What you need to know about validating your idea with Facebook on a budget

Plenty of first-time entrepreneurs I had a chance to meet at Startup Weekends and while facilitating corporate hackathons, fall short when it comes to validation of their market assumptions. There are so many unsuccessful business ideas but yours does not have to be one of them.

Most startup teams proceed straight from their idea to the production phase without validation of their target audience, product, or idea. This is a major problem, as the business will not know whether their idea is indeed a requirement in the market. To add, I see many “nice to have” ideas instead of “need to have”. Therefore, it’s crucial to identify the problem your team is solving.

Any novel business idea is good but building something does not necessarily mean it will bring in the market. Take the time to validate your market assumptions and the product and it will save you plenty of energy, money, and time.

In this post, I’m writing about how to use Facebook as a validation tool as one of the ways how to test the waters.

What you should know about Facebook Ads

You can validate market assumptions and the product using several ways and Facebook is by far one of the cheapest options as you can even do it on a budget.

Facebook can be used to develop targeted ads for a specific audience that you feel would be your main audience. You will be able to gain feedback on your business on items such as proposition value, the product offering, the core messaging, and the main audience.

The knowledge of such information will be essential to the implementation of a stable content strategy for the business. It will also enable you to gain knowledge on how to connect your audience to your content depending on the consumers’ individual journeys.

Why Facebook Ads?

Facebook Ads are the cheapest alternative and they enable you to target a specific audience on a micro level. You can send text messages to a particular group initially and later extend within a larger segment of your audience. With Facebook, you can establish your maximum budget based on the intended lifetime of your ads and allow running of the test then narrow the demographics down to the target audience.

Another advantage of using Facebook is that it is very easy and you do not need substantial tech expertise to run the campaign. Ensure, however, that you read on the best practices to take and monitor your efforts closely. I would really recommend taking a look Neil Patel’s blog post on running Facebook Ads.

Create a Facebook page

If you are validating an idea or starting up a business, there is no need to spend too much time creating content to add to the business page. You will simply need to go straight to the point while making sure it is short and clear without losing track. Create the page, put up extra information about the business, and finally add the cover picture and the logo.

Make an event

After building an audience actively from your site’s visitors, you can create an Facebook event later and promote it to them to increase potential first sale gradually. But first step first – create interest and test the waters if there is a demand for your service. Don’t wait, do it and figure things along the way.

You will notice that while creatin a Facebook event page, there is an URL section. In case you don’t have a website yet and you want a landing page for some reason, you can try using Typeform for instance.

In late April 2017, when Aleksander, Geza and I launched Startup Weekend MEGA concept in Copenhagen (the event took place in November 2017), we did not have a website. Therefore, we had to be creative.

We decided to set up a Typeform as our main landing page and through this form, potential attendees were able to claim their early bird ticket once the Eventbrite page will be set up. It was a pretty quick and inexpensive solution that worked brilliantly for us. We kept it simple by asking:

  1. Name
  2. Email
  3. What role describes you the best? (designer, developer, engineer, business, marketer, etc)
  4. Do you have an idea, you want to pitch for the weekend?

Join Groups and Post

One of the keys to making use of Facebook groups is exposing yourself to a potential audience so you can listen to what they have to say and find solutions for them.

Engagement and connection to the audience is the goal as opposed to forcefully pushing your idea or product down their throats. Certain entrepreneurship and business groups can have allowances for promotions but you have to confirm the group rules and follow them accordingly. Post helpful, motivational, and inspirational content to your specific audience and lend a hand where your abilities see fit.

Facebook groups are great in that they allow you to get in touch with an audience sharing the same interests, as you be it productivity, books, travel, crafts, business, or otherwise.

Ask questions and answer

Part of connecting and engaging with the audience is through asking questions and answering them. Ask definitive questions concerning issues other people have that are connected to the work you do so you can obtain insight. It is also beneficial to help when questions are directed to you and you are able to assist.

Choose certain groups that interest you currently and select the ideal ones to concentrate on when you have spent enough time gauging people’s connection and response to you.

Ever since building Community Canvas over the summer together with Aleksander and Geza, I shifted my focus heavily to community building. Moreover, I joined many Facebook groups and conversations that address building communities as a result.

By asking questions and engaging with the relevant groups, you can gain quite a lot of insights. In the Facebook post (pic above) in one of the community building groups, I managed to get 11 really relevant answers to my questions from community builders around the world.

Consider what your customers would find interesting and these interests will help take you to special groups with these customers. Join these groups and initiate conversations with group members related to your knowledge or area of expertise.

Create an ad

Develop a message your potential clients could identify with. This could be easy for you if you have talked to other business owners or potential customers to find out what is needed. Establish a campaign to obtain likes for your website using the ad.

Move over, ensure you address the problem faced by prospective customers and mention a probable solution. Identify and use a hook in order to get more people to click to become fans enabling you to directly message them.

It has never been cheaper to test an idea

Try using Facebook Ads next time you have an idea or when you are about to do a market validation. To add, Facebook even gives you a rough number of how many people your targeting and your potential market size. Go and try to create an ad. You will be able to get some stats for your potential market.

It’s pretty cheap and easy not to test before investing time and money building something. The next step is to figure out exactly how you are going to solve the problem you found, and that’s the epic part.

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Thank you for reading! Click Like to say “thank you” and help others discover this post.

Feel free to reach out via LinkedIn, send me a tweet @Jernej or follow me on Instagram.

Jay








Second Belgo-French Startup Weekend is taking a place in Lille

Hi Startup Weekend people!

My name is Jay. I’m a facilitator and organizer at Startup Weekend currently based in Copenhagen. I have exciting news if you are from Lille and Brussels. Yep, it’s obvious from the title. I’m very excited about this one in particular.

You might ask why? It’s not the fact that this will my 8th Startup Weekend that I will facilitate but because I lived in Lille for a year during my Erasmus exchange while studying entrepreneurship.

I had such an amazing time in Lille and visited many places around the city as well. I’ve been a couple of times in Paris, Brussels, Brugge and Ghent. Wow, what a lovely area of Europe!

I’ve been attending IESEG School of Management for 2 semester period where besides taking business classes I was learning French language. However thanks to my Mexican friends I ended up with a minor in Spanish (high five). I stayed in Foyer International dormitory where we throwing the most legendary parties ever!

But enough about me! I would love to welcome you to join Belgo-French Startup Weekend for an epic experience in September.

I attended my first startup weekend in 2012 I didn’t have any high expectations. And I was so wrong! I ended up meeting so many like minded people and ended up asking my self “why didn’t I do this before?”. It’s a fantastic experience that it left me being super excited after the weekend.

Everybody is welcome to join and you don’t need to have an idea to pitch. You can join someone’s else idea you would like to work during the weekend. This is going to be quite epic set up since we will have participants both from France, Belgium and other countries as well. Perfect playground with a solid foundation to test and validate your idea designed with international scope.

In case you aren’t familiar with the Startup Weekend process let’s go through very quickly so you know what to expect over the weekend:

Day 1:
– Come early and mingle; it pays off to be social and get to know some attendees before the weekend starts
– I would really recommend pitching an idea; even though is not obligatory to pitch an idea, it’s a perfect opportunity to get in front of a crowd and be seen. If you don’t have an idea, try to pitch a problem you would like to solve.
– Top ideas voting
– Forming the teams; sell your idea or join a team/idea you really see yourself working with and contribute with your skills.

Day 2:
– Discuss what’s next and what final outcome should be; features, business models, market research etc.
– Test your assumptions; validate your project with mentors and experts, ask random people on every corner (not your friends and family) what they think about your solution.
– Start building the solution; paper prototype, design, ppt, mock up, website, … Show how it works!

Day 3:
– Practice practice and practice your pitch; you will be given few minutes to present your final solution
– Focus on 3 judging criteria; validation, execution and business model
– Demo, present and have fun!

Do you want to hear more what to expect and schedule over the weekend? Read more about the event here or reach out to the SW Belgo-French team if you have any further questions.

Curious what happened at Belgo-French Startup Weekend in 2016? Check it out

The organizing team is even taking care for all those of you who are joining us from Belgium and Netherlands. They created a Facebook group in case you are looking for accommodation in Lille. How awesome is this? No excuses 🙂

Stay in touch with us on Facebook, Twitter and make sure to attend the event on Facebook as well.

Now get ready for an epic weekend ahead!

CLAIM YOUR TICKET HERE.

Last but not least, I would like to say big thank you to SW Belgo-French team for hosting me in Lille. Can’t wait to be there!








Fintech Accelerators

Fintech has rapidly exploded over the past couple of years. Several Fintech startups have emerged to feed and develop the trend. Fintech has been seen to revolutionize how we approach banking and many people are moving from the old banking ways to more tech-savvy ones. This has led to the rise of Fintech accelerators throughout the world.

Since my last LinkedIn post “Reinventing The Banking Sector” I started to dig deeper into a fact that more banks want to explore accelerator and incubator model to accelerate their business.

Let’s start at the very beginning

Startup accelerators assist entrepreneurs in their journey toward building and running successful companies. The work accelerator and incubator have been used interchangeably to mean the same thing in various forums. However, the main difference between the two is the time they take with entrepreneurs. Accelerators usually take entrepreneurs through programs lasting from three-four months with some company ownership structure while incubator programs generally last more than accelerator model and months with much less strict KPI’s and goals for your company.

Below are a few of the Fintech accelerators and incubators you may come across.

Fintech Innovation Lab

Located in New York, London, and Asia Pacific, this fintech incubator offers a twelve-week mentorship program. Created by Accenture, the program gives entrepreneurs the opportunity to develop and prove themselves alongside the world’s leading banks.

Startup Bootcamp Fintech

This accelerator claims to be the world’s leading accelerator focused on financial innovation. Their 3-month program helps entrepreneurs with free office space, mentorship, global network access, and funding. They also offer money for the team to relocate, partner services and in return, ask for equity stake in the entrepreneur’s business. Startup Bootcamp has fintech programs in Singapore, Mumbai, New York, Amsterdam, Mexico City and London. Check out for current open applications.

Level39

Located in London, this fintech accelerator claims to be the largest in Europe for finance, cyber-security, and future cities technology. They have a tailored curriculum, expert mentors, and events aimed at supporting entrepreneurs. Level 39 is wholly owned by the Canary Wharf Group and was launched in 2013. It has had over 90,000 visitors and hosted over 1000 events since its inception.

Barclays Accelerator

Located in London, New York, Cape Town and Tel Aviv, the Barclays Accelerator focuses purely on Fintech startups. It has a 13-month program that is designed to give the enrolled entrepreneurs access to the bank’s network and mentorship from some of the smartest people in the Fintech world.

Citi Fintech Innovation Lab

Located in Tel Aviv, aims to accelerate innovation through comprehensive programs and partnerships for entrepreneurs. They started their accelerator program as a way to participate in the tech ecosystem and first launched in 2013. They have launched 3 classes so far, graduating 33 startups from their four-month program.

Copenhagen Fin Tech

In 2016, Denmark opened its own Fintech Hub as a joint initiative of the Danish Banker’s Association, the City of Denmark and Financial Services Union Denmark in a bid to spur innovation in the Nordic capital.

Copenhagen Fintech is a non-profit organization with partners from different sectors. It is member-driven and aims to connect its entrepreneurs with regulators, policy-makers, educators, researchers, policy-makers and Fintech companies both in Denmark and abroad.

Conclusion

With all these accelerators and incubators situated all over the world, Fintech is sure to grow and develop even more than we can imagine. For entrepreneurs with Fintech solutions but no funding and in need of mentorship, these Fintech accelerators are a good place to start their journey to build their successful businesses.

This blog post originally appeared on LinkedIn.








Reinventing The Banking Sector

Over the last five years, financial technology, better known as fintech has exploded. We have seen a rise in very many fintech startups, many of which have proven a threat to the traditional banking sector. In Europe alone, VC-backed fintech deal rose 124% compare to 2012’s total invested money. Just in 2016, European fintech companies raised $1.2B among 179 deals in total.

More and more, we are seeing people moving away from the traditional finance models to a more peer-to-peer model including crowd funding and contact-less payments. This has not been driven by corporate financial giants but by startups such as Kickstarter and Funding Circle.

There are many changes that occurred when it comes to banking in recent years thanks to startups. However, there is one sector that I think has felt the biggest change: loans. The traditional model for giving loans by banks and other financial institutions involved offering loans to borrowers at a higher rate than that offered to savers, thus making a killing off it. Banks were thriving with this model. Then came these startups that were offering a different model peer-to-peer loans.

This meant that you could, through online applications, receive a loan at a much better rate than what the banks were offering. Not only that, while it would take you weeks, to get a bank to approve your loan request after they have thoroughly vetted you, now, these startups are offering you loans in less than 24 hours.

How do these startups do this, you ask? Well, the answer is simple: Data. Using data mining techniques, these companies can easily pull data about you from the internet to get a better understanding of your finances. From your eBay sales and ratings to your Facebook data. This was virtually impossible to do 10 years ago.

What does this mean for banks?

Banks have started to recognize the amount of talent these startups have, and short of hiring them to lead departments in the bank, some of them have started adopting fintech services.

With all this in mind, fintech companies are not about to completely eradicate traditional banks. This is an uphill climb with a lot of traction to overcome at the start. No Fintech product feels as safe as a current account at a bank. Some banks will also gain from the rise of these companies, for example, Square makes it easier for small businesses to receive card payments, thus boosting the bank’s transaction volumes.

However, the Fintech disrupters will change and reshape the finance industry in many ways. Here are three of them:

  • They will cut costs and improve the quality of financial services offered – fintech startups do not have the same regulations, restrictions, and legacy IT systems that banks face. Nor do they have the need to protect the existing business. While banks tend to operate within a specified period of time during the day, these startups function virtually all day every day.
  • They have the advantage of so much online data available to assess risk – They can evaluate your business through social media pages, checking your ratings and getting a general sense of how viable your company is. For banks, risk assessment takes a long time and sometimes, they do not have enough information to go on. Fintech startups can, however, trace your digital presence using data mining techniques
  • Fintech companies will create a more diverse and stable credit base. Banks tend to take in short-term liabilities such as deposits to turn into long-term assets like mortgages. Fintech companies, however, match savers and borrowers directly.

In conclusion, although banks have experienced some unsettling by Fintech companies, both can benefit from each other. One thing that Fintech companies definitely do not have yet, it the large client-base of banks. 42% of financial institution surveyed in Fintech Disruptors 2017 Report, want to explore potential partnerships with fintech startups.

A side note: Within the same report, we can find that 42% of surveyed banks, wants to set up a fintech incubator which honestly for me is quite a high number. Perhaps it is not really surprising data since there are so many corporates who are looking into an incubator model. My worry lies in how much bigger the incubator/accelerator market actually can be and how strong is the market need aka startups needs for such support. Will be interesting to see how “startup programs” for VC-backed and growing startups will develop over the next years.

This blog post originally appeared on LinkedIn.








Top Fintech Companies In The Nordic Region

In the last few months, I have been paying closer attention to Fintech scene in the Nordics. Not surprisingly, The Nordic region is the second largest Fintech community in Europe. It closely follows the UK, having raised an estimated 150 million dollars in venture funding in 2015. The Nordic region consists of Norway, Finland, Iceland, Sweden, and Denmark.

Here are but a few Fintech companies that top the list of the Nordic region’s most notable.

1. Klarna

Based: Stockholm, Sweden

Founders: Sebastian Siemiatkowski, Niklas Adalberth, and Victor Jacobsson

Founded: 2005

Raised:$ 291.3 million

This Swedish Fintech company provides online payment services for storefronts. Their business model involves letting customers “buy” goods from online stores by simply inputting their postcode and email. The buyer then gets notified to fill in payment and delivery details, while Klarna pays the seller. Klarna later claims the money from the buyer. This differs from other online retail companies in that Klarna bears the risk, taking it away from the seller and buyer. Klarna handles about 40% of all e-commerce sales that take place in Sweden.

2. Izettle

Based: Stockholm, Sweden

Founders: Jacob de Geer, Magnus Nilsson

Founded: 2010

Raised:$ 244 million

This is a Fintech company that offers its services primarily for small businesses. Its aim is to democratize and simplify payments. It also offers services such as point of sales, partners applications, and payments. Notably, it was the first company to develop a chip-card reader and an app for use by smartphone users. Not only can this be used in the Nordic region but globally too as it meets international standards.

3. Meninga

Based: Reykjavik, Iceland.

Founders: Georg Ludviksson

Founded: 2009

Raised:$ 6.5 million

Meninga’s aim is to transform the way banks and advertisers use transaction data. It builds personal finance management tools to sell to banks who then give to their customers. It has worked with banks worldwide, having a consumer base of over 40 million. The main tools they work with are big data, operational benchmarking, analytics and predictive models.

4. Tink

Based: Stockholm, Sweden

Founders: Daniel Kjellén, Fredrik Hedberg

Founded: 2012

Raised:$ 14.17 million

Tink is a free app that helps users manage their finances. What’s amazing about it that rather than having to manually input all your financial data into the app, Tink can automatically sync with your financial services. It is able to categorize and analyze your spending over a period of time. They also offer the service of paying your bills and inter-bank transfers. Tink has over 35,000 users in Sweden and is now expanding to cover all of Europe.

5. Trustly

Based: Stockholm, Sweden

Founders: Carl Wilson, Joel Jakobsson, Lukas Gratte

Founded: 2008

Raised:$ 30 million

Trustly offers solutions for online Banking ePayments by use of its direct payments technology. The customer simply passes his banking credentials to Trustly, who makes purchases on their behalf. It assumes most of the risk from the customer or store. The company’s online payment solutions were implemented in over 800 stores in Europe and reaching more than 67 million consumers in 2016.

6. BehavioSec

Based: Lulea, Sweden

Founders: Olov Renberg

Founded: 2007

Raised:$8.2 million

BahavioSec is definitely a company to watch out for. It uses biometric security that allows banks to tells who you are just by how to type, move your mouse or touch your phone. This is taking it a notch higher compared to the usual fingerprint and retinal scans that we are used to seeing. They have offices throughout Europe and even in Hong Kong.

7. Auka

Based: Oslo, Norway

Founders: Daniel Döderlein

Founded: 2010

Raised:$ 11.5 million

Auka was originally known as mCash but rebranded to Auka. It built a payment app that allows people to pay their friends or even stores from their phones or tablets. It works hand in hand with Norway’s second-largest bank and has about 500,000 customers in the country.

Conclusion

Also, the Fintech space has clearly grown and is booming in the Nordic Region, in the future, it would be good to see an expansion into and collaboration with the global Fintech ecosystem. More and more Fintech startups are emerging just from Copenhagen region alone.

This blog post originally appeared on LinkedIn.

At Startup Weekend Copenhagen, together with a dedicated team of local organizers, we are organizing FinTech Edition in March 2017. Visit our webpage for more information. Also feel free to drop us a line copenhagen@startupweekend.org or tweet @cphsw








Gaming wars: Augmented reality vs. virtual reality

Technology is growing and dynamically changing rapidly; particularly in the gaming industry, more things are possible today in contrast to during the 90s no matter how best we tried to make it happen. Flash forward today, some of the most creative inventions are emerging to the frontline of the technology industry through Augmented Reality (AR) and Virtual Reality (VR). Even though my interest lies in B2B solutions, we really can’t ignore the gaming industry and what the future holds for gaming consumers.

Augmented and virtual reality both have one thing in common. They both have the unimaginable ability to alter our perception of the physical world. Where they differ, however, is the perception of our presence. What I mean by that is, when it comes to gaming, Virtual Reality overrules Augmented Reality. Even though the latter is more successful than the former in the commercial industry.

When I was a kid, one of my favorite game was Commandos: Behind Enemy Lines. Remember the game? Let us discuss a simple scenario based on that game in a AR/VR setting. You’re a soldier and you are required to make it across a military designated island base, further into enemy lines to retrieve some information. The developer can not only create the entire island to a specification but also add hindrances and obstacles along the way, for examples, exploding barrels, vehicles that are subject to bullet damage and explode, anything you can basically think of.

However, in augmented reality all that level of control is gone, poof! Take that game developed for instance, and immerse it in AR, as you play you constantly have to be mindful not to knock thongs down or hit actual walls of your rooms. This without a doubt is a bummer, one would have to design a real physical world, maybe outside for them to incorporate a game like this one, but then you will need huge amounts of space to play role playing games and military campaign games. That‘ll probably suck!

AR is good for plenty, but just not traditional games

That fact that control of the environment had been removed, puts augmented reality in a disadvantage. Sure you can talk to people on social media while taking a walk in the mornings or evenings down the street, that’s 100% okay, innovative and super but in gaming, AR just got a zero score. Games and stories pretty much require control and AR cannot afford it (yet). No one like revolving about the same spot 10-15 times in different games – unless you are a Pokemon fan who like to stay in one place all day long.

In games where you require a lot of creativity like strategy games then AR would cruise through without much value added, just not the traditional story based games. Another example of a great use of augmented reality: a visual task that doesn’t really need to progress or change as you use it.

Remember all the startup ideas you heard about skill sharing? Maybe it’s time to step up the game. One case could be people building PCs, AR provides the opportunity for tutors and tech-savvy individuals to share info about where which piece will go into a certain slot, or plumbing services how to fix the sink pipes. To add another example, you could teach someone how to play piano better by projecting onto the keys how to make that wonderful note like the famous Beethoven. In many fields, except gaming that is, this tech could quite literally transform everything.

Case-closing

To whoever will win this argument in the future, the answer could probably be based on one’s perception. But in the near future, VR will probably become the most dominant form of gaming, because simply the technology developing it is highly advanced than AR. However, as AR mechanics are improved, remember they are much younger than VR, in the coming years, we will likely see more successes. Indeed there could be room for both in the near future.

This blog post originally appeared on LinkedIn.








Architectural Revolution with Augmented and Virtual Reality

There is a lot of buzz around virtual reality (VR) gaming lately. Recently Sony entered VR market with lunching a PlayStation VR headset and competing against HTC Vive and Oculus.

At Startup Weekend Copenhagen team, we really want to explore possibilities of building a VR case withing business to business (B2B) set up. Since new software and hardware platforms are coming up, that will allow immersive environment integration along with motion training and capture through computers. Therefore VR can be much more than just gaming.

Since architecture plays a big part in Copenhagen, a thought of combining architectural design and VR world is very interesting This allows designers to envision and virtually immerse into 3-D dimensional conditions where they can design with intuitive hand corresponding with body motions.

First, new interfaces and custom workflows are to be created. The traditional keyboard and mouse needs take a back seat in the design process and second, these platforms for augmented reality (AR) or virtual reality (VR) to take their place, in the designer’s hands.

VR is advancing and it can be easy to imagine architectural practice following the trend as well. However, when combining architectural drawings process with 3D immersive environments with using our hands to design, is a bit harder to envision. Developing advanced software solution (or could be something else) for  “visualized drawing” through creating links between visualization and simulation is essential.

I believe this will trigger a paradigm shift in comprehending scale drawing, and within an immersive spatial condition. Move over 3D modeling can be utilized well. This means that designers will look at their 3D models not merely as visuals, but rather as fully aware, visualized construction.

How does this have a big benefit? In this way, it allows drawing (modeling) to become closely correlated with making itself. To give you an example what I mean by that – a drawn line no longer is merely a depiction of a surface; rather, it is the surface itself. So if you think about it, this new “feature” moves drawing way beyond the definition and representation of space that has been in use by architects from the Renaissance periods through the 20th century.

New Workflows for the Design Process

Virtual Environments

For space immersive simulation to be executed practically, architects can combine existing hardware and software stages. Utilizing head-mounted displays (HMDs) it is possible to construct a situation for the designer to exploit “full scale” designs. At the desktop application level, it is necessary to the adoption of designers to easily integrate into the virtual context without bringing forward new software workflows. Both of which offer the designer the power to translate 3D geometry with surface textural maps (see the video above)

Photorealistic VR and Augmented Conditions

I imagined while using VR solution of this kind, there would be a blank canvas you would be using for drawings and modeling. I could assume that the preference is to work on a project in a photorealistic rendering made possible by VR.

Using various augmented reality applications as well, together with smartphone sensors, geolocation of projects in the design software and “publishing” to the correct place is made possible, which is viewed with the augmented reality software.

What Does the Future Hold?

Several VR and AR technologies have been leveraged for application in design and construction processes on selective office projects. Using the building information model of the project, one not only coordinates building design and the systems but also share with the client a deeper comprehension of the project through the use of VR and AR technologies available.

If you have a further interest of VR in architecture, I would recommend watching a TEDx talk by Gunita Kulikovska. She is also pointing out an issue between clients and architects.

Shortcomings

While this technology successfully immerses the user in the virtual environment, the user, however, is left incapable of interacting with the physical environment itself.

Another challenge involving incorporation of these technologies into a consistent workflow, is a lack of native support for the hardware across the multiple design platforms that are currently in use. So far these products are platform specific, protocols have to be custom designed for each use of the device. What I mean by that and if you have tried VR before is, for example, each hand gestures  are not set as default (or being recognized),  they have to be created.

These challenges (and probably many more) sure stick out, however, they will be addressed with constant improvements within VR an AR. I’m starting to questioning if we even want to solve the feeling of being incapable of interacting with physical space?

This blog post originally appeared on LinkedIn.








Opportunity to tackle a problem that Danske Bank is facing

On Saturday afternoon at Copenhagen Startup Weekend we will have two mentors from Danske Bank. They will be there to give a feedback on fintech ideas that attendees will work during the CPHSW weekend. Danske Bank also provided with two issues that are currently looking for a solution. This is a great opportunity to tackle a real problem that Danske Bank is facing  and potentially solve a pain on the market.

Here are two challenges from Danske Bank:

Digital advisory model

Small and medium sized enterprises (SME)  have a strong need to know their financial possibilities as to react to growth, changing business environment, challenges and opportunities. The service model of banks is moving rapidly towards digitalisation. How can we combine these two and we help clients understand their company’s business and industry risk/opportunities and thereby provide transparency about financing possibilities – purely digital?

Ideas

  • Which kind of external public data is it possible to procure? How can it be extracted from e.g. pdf formats?
  • Which kind of public data would be suitable to exhibit and for what other purposes could the data be used?
  • Which kind of data do companies desire and how can it be presented in a useful manner?
  • Is it possible to indicate a score/quality/benchmark etc. based on the above?

Bankruptcy predictor

Can you predict bankruptcy or fraud based on external non-financial information and how can you present this information for benefit for suppliers, customers, banks, authorities etc.?

Ideas

  • Does the ownership structure of the company distinguish information for better prediction?
  • What impact has management and boardmembers experience?
  • Can recurrence of companies working at the same address have anything to say?
  • Are certain networks of suppliers, customers, ownerships more prone to bankruptcy?

Organizer of the Danske Bank challenge is our CPHSW partner Copenhagen Fintech Innovation and Research – CFIR. For any questions related the Danske Bank challenge please contact business consultant Annine Nordestgaard Bentzen – anb@cfir.dk​​

About Danske Bank

Danske Bank Group, headquartered in Copenhagen, is the largest bank in Denmark and one of the leading financial enterprises in northern Europe. We offer a full range of banking services, with an emphasis on retail banking.

Danske Bank is organised in three business units – Personal Banking, Business Banking and Corporates & Institutions – that span all of the Group’s geographical markets.

We are a reliable and dynamic partner for our clients and strive to set new standards for wholesale banking in the Nordic region. Our international presence in 13 countries means that we can be the natural gateway to the world for Nordic companies and the entry point to the Nordic markets for multinational companies.

For any questions related to Copenhagen Startup Weekend event please reach out to copenhagen@startupweekend.org

CPH Startup Weekend is on social media as well. Follow us on Facebook, Twitter @cphSW and Instagram @cphsw

Follow #CPHSW hashtag on Twitter for latest SW Finance updates during the event.

Copenhagen Startup Weekend #CPHSW Team
Copenhagen.up.co








How to make life insurance and pension services more attractive for younger audience?

For most people and especially for the younger generation, life insurance and pension is simply boring. It is high on complexity and low on interest. Most would actually rather go to the dentist than think about what happens if they get sick, die or what to do when they retire. Many have no positive relations to their pension company. They would be more excited about a new offerings from Google, Amazon or Apple than from their current provider. So the real question is how do we change that?

Nordea wants to change that. Here are some starting points to think about the issues in everyday life that you could tackle during the weekend.

  • What do the future of the life insurance and pension industry look like?
  • How can we use technology to make life insurance more relevant and easier to relate to?
  • How can we make people feel the same interest for securing their own life as securing the latest IPhone?
  • How do we disrupt ourselves?

Why should you work on this challenge you ask? Winner of Nordea challenge at Copenhagen Startup Weekend will get an invitation to participate in Nordea intensive startup week. The event will take place in Oslo, Norway in week 34. Invite-only teams with accelerator potential will be invited to participate. Participating team will receive approximately €1,500 in order to cover various expenses. The week will consist of pitch training, developing and validation of the idea and other related workshop to help you grow your startup idea. The week will end up with final pitching in from of panel of experts where Nordea representatives will decide which team will be invited to participate in the accelerator program.

Organizer of the Nordea prize is our CPHSW partner Copenhagen Fintech Innovation and Research – CFIR. For any questions related the Nordea challenge please contact business consultant Annine Nordestgaard Bentzen – anb@cfir.dk​​

About Nordea:

Nordea is the largest financial services group in Northern Europe with leading positions within corporate and institutional banking as well as retail banking and private banking. It is also the leading provider of life and pensions products in the Nordic countries.

Nordea has the largest customer base of any financial services group in the Nordic region with approximately 10 million household customers and around 0.5 million corporate customers.

Nordea Liv & Pension is one of the largest life insurance companies in Denmark offering insurance and pensions saving solutions based on the best investment funds in the market. The company serves approximately 300,000 customers on the best ways saving up for retirement and choosing relevant insurances

For any questions related to Copenhagen Startup Weekend event please reach out to copenhagen@startupweekend.org

CPH Startup Weekend is on social media as well. Follow us on Facebook, Twitter @cphSW and Instagram @cphsw

Follow #CPHSW hashtag on Twitter for latest SW Finance updates during the event.

Copenhagen Startup Weekend #CPHSW Team
Copenhagen.up.co








Kick-off Copenhagen Startup Weekend FinTech 2016

Friday 4th of March the stage will be set for the third Startup Weekend FinTech in Copenhagen. 80 entrepreneurial minds will spend the following weekend developing on their FinTech ideas. During 54 intense hours of blood, sweat and hard work the teams will prepare themselves to present their solution in front of 150 FinTech minded people and a jury consisting of 4 FinTech experts.

We are very honored that the Danish Minister for Business and Growth Troels Lund Poulsen will join the opening of Startup Weekend FinTech 2016.

In order to kick-off this key Copenhagen Fintech Innovation and Research CFIR event in a proper way, we’ve invited FinTech experts to enlighten us all on what, where and who to look at, when it comes to FinTech.

Please keep in mind that registration is needed.

Agenda:

15.00-15.10: “Opening of Startup Weekend FinTech 2016” by Minister for Business and Growth Troels Lund Poulsen.

15.10-15.30: “Creating FinTech innovation trough collaboration” by Bent Dalager, Managing Director Financial Services Nordic at Accenture

15.30-15.50: “Investments in fintech startups” (TBA)

15.50-16.00: “A Startup Weekend FinTech story” by Simon Ousager, winner of Startup Weekend FinTech 2015 and CEO at Colorfly​

16.00-16.30: Cold drinks, network and closing the venue 

16.30  : Startup Weekend FinTech registration and pitches (ONLY for Startup Weekend FinTech attendees!)

 

SIGN UP HERE!
 

kickoff event 23

What you need to know:

Date: 4th of March 2016

Time: 15.00-16.30. Registration from 14.30.

Place: Finansforbundet, Applebys Plads 5, 1411 København K

Price: Participation is free, but registration is required

Follow #CPHSW hashtag on Twitter during the event for the latest updates and get a sneak peak into what are teams up to.

For any questions related to CFIR event please contact business consultant Annine Nordestgaard Bentzen – anb@cfir.dk​​. For any questions related to CPH Startup Weekend event please reach out to copenhagen@startupweekend.org

This post originally appeared on cfir.dk For more CFIR events please click here.

Copenhagen Startup Weekend CPHSW Team
Copenhagen.up.co