Technology accelerator programs, which provide start-ups with the technology, funding and advisory resources they need to speed up their entry to market, are fast becoming a staple in financial services markets across the globe.<\/p>\n
\u201cIn the past, start-ups would spend a lot of time building their company\u2019s IT infrastructures which left them little time to focus on developing the high-quality products, profitable business strategies and effective marketing campaigns they needed to enter the market successfully,\u201d explains Richard Peers, director of the financial services industry at Microsoft. \u201cToday, fintech accelerator programs enable entrepreneurs to experiment with different ideas and quickly develop breakthrough products that have the potential to revolutionize the financial services industry.\u201d<\/p>\n
Microsoft offers various accelerator initiatives, including seven global Microsoft Ventures programs and the BizSpark program, which gives start-ups access to its technology stack, partners and marketing engines.<\/p>\n
Finlytics, which was established in 2006 as a joint venture with a tier-one investment bank, is one financial solutions provider that has benefited from Microsoft\u2019s BizSpark Plus program.<\/p>\n
The company joined BizSpark to help it save operational and development costs by offering its business intelligence solutions via the Microsoft Azure cloud platform, rather than on its clients\u2019 on-premises servers. BizSpark\u2019s team provided free access to Microsoft\u2019s software development tools, servers and Azure cloud platform, as well as provided expert guidance.<\/p>\n
\u201cMicrosoft reviewed our architecture and initial business strategies, and gave us the planning advice and software resources we needed to successfully transition from our old model in a shorter period of time,\u201d explains Nick Simpson, the founder of finlytics. \u201cWe have eliminated our monthly development costs and can now deliver the same reporting and business intelligence applications via a more cost-effective and scalable model on Azure.\u201d<\/p>\n
Working in collaboration with BizSpark and its Microsoft partner Level 39, a fintech accelerator based in the UK\u2019s Canary Wharf, enabled finlytics to interact with major banks, insurers and other financial services institutions.<\/p>\n
\u201cEven if a start-up had an unlimited supply of money, it would still benefit from being a member of the BizSpark program,\u201d concludes Simpson. \u201cDeploying cloud solutions in the financial services sector can be challenging due to the strict regulations, but the Microsoft Ventures and BizSpark accelerator programs are really helping startups to navigate these compliance issues, build viable business plans and bring their solutions to market quickly.\u201d<\/p>\n