Challenge website. Innotribe will then promote the site to SWIFT members and via Challenge media and marketing partners. Challenge semi-finalists may also promote the Challenge site to their own customers, partners and colleagues.
Each individual wishing to vote will be required to register for the website with an organizational email address and confirm they are a professional working in the financial industry. Voting will be open from approximately August 1, 2012 to September 1, 2012.
Winners at Innotribe @ Sibos will be those finalists deemed by the Innotribe @ Sibos participants to be the most promising and important companies.
Application dates
- New York: Dec 05, 2011 - Jan 13, 2012 @ 11:59pm Pacific
- Singapore: Feb 15, 2012 - Mar 26, 2012 @ 11:59pm Pacific
- Belfast: Apr 15, 2012 - May 12, 2012 @ 11:59pm Pacific
The Challenge is open to innovative technology and technology-enabled financial services companies from any geography and of any stage working in areas such as payments, securities, trading, social media tools, big data/data analytics, security, identity, b2b or b2b2c mobile, small business apps & services &/or IT infrastructure. Consulting and outsourcing firms are not eligible.
- Eligible ‘Startup’ companies will be less than 3-years old and have no more than $1M in combined revenue and investment in the last 12 months.
- Eligible later-stage or ‘Innovator’ companies may be of any level of maturity, revenue or funding, but must be proposing products or services that are largely ‘under the radar’.
- Be able to clearly explain why banks or other organizations in the financial industry are ideal customers or partners.
- Have a demonstrable “beta” product (no concept or idea stage companies, products or services).
- Have the financial resources required to cover the costs as described below.
How to apply
To apply, just click on the 'Sign Up' link located in the upper right of the home-page of this website. You'll then have access to the application, can see what's required, and edit your application at any time until you submit it. You will need to:
- Complete the 1-page Company Overview questionnaire about your company, innovation, funding, competition and awards. (This information will be made publicly available on the Challenge Website).
- Upload a clear and detailed pitch-deck (.ppt or .pdf) about your company and innovation for our judges to evaluate. (This information will only be accessible to Challenge administrators and judges).
Following their participation at the Challenge Showcases, the companies selected as semi-finalists will also need to articulate how they envision leveraging relationships with SWIFT and/or SWIFT member institutions to accelerate their growth.
Costs
The 2012 Challenge is being run as a not-for-profit project within SWIFT, which is a not-for-profit entity. Therefore both Startups and Innovators will incur some costs in exchange for the exposure and access to qualified potential customers, partners and investors they receive through their participation in the program.
- There is no cost to apply to participate in the competition.
- All companies selected as semi-finalists are responsible for covering their own travel and expenses associated with attending the Showcase to which they are invited.
- Startups selected as finalists will receive a reimbursement for the travel and hotel expenses for at least one attendee to participate at Innotribe @ Sibos according to SWIFT expense policies. Any expenses beyond that reimbursement will be the responsibility of the finalist.
- Innovators selected as finalists are responsible for covering their own travel and expenses associated with attending Innotribe @ Sibos.
- By submitting its applicant each applicant agrees that SWIFT may share any information it submits as part of its application with competition judges and SWIFT members or partners. Each company further agrees that all information submitted during the application process for public disclosure may be freely published by SWIFT and its’ media partners. Neither the organizers nor judges will sign nor be bound by express or implied non-disclosure agreements.
- The Challenge Administrators reserve the right to adjust or revise the Challenge eligibility and evaluation criteria or methodology, as they deems in their sole discretion, as necessary or appropriate to uphold the integrity of Innotribe and the Challenge. The sole recourse any applicant shall have to such changes is to withdraw its application from the Challenge.
- Votes by semi-finalists will not be counted during selection of finalists. The competition organizers may, at their sole discretion, take whatever action they deem appropriate to uphold the integrity and spirit of Innotribe and the competition, including the right to void votes, or recalculate votes, in the event of, but not limited to, multiple votes from the same user from different IP addresses, or votes considered fraudulent, technical failures, errors or problems occurring with the site and/or Internet services, failure of judges to perform their duties.
- SWIFT may extend the application deadlines in its sole discretion.
- All semi-finalists must present at the Showcase they are invited to in order remain eligible as a finalist.
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 9,700 banking organisations, securities institutions and corporate customers in 209 countries. http://www.swift.com
Innotribe is SWIFT’s initiative to foster collaborative innovation. The Innotribe Incubator provides funding and support to accelerate the development of innovative projects or companies of interest to the SWIFT community at large. http://www.innotribe.com
Every year Sibos brings together influential leaders from financial institutions, market infrastructures, multinational corporations and technology partners to do business and shape the future of the financial industry. Facilitated and organised by SWIFT for the SWIFT community, Sibos is much more than a conference and exhibition. It is a unique forum to collaborate and take collective action in payments, securities, cash management and trade. With the power to draw over 8,000 participants from across the globe, Sibos is unparalleled in its reputation to reach the entire financial services industry. http://www.sibos.com
For questions or more information
Please contact the Competition Administrator by email at: challenge (at) innotribestartups (dot) com.
Home | Rules | Judges and Participants | Sponsorship | NYC Semi-Finals | Singapore Semi-Finals | Belfast Semi-Finals | 2011 Results