Just came back from Money2020 Europe.
As you guys know, I am in the FinTech events space as well with FinTechStage, with a complete different philosophy, but I must admit Jonathan and Anil really nailed it.
They manage to organize the biggest FinTech event in Europe (please, do not compare it with Sibos when it happens in Europe, that would be a mistake), and most importantly to make it in a very profitable way. Too profitable someone might say, but that’s the jealousy talking 🙂
What is more important, though, is that Money2020 is in my opinion the biggest commercial missed opportunity fo Innotribe (after the Innotribe Fund that did not happen, but that one was more long term).
I remember clearly the conversations we had about spinning off Innotribe events, associate them to the Startup Challenge and become (back in 2010 or so) the leading FinTech event worldwide.
I see plenty of reasons why SWIFT has decided NOT to do it:
- they are not an event company
- Sibos is not for profit (and they are not an event company)
- Innotribe was tolerated, back then, so beef it up was a stretch (an event company, really !?!)
- Build up an inside venture like this requires new resources not that easy to pull off
This being said, let s do a quick math:
- 3500 attendees, out of which say 2000 paid (I think was more) average 1800 EUR/ticket that makes 3.6 M EUR
- minimum booth size 20K, up to 100K
- 120+ sponsors
Money 2020 is at least a 5/6 M EUR business, at this size, and certainly they need a quite senior and extended team team to build this.
SWIFT could have done it probably with 2 people, as Innotribe team would have taken care of the content and speakers management, and most of the work could have been absorbed by the Sibos team, with a couple of new hires.
If we assume this would have scaled as I think Money2020 will, and become like 3 times bigger, this is an opportunity for SWIFT worth some low two digits of the annual gross profit (so would Sibos, probably, but harder to change a more than 40 years old setting)
Paradox of course is that it would have been an event built by the community for the community, and funding Innotribe at the same time, which IMO (In My Opinion, mum) would have avoided many of the “ROI of Innovation” endless debates.
Why am I writing this?
This is not a “I told you so” moment, which would be pointless.
It s another corporate misfits celebration, and a praise to be bolder, for everyone.
Is it a big deal NOT to do it?
Is not, until you are Kodak.
But Kodak does not happen super often, and in financial services probably even less.
I could have talked about the Digital Asset Grid, an incubated Innotribe project in 2010 (I believe) that is surprisingly identical to a distributed ledgers based identity solution backed by the whole community … someone has in mind something similar, recently built, by someone else :)?
PS for everyone reading this, I am inviting you FOR FREE in Milan at FinTechstage on May 5th 2016
Use the code PROMO100 and get your free ticket!