Rainmaking Colab is a new model for a changing market. It provides established industry players early access to relevant growth stage startups. Through a theme based innovation program, Rainmaking Colab is designed to equip corporates in mature markets with the capability and experience to create engagement and solve real business problems.
Solving real business problems
Startups remain relevant for industry innovation, and growing numbers of established industry players engage startups via hackathons, accelerators and competitions. However, mature markets like New York and London are starting to experience ‘accelerator fatigue’.
Rainmaking Colab is a theme based innovation program, created by the founders of Rainmaking and Startupbootcamp FinTech, to help industry incumbents solve real business problems.
The model is designed to create real projects and meaningful engagement. Through careful due diligence and the selection process, Rainmaking Colab connects later stage startups with proven technology and business models, to the right people within established industry organisations, going beyond matching two like-minded companies.
Why should you join the program?
Theme based to tackle industry problems, allowing for deeper insights into specific sectors.
For mature markets to create real commercial engagements between established players and growth stage startups with proven technology and business models.
Working together in a trusted peer group to observe how others engage with startups, learn approaches to external innovation and evolve digital transformation strategies.
Detailed landscape analysis for each theme, looping into an innovation learning process.
Free for startups to explore commercial opportunities, expedite growth and receive focused attention from industry players.
Areas of interest that might be explored within the upcoming themed programs
1. Capital Markets
FinTech startups have had the greatest impact at the retail end of financial services so far, but the opportunity for collaboration in capital markets is real and growing. Capital markets startups have been flying under the radar but now is the time for real collaboration, as solutions to complex front-, middle- and back office problems are emerging. We’re looking for startups that are using technological advances such as Artificial Intelligence (AI), Robotic Process Automation (RPA), distributed ledgers and cloud technologies, among others, to deliver innovation that was previously hard to achieve.
Technology can lead to huge improvements for customers in everything from online safety and data protection to giving people access to banking and its services in the first place. Developments in technology from biometrics to distributed ledger technology, and smartphones to cryptography have opened up the potential around ownership and management of identity. We are searching for startups who have built identity-related solutions that are capable of transforming financial services.
Effective financial regulation is crucial to innovation and the future success of the financial services industry. There are also unprecedented opportunities for reforming regulation, finding solutions to the current regulatory pressure and creating new business opportunities by cutting costs and opening new revenue streams. Whether it be capitalising on opportunities created from new global regulatory policies or automating existing processes within compliance teams, we are looking for startups who are reforming regulation.
4. Artificial Intelligence & Machine Learning
2017 was the year of artificial intelligence and machine learning as companies experiment with and adopt new machine learning-enabled business models, solutions and services, and enter new markets. Fraud prevention, robo-advisory services and credit scoring are some of the largest growth opportunities for the application of machine learning in financial services. We are searching for startups that are introducing innovation into the system by offering financial services that are cost-effective, faster, automated, and take into account changing consumer behaviour.
While FinTech has grown rapidly and offers several advantages such as reduction of costs, improved customer retention and differentiation of financial institutions from the competition, security and data privacy are top threats to the continued rise of FinTech. We are looking for startups that are putting security and data privacy concerns at the centre of their businesses, whether it be from tackling fraud from the initial KYC / AML checks through to payment patterns, incident monitoring and reporting, to secure cloud storage.
6. Data & Analytics
Banks and financial institutions store more financial data than entire governments and can use this data freely in compliance with the regulatory bodies of their respective countries. Artificial intelligence and big data analytics are key to the success of FinTech and will transform the banking industry. Offering improvements on how to leverage this data with artificial intelligence and analytics is helping to put the power back in the hands of the individual. We are searching for startups providing opportunities to better understand and service clients, utilising the wealth of data created from customer tools.
7. Client Onboarding
In an increasingly competitive, digital environment, creating a simple client onboarding process, while complying with regulatory pressures, can be the difference between success and failure. We are looking for startups who are committed to solving and streamlining the issue of client onboarding with technology, improving the efficiency and ability to work with new markets, for both consumers and businesses.
8. Financial Wellness
Financial wellness is a concept that touches all of us, both those who have access to traditional financial services, and those who do not and are addressed by initiatives looking at financial inclusion. Improving our financial wellness, individually and as a society, isn’t easy. Especially as consumers expect ever more data-enriched, insight-driven, interactive and digital ways of addressing their financial issues. We are searching for startups that can bring real digital engagement for our financial needs and improve the financial services that are available to consumers, providing better transparency, access and outcomes.
How it works
Rainmaking Colab runs in waves throughout the year. Each cycle targets a different industry theme, following these stages:
Our analyst and scouting team researches over 1,000 startups based on real business challenges set by our industry partners. Once we have conducted in-depth research, the top 50 startups will be shortlisted – predominantly revenue making post-seed companies – and taken through to the interview stage, before our industry partners choose the startups to join the program.
One month later, the chosen startups will be back in London or New York for the commencement of the two week program.
This program is designed for startups to connect with the right stakeholders within each of the industry partners to explore where there are opportunities for commercial relationships. We’ll also be providing startups with access to top industry mentors, VCs and growth stage startup coaches.
Colab’s current theme is Alternative Finance. Alt-Fi spans a wide range of asset classes in both B2B and B2C finance. From process automation in a traditional lending environment, to innovative approaches in non-core ares like reward programmes, solutions that challenge historical credit risk assessment and change the game for small business financing are ready to be explored.
Colab’s reach is global. We are looking for companies who have raised between Seed and Series A, and/or companies who have a solution ready to go to Proof of Concept (POC) with financial institutions.
If you fit these criteria, and sit anywhere in the value chain of Alt-Fi, get in touch with us to learn more about how you can participate in the Colab programme.
May 24th, 2018
June 25-28, 2018
July 9-12, 2018
The team, our partners and mentors
The faces that bring Rainmaking Colab to life
Granville House, 25 Luke St, London, EC2A 4DS
1412 Broadway, New York, NY 10018