" What are you building? What are you building directly, or helping other people to build, or teaching other people to build, or taking care of people who are building? If the work you’re doing isn’t either leading to something being built or taking care of people directly, we’ve failed you, and we need to get you into a position, an occupation, a career where you can contribute to building. "
- Marc Andreessen
Are you ready to take make your side hustle your main hustle? Or maybe you’ve got an idea -- you just don’t quite have the details fleshed out. You may be considering an incubator or accelerator to help you get started.
But what’s the difference? And which one is right for you?
You are from finance and don´t know how to code? You know how to code but don´t know a thing about finance and regulation? Let´s meet and we will give you our input.
We can help you with either our consulting services or you can organize our exclusive talk in your university.
TALK #1 Who Wants To Work in a Bank?You can get more information about this Talk and others following this link
Incubators are looking to foster and support local startups and the local ecosystem. As such, they are focused on driving innovation and finding ideas. They “incubate” ideas to devise a business model. Incubators are not designed for growth and scale. They nurture and mentor entrepreneurs over time to help them create a startup.In Portugal you can find various general incubators and some specific for fintech startups. We can also connect you with the best incubators in other international hubs. Where do You want to go Today?
Accelerators, also known as Seed accelerators, are focused on accelerating the growth of existing startups. Particularly, those that have already demonstrated some growth. Accelerator programs are designed to leverage startups existing business model.
Accelerators are cohort-based programs tailored for early-stage startups and have a rigorous application process. Participants apply to the program, which, typically, has a limited number of slots. Top applicants are then selected to join the program. Selection is based, mostly, on scalability potential, investment interest and capacity to grow quickly.
Fostering internationalisation of start-ups is not what business accelerators were first developed for. However, acceleration programmes and internationalisation of start-ups are quite often closely linked. The rationale for this is that fast-growing start-ups need to address simultaneously and very early on, the issues of growth and internationalisation.
A key principle when creating new companies nowadays is to think global. If you’re considering expanding your startup to new, international markets, you’ll need to juggle a lot of decisions, including timing, market choices, and budgeting.
Going international too late is perhaps the most common mistake companies make. To be fair, it’s not always a mistake: Some companies never want to be international and prefer being a local success, even if that means lower long-term growth.
Since 2015 we have been developing our foreign network to help Portuguese fintechs run the extra mile. Give us a call for more information.
Innovation Hub and Sandboxes
In recent years competent authorities have adopted various initiatives to facilitate financial innovation. These initiatives include the establishment of ‘innovation facilitators’.
Innovation facilitators typically take the form of ‘innovation hubs’ and ‘regulatory sandboxes’.
- Innovation hubs provide a dedicated point of contact for firms to raise enquiries with competent authorities on FinTech-related issues and to seek non-binding guidance on regulatory and supervisory expectations, including licensing requirements.
- Regulatory sandboxes, on the other hand, are schemes to enable firms to test, pursuant to a specific testing plan agreed and monitored by a dedicated function of the competent authority, innovative financial products, financial services or business models.
In Portugal we have a fintech innovation hub where the Portuguese regulators help the startups with what concerns to legal and regulatory issues. Portuguese government and regulators are in talks to create a regulatory sandbox.
Corporate Innovation Lab
Innovation labs are business units that employ the methods of agile startups, with the goal of devising novel ideas that can either disrupt or complement the overall company. Innovation labs function in many different ways. They can operate completely separately from the parent company, or be set up internally and staffed with existing employees. They can also refer to programs set up for internal employees to ideate. Some are third parties that partner with companies who want to be strategically connected to startups or want to host programs for employees.
We are currently promoting Abanca Innova Program between Portugal and Spain.
ABANCA Innova is a vertical program for startups that offers participating projects a support package designed to provide management knowledge, resources and materials to grow your Startup. In addition, among the startups selected for the program, the most interesting for the entity will be chosen for development and financing, when appropriate, of a proof of concept at ABANCA.
This are the Portuguese startups selected by Abanca to be in the bootcamp in the last 2 years (2019/2020):