Chris Sier Explains FiNexus
Dan Rajkumar / 4th April 2017
Dr. Chris Sier recently spoke to Julia Mariasova from Shortlisted Productions in a filmed interview.
The London-based film company have covered topics that include open banking and scalable capital, and their YouTube channel also features a two-part programme titled Demystifying FinTech.
Dr. Chris Sier is the FinTech Envoy for the North and Director of the FiNexus Innovation Lab in Leeds. He has been instrumental in the organisation of the annual FinTech North events, and is a key player in the development and progression of the north of England as a FinTech hub. He is an expert and leading innovator in the field.
During the discussion, Chris spoke about incubators and accelerators, and explained the idea behind the non-profit FiNexus Lab.
Chris gave examples of accelerators and incubators which follow four different models:
- – the corporate innovation space which focuses on the delivery of company-focused solutions;
- – the funded space which allows the company to use any of the ideas developed;
- – the independent alternative where funds and mentoring are offered in exchange for fees or equity;
- – the non-profit programmes that rely on sponsorship from industry players.
The current options don’t provide mentoring as such, leaving it up to the participants to work things out themselves. The idea behind the FiNexus Leeds Lab is to simultaneously offer each participant both mentoring and technology during a three-month period. They will provide contacts within the industry; access to talent and the necessary skills for the project in question; and the opportunity to use various tools, as well as advice on how to use them.
The creators of the lab will welcome ideas and encourage participants to go to the lab, use the desk they’re given, chat to the other users there, and make the most of the access to the industry mentoring, tools and resources that are on offer. The fee each member will be charged is designed to cover the costs and overheads of running the initiative. The three-month timeline comes from the founders’ belief that someone with an idea can learn whether it is viable within that time period.
Proofs of concept are currently underway, and development for the new six-storey, carbon-positive building in the south of Leeds has already begun.
Read a recent interview with Chris on the WLCF blog.