MEFTI Kickoff
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In this session we kick off MEFTI - a one-week-long FinTech startup bootcamp. We cover what to expect, do some team building, and end with a challenge for the cohort to think expansively about problems worth solving in different FinTech industry verticals.
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MEFTI Kickoff
- 2. Introductions! Angel Lai Charlie Sodini Elaine Chen Marina ChanLiea Lin Colin Webb Shirley ChuGeorge Whitfield Charleston Sin
- 3. Introductions! (20 minutes) • Name • School • Major • Fun fact about you • Expectations for MEFTI 3
- 4. Human Bingo! (25 minutes) Find a different person to sign a box that tells something about them. When you have each box signed, yell out “BINGO!” 4
- 5. 5
- 6. 6 "Getting an education at MIT is like taking a drink from a fire hose.” - Former MIT President Jerome Wiesner (1971-1980)
- 8. Optional DE sessions 8 Light green sessions are optional BUT • At least one member per team must attend • Sign up sheet on google drive
- 9. Tomorrow: Shenzhen 9 Morning: WeBank • China’s first private commercial; Tencent major shareholder • Henry Ma, EVP & Chief Information Officer • Huiya Yao, Head of FinTech Innovation • Tyler Aveni, Senior Product Manager
- 10. Tomorrow: Shenzhen 10 Afternoon: Digital Experience • What is it like to live in a truly cashless society? • Mobile payment, WeChat • Cohort split into 6 groups, led by Shenzhen volunteers to experience different activities. • Groupings - check your colored stickers on badge! • Depart Shenzhen ~ 3:00pm
- 11. Tomorrow: Shenzhen 11 Logistics • Get on bus at hotel lobby by 7:30am • BRING PASSPORT / TRAVEL DOCS! • 2 groups at border crossing: – Foreign passport holders – China card holders (China / Hong Kong / Taiwan) • Wear MEFTI shirt • Eat early breakfast, bring water. Casual wear. • Back to Node by 5pm; dinner on your own!
- 12. 12
- 13. Resources: Mentors & PMR Contacts 13 Mentors • Mentorship on Thursday, August 30 | 6:30pm • 12 mentors and biographies on website • We will match unless you request by Thursday noon PMR Contacts (August 28, 29, 30 project time) • 13 industry insiders, 15-minute session each • PMR list on google drive. We will provide contact info.
- 14. Resources: Readings on google drive 14 FinTech references • FinTech Overview • Analysts who write about FinTech • Articles about FinTech in China and Hong Kong • Stories about FinTech startups • Datasets
- 15. Resources: Datasets • Datastudio @ HKSTP (Stock indices) • DATA.GOV.HK • Globalfindex.worldbank.org • Kaggle.com 15
- 16. 16
- 17. Team formation • 5-6 teams of no more than 4 or 5 • Solve for diversity! • HK / MIT • Engineering / Design / Business • Hacker / Hustler / Hipster • Visionary / Get-stuff-done • More on this later • Teams formed by Monday 10pm 17
- 18. Showcase judging rubric! • Team Chemistry • Problem statement • Proposed solution • Business model & financial potential • Presentation skills • Overall Impressions 18
- 19. Work hard
- 20. Play hard
- 21. Get comfortable with being uncomfortable
- 22. Have FUN on Showcase Day
- 23. 23
- 25. 25
- 26. Think big Think impact Make a difference 26
- 27. AUA (Ask Us Anything) 27
Editor's Notes
- Charlie starts us off (insert any slide between 1 and 3)
- Marina MCs introductions
- Marina MCs 1x1 intro activity. Who has 0? Who has < 10? > 10? > 100? How? Competition vs. collaboration. Higher wins for all when we collaborate.
- Marina MCs 1x1 intro activity
- The Ray and Maria Stata Center or Building 32 is a 720,000-square-foot (67,000 m2) academic complex designed by Pritzker Prize-winning architect Frank Gehry
- Marina talks about the week, foreshadow PMR on Wed… (also foreshadow the logistics, whatsapp, landing page, google drive etc) 10pm close each night with overnight on Aug 30 (Thurs)
- Marina WeBank: China’s first online-only commercial bank, Tencent is major shareholder Integrates with Wechat. Intro Product and Fintech strategy WeChat intro reading on g drive
- Liea
- Liea
- How to use? Leverage both primary and secondary research
- MEFTI fintech resources
- Getting high quality financial data is tricky but here are some sources
- George
- Marina
- Marina
- MEFTI stands for MIT Entrepreneurship and FinTech Integrator. It is a one week long fintech startup at the very end of the summer, the week before the fall semester begins. Before we get into the details, let’s talk for a moment about why we do a FinTech bootcamp in HK. Very simple: China is the most happening economy where it comes to FinTech. According to KPMG, 5 of the 10 top FinTech innovators, worldwide, are based in China. A mainland Chinese person can conduct their entire lives on WeChat. Hong Kong has a storied history as the financial hub of Asia, and it is a gateway to China. Hong Kong is also in close proximity to Southeast Asia, where there are 500-700m people who are unbanked, without access to credit, and generally underserved. These countries have the possibility of leapfrogging the traditional financial services and going straight into the 21st century with things like mobile payments and alternative credit scoring mechanisms, that will help improve financial inclusion for all. And so, if you want to look at the cutting edge stuff that’s happening, look to the north. If you want to look at ways to provide financial inclusion for the unserved, look to the south. It’s hard to find a more geographically relevant gateway to explore FinTech in the APAC area.
- Any questions?