23 lessons for every FinTech & AI startup that will teach you more about business and entrepreneurship than any MBA (03/2024)

#1 Customer Obsession

Prioritize customer needs above everything else and continuously seek to improve their experience.

#2 Innovate Continuously

Foster a culture of constant innovation. In AI and FinTech, this means staying ahead of technological advancements and market trends. You arent implementing AI in your app/service yet? You are already losing out.

#3 Embrace Failure

See failure as a learning opportunity. AI and FinTech ventures, often being at the cutting edge, should embrace and learn from failures. The most important thing is to learn from your mistakes and improve on them.

#4 Long-term Thinking

Focus on long-term goals rather than short-term gains. AI and FinTech companies should invest in sustainable growth and long-term value creation vs. chasing the easy gains.

#5 High-Velocity Decision Making

Make decisions quickly and adapt rapidly. In the fast-paced AI and FinTech industries, agility is key to staying competitive. In fact, its the key to staying alive. "Most decisions should probably be made with somewhere around 70% of the information you wish you had. If you wait for 90%, in most cases, youre probably being slow" (Jeff Bezos)

#6 Hiring Excellence

Hire the best talent and ensure they align with your company culture. Talent is a critical driver in AI and FinTech, where expertise is vital, so dont ignore it.

#7 Maintain a Start-Up Mentality

Regardless of size, keep the nimbleness and risk-tolerance of a start-up. This is especially relevant in the innovation-driven fields of AI and financial technology. Corporate mindset is a sin.

#8 Focus on Scalability

Build systems and processes that can scale. Scalability is a cornerstone for AI and financial technology firms, particularly as they grow or handle large volumes of data or transactions.

#9 Encourage Experimentation

Allow room for trying new ideas. Experimentation is the bedrock of AI advancements and FinTech innovations.

#10 Leverage Data

Data is the new oil. Use data to make informed decisions and update strategies. AI and FinTech are inherently data-driven, making this approach vital.

#11 Cultivate a Learning Culture

Promote continuous learning and upskilling. In AI and FinTech, where technologies evolve rapidly, ongoing education is crucial.

#12 Diversify Offerings

Dont be afraid to venture into new markets or sectors. For AI and FinTech companies, this can mean exploring new applications or customer segments.

#13 Customer-Centric Product Development

Develop products with the customer in mind. User-centric design is particularly important in AI and FinTech to ensure usability, relevance, and adoption.

#14 Embrace External Trends

Stay attuned to industry trends and adapt accordingly. AI and FinTech are fields heavily influenced by evolving technological trends. Stay on top of your game at all times.

#15 Sustainable Growth

Balance growth with sustainability. AI and FinTech companies should focus on growing responsibly without compromising future potential.

#16 Risk Management

Understand and manage risks effectively. In AI and FinTech, where there are significant regulatory and technological risks, this is critical.

#17 Strengthen Operational Efficiency

Continuously improve processes for better efficiency. Efficiency is key in AI and FinTech for maintaining competitiveness and managing costs.

#18 Build a Strong Brand

Develop a brand that resonates with customers and stands out. In the crowded AI and FinTech markets, a strong brand can be a significant differentiator.

#19 Foster Collaboration

Encourage collaboration within and outside the organization. Collaboration can accelerate innovation in AI and FinTech.

#20 Invest in Technology

Stay at the forefront of technological advancements. For AI and FinTech companies, leveraging the latest technology is often a prerequisite for success. Who does this well? Continuous investment in technology is a hallmark of successful FinTech firms.

#21 Develop a Resilient Business Model

Ensure your business model can withstand market changes. AI and FinTech sectors are prone to rapid shifts, making resilience vital.

#22 Prioritize User Experience

Offer an exceptional and intuitive user experience. In AI and FinTech, user experience can be a major factor in customer adoption and retention.

#23 Focus on Value Creation

Always aim to create and deliver value to customers. Value creation is essential in AI and FinTech, as it drives customer loyalty and business growth.

About ECEBiS

At ECEBiS you are going to understand what will change the trajectory of the financial industry. You will develop a transversal view on the forces that are shaping the future financial industry.

From payments and lending to investment and money management, tech providers are actively shaping the future of the financial landscape - even pushing the boundaries of currency itself. You might evaluate the impact of robo-advising on health management and examine portfolio recommendations from a diversified set of RAs and attempt to identify the factors behind proposed splits between asset classes.

ECEBiS is a platform in academic research on new business models and innovative products. We investigate in fast moving sectors that are reshaping the financial world of tomorrow and pioneering new ways of doing business. We want to attract outstanding ECEBiS students in finance with experiences and exposures, who intend to

Doctorate of Business Administration (DBA) in Finance (online, 3 years part-time)

• develop knowledge on challenges that shape the future of financial industry

• engage with a program that offers the convenience of online learning with the benefits of accreditation and global reach.

• raise awareness on the importance of fintech and sustainability in finance

• identify the best practices in the financial industry to spread positive changes

• Go beyond the virtual classroom and network with other ambitious executives and entrepreneurs as you expand your credibility and expertise in the world’s most transformative fields.