A new partnership between global tech giant IBM and Copenhagen FinTech will set Danish fintech startups on fast track against the market. The partnership involves several fintech startups that have access to technical competencies within everything from artificial intelligence and cloud solutions to front-end design.
For many startups, the biggest challenge is the battle against the ticking clock. Execution is everything, and the struggle to grow requires not only new capital but also technical skills that many do not have access to. The competition from the established tech companies is too tough, and many newly hatched programmers or computer scientists are wage-consuming resources that only the most capital-driven growth companies can match.
The inability to attract the right technical skills keeps the growth back in many startups. It is a well-known challenge in all industries. But now it becomes a bit easier for Danish fintech startups to add professional skills to their technical team. This happens when IBM and Copenhagen FinTech roll out their new collaboration in early February.
“We make development resources available to startups who want to accelerate their development. We do this by recruiting top talents from the technical universities in Denmark, which are linked to a specific development project for five to seven weeks. It can be a MVP that needs to be in the market, a front-end to be designed – or something quite third. But the collaboration also involves the opportunity to save with experienced senior IT architects, free access to IBM Cloud technology and general access to knowledge-rich resources, ”says Brian Rasmussen, CTO and Technical Sales Executive for IBM in the Nordic region.
Watch the video to learn more about the collaboration:
There is no cost associated with the collaboration beyond the resources and hours that the start-up must invest in delivering tasks and knowledge to the students. Therefore, Copenhagen FinTech also believes that it is a win-win partnership.
“The collaboration with IBM on our Talent Connect program is a great example of how the ecosystem in Denmark works. In Copenhagen FinTech, we engage both the established companies, startups and students in win-win partnerships. IBM provides their technology and experience. The students will work with both corporates and startups. Startups get the opportunity to accelerate their development and thus shorter go-to-market. Last but certainly not least, this initiative can fully support Copenhagen FinTech’s mission to create growth and more jobs in a rapidly growing fintech industry, ”says Mads Tingsgård, Head of Fintech Intelligence at Copenhagen FinTech.
Must be relevant for growth
At the time of writing, the four startups Ernit, CLA Reply, JamiiPay and Lendme expect to receive one or two students for a period of five to seven weeks.
Startupet Lendme, which is 18 months old, currently has a platform that helps consumers to obtain personal and concrete loan offers from several banks at once. Here you look forward to welcoming the new, temporary colleague.
“It gives us the opportunity to set the pace a bit, but it is also about finding the right balance. The person we bid for will be assigned tasks that can accelerate the development of our product and solution. There must be a realistic end product when the two months have passed, because both parties must get the best out of the process, ”says Peter Grunnet Wang, CIO and co-founder of Lendme.
At CLA Reply you have just developed an MVP that will help auditors, accountants and lawyers save time in their anti-money laundering obligation. And the start-up expects that the collaboration with IBM can add extra value to the development.
“Every early-stage startup knows the problem: You want to do two things at once. Driven his core product and develop the next version. But the two tasks both draw heavily on the technical department – which is already working day and night. But with IBM as a technical mentor and generous developer team, we have suddenly got double bandwidth on the product development front, and can therefore come faster – and wiser – to the next iteration without compromising the usual business process, ”says Henrik Boensvang, CEO and co founder of CLA Reply.
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