15.S09 – Fintech Ventures MIT Fall 2015 MASSACHUSETTS INSTITUTE OF TECHNOLOGY 15.S09 FINTECH VENTURES Fall 2015 H2 – 6 units (2-0-4) COURSE SYLLABUS Course Meeting Times and Locations 15.S09 Tuesday, 5:30 – 7:30pm, 32-XXX (MIT Stata Center) H2 Course, classes start October 27th Requirements The faculty strongly recommends the concepts and skills developed in 15.401 Finance Theory I, 15.402 Finance Theory II and 15.390 New Enterprises. Proven experience in finance, entrepreneurship and startups may allow exceptions. This course places a strong emphasis on presentation and discussion skills. It will be important for you to explain your positions or arguments to each other and to try to argue for the implementation of your recommendations. Course Overview High margins, underserved customers, and accumulated inefficiencies have made the financial services industry a perfect target for entrepreneurs and innovators. And digital technology has given the very necessary power to their punch. Dozens of digital disruptors are giving consumers and companies cheaper, better, or entirely new ways to manage their financial lives. And the change is not also affecting the way the financial services industry interacts with clients because technology also promises to change the way the commercial and back-office backbone of incumbents (banks and financial institutions) work. Fintech Ventures is the class where students will work to capture opportunities in this space. MIT leverages its unique position to create a class of multidisciplinary teams (Business, Law, Computer Science and Operations) that can use their combined skill-set and networks to build the next generation of Fintech Ventures. This is an advance entrepreneurship class that is sector focused to go beyond general entrepreneurship concepts and do a deeper dive on the special challenges in the Financial Services industry and how to best address them. Student will learn through a mix of lectures, cases, guest speakers and exercises while building their own team projects. Teams will be formed during the first three weeks of the class. Throughout the remainder of the semester, each team will work together to create a new business plan. Lectures will focus both on the how-to’s of starting a new venture and the unique challenges faced by Fintech startups. The class is application-only, and all students should come ready to actively engage. Entrepreneurship is not a spectator sport. 1 regulation and consumer behavior. please reach out to the Finance Practice at the Trust Center for MIT Entrepreneurship (fintech@mit. Part 1.detoolbox. Goldman Sachs Equity Research The Future of Financial Services.S09 – Fintech Ventures Fall 2015 Required Materials - Disciplined Entrepreneurship: 24 Steps to a Successful Startup (Wiley. For more information and to schedule a time with an EIR. AWI Limited The Fintech 2. ISBN 1118692284 The Future of Finance.edu Additional Advisory Resources Available For information on the 24 steps.mitfintech. William Aulet. Stallard.com.edu Antoinette Schoar Michael M.com) 2 .MIT 15. For resources more specific to Finance Innovation and Fintech. Koerner (1949) Professor of Entrepreneurship and a Professor of Finance MIT Office: E62-638 Tel: (617) 253-3763 Email: [email protected]. KPMG. Brett King The 50 Best Fintech Innovator Report. 1st Edition). 2 and 3. please refer to http://www.edu) or the MIT Fintech Club (www.edu/eir. We also strongly encourage you to take advantage of the Entrepreneurs In Residence (EIR) program available through the Trust Center for MIT Entrepreneurship. Robert Lempka Breaking Banks – The Innovators. Santander Innoventures Instructors Bill Aulet Senior Lecturer & MD of the Trust Center MIT Office: E40-160 Tel: (617) 253-2473 Email: [email protected] paper.edu Teaching Assistant Borja Moreno Tel: (857) 209-1300 Email: bmoreno@mit. Rogues and Strategists. Paul D. World Economic Forum Suggested Readings - Next Generation Finance: Adapting the financial services industry to changes in technology. go to http://entrepreneurship. Chris Skinner .Grading Grades will be based on class participation (30%). measured primarily through business plan assignments (50%) and final presentation (20%). top accelerators. Accelerator people.Upload .html) companies 3 .uk/fs 15 problems club/2015/02/the-fintechFinance scene-is-so-hot-itsconsumers/ boiling. Class Date Topic 1 10/27 What is going on in Fintech? Project Pitches (Company challenges) + Team Formation Preparation Deliverables Readings: . Payments – 30-40 min) Relevant speaker presentation + Q&A (30-40 min) Team presentations + Feedback from Speaker and class (30 min) Closing: Key takeaways of the day (5min) Class 7 will include: Presentation of all business plans in front of a panel of Fintech related people (including not only Fintech entrepreneurs but VCs. 1st week it's boiling.. Schedule Overview There will be 7 classes of 2 hours: - Class 1 will include: Discussion of what is going on in the FinTech industry Ideas panel: Presentations of company challenges.Fintech Idea Blog Journal (List of (http://thefinanser. etc…) - - Key topics. and next steps (prizes. deliverables and readings are outlined below.The fintech scene is so hot. MIT technologies and students’ ideas Team formation Classes 2-6 will follow the same structure: Review of one FinTech topic by relevant faculty (e. incumbents…) Next steps where faculty will give an overview on available resources at MIT.” and “Step 0: Stellar by Getting Started” from 24 11:59pm on steps Friday before .” “Six Themes of resume to the 24 Steps. Note Regarding Intellectual Property Rights Work done in the class is purely for academic purposes and there is no explicit or implicit agreement that teams that are formed in the class are obligated in any way to share their intellectual property or equity in a new venture that comes out of the class.co.g.“Foreword. All marketing and business analysis that is produced is considered public domain unless explicitly specified and agreed to by the instructors. Next steps: Forming a team and taking the company forward + resources at Trust Center and MIT .Team presentations Payments .The Future of Finance: The Socialization of Finance (Pages 1 to 9.Bitcoin: A peer-to-peer cash (Business system (S Nakamoto) model) Readings: .Overview of space (Faculty) .Speaker . GS Research) Deliverable 2 (Product and customer acquisition) Readings: Deliverable 3 .The Future of Financial Services (World Economic Forum) Readings: . GS Research) Deliverable 1 (Customer/ Market) Readings: . GS Research) Deliverable 4 (Regulatory review) TBD Consolidated deliverable 1-4 4 .Overview of space (Faculty) .Team presentations Team presentations .Speaker .Team presentations Cryptocurrencies/ Blockchain .Feedback from industry panel .13.Overview of space (Faculty) .Final presentations by teams .Review steps 6-12.Speaker .Team presentations .The Future of Finance: The Way We Pay (Part 2.2 11/3 3 11/10 4 11/17 5 11/24 6 12/1 7 12/8 Consumer Finance/ Behavioral Finance (advice and financial literacy) .Team presentations Crowdfunding/ Lending .The Future of Finance: The Socialization of Finance (Pg 19-31.Review steps 1-5 . GS Research) face with solutions) Team formation and idea pitch Readings: .18 .Team presentations Investing and Trading .Overview of space (Faculty) .Speaker: TBD .Speaker .The Future of Finance: The Shadow Bank (Part 1.Overview of space (Faculty) .