William H. Guenther, Chairman, CEO, and Founder, Mass Insight The Boston FinTech Ecosystem 1
Boston Financial Services Leadership Council Co-Chairs: Robert L. Reynolds President and CEO, Putnam Investments & Great-West Financial Clayton Deutsch CEO, Boston Private Financial Holdings 2
The Mass Finance Sector - A Complete Portfolio: • 6% of total state employment: • 174,000 jobs • 10% of the state’s total output: • $41.5 billion in Gross State Product • 20% of business taxes in Massachusetts 3
A Growing Startup Ecosystem 4
The Challenge: Source: UK FinTech: On the cutting edge (EY) 5
Support and Attract Business Through Talent Clusters Talent clusters are concentrated geographic pools of talent focused on a particular technology or specialized discipline: Proximity still matters Critical mass is important Clusters need stars and supporting talent Regions that are global innovation leaders and offer world-class training and education programs will attract talent clusters 6
To Respond to Innovation Challenges, Involve Multiple Stakeholders Industry The Innovation Triangle Strategic alliances are key to R&D leadership and economic growth Universities Government 7
Boston has many key assets that support a FinTech ecosystem: ▪ Boston is home to some of best known universities in the ▪ Massachusetts is third among all states in assets under world management ▪ Boston is where the mutual fund and ETF were ▪ Massachusetts ranked number one in Education by US invented, making it a home of financial innovation New & World Report ▪ Second highest number of patents per person in the country 1 2 ▪ Massachusetts residents have ▪ Massachusetts received the a higher percentage of third most VC funding of all US graduate degrees than any states in 2015 with over $5.8 B other state in the US and over 400 deals ▪ Many technology companies have ▪ Home to many of the country’s 4 3 already opened up offices in most prominent VC’s Cambridge because of the culture SOURCE: Milken Institute, Bloomberg News, PWC MoneyTree, Mass Insight, Boston Globe, US News & World Report. 8
Boston FinTech Developments: 1. FinTech Sandbox, DCU FinTech Innov. Center, BOS FinTech Meetup 2. MIT FinTech Club/Conference New Developments: 1. Annual FinTech/Data Conference 11/30/17 2. FinTech Collaborative 9
Launching Boston FinTech Collaborative Train, attract, and retain talent Stand up at-scale collaborative ▪ Physical space, which brings together FIs, startups, VC’s, and A academia collaborative will be ▪ Identify grand challenges leveraged to... Effectively engage academia ▪ Design Partnerships: Structured collaboration between FIs, startups, and academia Provide product development mentoring 10
FinTech Forecasting Roundtable, May 2016 Forecasts: 1) Now: Front end changes in the customer experience will be critical 2) Next 5 years: “Back end” and capital market technology development 3) 5-10 years: Blockchain is a longer term play . 4) For Boston, Digital strategies , predictive analytics and secure access to data represent major opportunities generally 5) Collaborators will win 11
Massachusetts could establish a vibrant FinTech ecosystem by tackling potential “grand challenges”: Challenge Description What Boston brings... Securing ▪ Leveraging advanced analytics and ▪ Large concentration of data scientists graduating from the world’s machine learning to provide innovative local universities each year financial data ▪ Deep bench of research scientists already on leading cyber security solutions ▪ Building secure transaction structures by edge of machine learning, AI, and crypto-currencies ▪ Strong existing cyber security sector harmonizing blockchain technology ▪ Deep expertise in human behavior and social sciences ▪ Revolutionizing life insurance ▪ Large concentration of data scientists graduating from Accurately assessing underwriting via big data techniques local universities each year ▪ Providing tools to asset managers and ▪ Headquarters of large insurance companies and asset the most complex risks banks that enable more precise managers ▪ Leading research programs in machine learning and assessment of risk faced ▪ Bring new insurance products to market advanced analytics (e.g., cyber insurance) ▪ Leveraging machine learning and AI to ▪ Strong base of B2B SAS providers (both in FinTech and Automating the workforce develop solutions to a variety of back other areas) ▪ Leading research programs in machine learning, AI, and office pain points ▪ Providing automated solutions to the robotics increasing regulatory burdens faced by global FI’s ▪ Longer term, developing robotics solutions for a variety of manual tasks 12
Thank you William H. Guenther Chairman, CEO, and Founder Mass Insight Global Partnerships wguenther@massinsight.com financialtechnologyBoston.com @massinsight 13
Discussion and Q&A 14
Participants: 1. Ian Sheridan, Principal/Managing Director, Vestigo Ventures 2. Sumedh Mehta, CTO, Putnam Investments 3. Brett Huneycutt, Co-Founder & COO, Wealthsimple 4. Roy Kao, Senior Advisor – Finance & Commerce, MaRS DD 15
Key Themes for Discussion: 1. Why Now? 2. Collaboration is Key Key Questions: 1. What are the industry challenges & opportunities? 2. What technologies can be applied? 3. What are the resources? 16
Developing talent • Growing ventures • Opening markets • Roy Kao, Senior Advisor – Finance & Commerce, MaRS DD MaRS Overview Visit us at marsdd.com
Our Mission Build the new economy. Improve society. Developing talent • Growing ventures • Opening markets MaRS works with partners to catalyze, accelerate, scale and diffuse innovaAon. We help entrepreneurs start and grow successful global companies. Together, we help Canada prosper. Visit us at marsdd.com
MaRS Centre Developing talent • Growing ventures • Opening markets • 1.5 million square feet • Growing to 200+ organizaBons, ~6,000 people • 100+ startups • Science, business (startups to mulBnaBonals), investors, enablers • Co-locaBon, incubaBon, collaboraBon, resources and local/global networks North America’s largest urban innovaBon hub Visit us at marsdd.com
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MaRS Works With Growth-Ready Ventures Developing talent • Growing ventures • Opening markets • Focus on high growth, science and technology-based ventures building global businesses from Canada • Sector focused experAse and resources • All applying companies screened for innovaAon focus, size of market opportunity and early capability of team • AcAvely tracking over 1200 startups in the Toronto ecosystem alone • Team of 30 working with ventures across sector areas • 100 startups physically located in MaRS Centre • Dealflow from VC partners, University and Research partners, Corporate partners and MaRS educaAon programs Visit us at marsdd.com
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