2. People
• “Net generation”
• 24x7 “mobile” workforce
• Informal learning via SNS
• Sharing not owning
• Sustainability
• Gigs, not jobs
Technology
• Broadband/wifi
• Smart phones
• Cloud, fog
• Internet of Things
• Data/AI/ML/NN
• Autonomous vehicles
• Smart robotics
• VR/AR/Holography
• 3D printing/ALM
• Blockchains
Open Source
• Software
• Hardware
• Physibles
Convergence of…..
Finance
• Microlending/microfinance
• Crowdfunding/equity/P2P
• Cryptocurrencies
• Blockchains & smart contracts
• Mobile money and payments
• M2M and R2R payments
3. Digital is the main reason
just over half the Fortune 500 companies
have disappeared since the year 2000.
-Pierre Nanterme, CEO Accenture, 2016
Yet..Digital disruption
has only just begun.
4. The commodification of banking
In 2000, the U.S. cash equities trading desk at
Goldman Sachs’s New York headquarters
employed 600 traders, buying and selling
stock for large clients.
Today there are just 2 traders left.
http://www.nanalyze.com/2017/02/artificial-intelligence-investment-banking/
9. Four forms of crowdfunding
Form Benefits for funders
Donation-
based
Donation Intangible benefits.
Reward-
based
Donation or pre-
purchase
Rewards in addition to
intangible benefits.
Equity-based Investment
Return on investment if
company does well. Rewards
sometimes also offered and
intangible benefits may motivate
too.
Loan-based Loan
Repayment of loan with
interest. Alternatively intangible
benefits if loan given interest-
15. https://bitcoin.org/bitcoin.pdf
“…an electronic payment system based on
cryptographic proof instead of trust, allowing any
two willing parties to transact directly with each other
without the need for a trusted third party.”
16. Institutions
EmergentCollective
VS
E.g., Central Bank
~ Long-standing financial
institutions and regulations
E.g., Bitcoin Community
~ Self-organizing community of strangers
across globe connected through Internet
Teigland, Yetis, Larsson 2013
17. - Andreas Antonopolous
Saying that Bitcoin is a currency
is like saying that the internet is email.
Currency is just the first app!
http://startusingbitcoin.com/blog/1-what-is-bitcoin/
19. Time will tell…..
The Blockchain is the glue that is going to
drive a productivity revolution across the
globe on par with what Henry Ford did
with the automobile.
— Paul Brody, Americas Strategy Leader,
Technology Sector, Ernst & Young
20. FinTechs moving in on traditional bank territory
Inspiration from CB Insights, SEB base webpage slightly modified to make more room
21. In just the past few years in Stockholm…
Company Founded Business
Klarna 2005 E-commerce payment services
MyLoan 2006 Loan broker
Trustly 2008 Online payments
iZettle 2010 Mobile payments
FundedByMe 2011 Crowdfunding, crowd equity
Kivra 2011 Digital mailbox
Tink 2012 Personal finance
Safello 2013 Cryptocurrency exchange
KnCMiner 2013 Cryptocurrency mining equipment
Toborrow 2013 P2P lending for companies
Cryex 2014 Cryptocurrency clearing house
22. Steady growth in Greater Stockholm Region
https://www.hhs.se/contentassets/0602629cbe1e4d7ca1e2a30948a48a61/stockholmfintechreport2018v2.3.pdf
Gromek et al., 2018
23. Gromek et al., 2018
https://www.hhs.se/contentassets/0602629cbe1e4d7ca1e2a30948a48a61/stockholmfintechreport2018v2.3.pdf
Stockholm FinTech
24. 1950 1960 1970 1980 1990 2000 2010
1959,
Bankgirot
founded
1985, Swedish
financial and credit
markets deregulated
1968, World’s first
online ATM in
Sweden
First wave of electronic trading
software companies emerges
2003, First
BankID issued in
Sweden
1990s, Sweden invests in Internet
infrastructure, today country with 3rd
highest Internet penetration
2010, iZettle
founded
2010, Neonet
$160M exit 2014,
iZettle
raises
$55M
2014, Klarna raises
$125M in PE
1967, First ATM
installed in
Sweden
1984,
Optionsmäklarna
(OM) opens in
Stockholm, Sweden’s
first stock option
market, electronic
trading introduced
2012, TriOptima,
$160M exit
2005, Klarna
founded
1998, Merger
between
Stockholm’s
Stock Exchange
and OM
Stockholm
2007, NASDAQ
acquires OMX Group
Unicorns such as Skype, King, Spotify
and Mojang founded
2014, FinTech
Funding in
Stockholm
Explodes
Long history of “FinTech” in Stockholm
http://www.slideshare.net/eteigland/stockholm-49722748
26. 27
A taxonomy of agglomeration
Agglomeration of economic
activity in general
Transaction
efficiency and
flexibility
Innovation and
upgrading
• Ullman, Krugman:
”Manufacturing belts”
• Pred, Myrdal, Hirschman:
”Metropolises”
Agglomeration of related
firms and industries
• Scott, Storper:
”Regional production
systems”
• Piore & Sabel:
”Industrial districts”
• Andersson, Florida:
”Creative regions”
• Johanisson
”Entrepreneurial regions”
• Saxenian:
”Learning regions”
• Aydalot, Maillat:
”Innovative milieux”
• Porter:
”Industry clusters”
Source: Malmberg, Sölvell & Zander, 1996
27. 28
A taxonomy of agglomeration
Agglomeration of economic
activity in general
Transaction
efficiency and
flexibility
Innovation and
upgrading
• Ullman, Krugman:
”Manufacturing belts”
• Pred, Myrdal, Hirschman:
”Metropolises”
Agglomeration of related
firms and industries
• Scott, Storper:
”Regional production
systems”
• Piore & Sabel:
”Industrial districts”
• Andersson, Florida:
”Creative regions”
• Johanisson
”Entrepreneurial regions”
• Saxenian:
”Learning regions”
• Aydalot, Maillat:
”Innovative milieux”
• Porter:
”Industry clusters”
Source: Malmberg, Sölvell & Zander, 1996
28. Entrepreneurial ecosystems
Knowledge sharing and spill-over
− Generic business processes
− Emerging technologies
− Regulations and compliance
Business model experimentation
New venture creation, scale-up
Sensemaking process
29
Sensemaking
SensegivingSensebreaking
29. Stockholm – a unicorn breeding ground
Unicorns: Private companies
valued at more than USD 1 bln
www.slideshare.net/eteigland
30. Technology with a focus on the User
LinkedIn Stockholm Economic Graph 2015
Stockholm’s top industries Stockholm’s unique skills
31. Strong “pay-it-forward” culture
“Stockholm has accumulated a high
degree of entrepreneurial
experience that continues to be fed
back into the ecosystem.”
- Stockholm entrepreneur
“I really think that there is something special here in Stockholm
that I haven’t seen anywhere in the world. I came here with no
networks and less than six months later, I have an extensive
network in the Stockholm startup community.”
- Hong Kong entrepreneur