mit future commerce fintech innovation€¦ · mit future commerce fintech innovation david shrier...
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US$ 20Bn potential mid/back office cost savings from DLT & other fintech
Source: Santander InnoVentures
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600 millionnew jobs needed due to 15-year population growth forecast
World Bank Estimate, 2015
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4 of 5 new jobs are created by small & medium enterprises
(SME)…
IFC
…but world’s 200m SME’s are underbanked by
US$ 2.6 trillion
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people are unbanked globally
World Bank Estimate, 2015
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Meeting the Challenges
• Challenge: US$ 20billion disruption in financial services industry
• Challenge: 600 million new needed (mostly Asia and Africa)
• Challenge: 4 out of 5 new jobs are created by SME’s… but SMEs have US$ 2.6 trillion credit gap
• Challenge: 2 billion “unbanked” people
Response? Stimulate a global wave of fintech innovation
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foundations
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MIT’s Mission
• Address humanity’s grand challenges
• Advance the frontier of human knowledge to make this possible
• Train the leaders of tomorrow to fulfill this promise
• We can only accept a fraction of the students who apply
• We can’t do it alone – to solve problems for billions of people, we need everyone working together
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Universities
ESTABLISHED 1088 AD From Wikipedia
Bologna, ItalyLecture, Circa 1308 AD
9MIT Office of Digital Learning | odl.mit.edu
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1st principles
fMRI reveals how the brain works and how learning really can be effective
Science of learning…
…not just art
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1st principles (cont’d)
• Sociometrics
• Allen Curve
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hands on exercise
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What is the world’s biggest problem that fintech can solve, and how?• Turn to your neighbor
• Take 5 minutes• What the world’s biggest problem is that fintech can solve?
• How can fintech solve this problem?
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Deconstruction (what did we just do?)
• Small teams
• Peer interaction
• Stimulate saliency centers of the brain by asking questions and making you answer
• “cold calling” to stimulate alertness
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the online transition
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@ MIT (on campus)
• Over 4,000 students in 17 years
• Project based teams
• “Worked examples” of successful entrepreneurs
• Personalized pedagogy
BY THE NUMBERS
• 450+ on-campus students per year• 12+ classes and workshops offered• Hundreds of projects explored• 20-30 companies / year
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Online – how can you replicate this?
80 professors for parity
How do people collaborate ata distance?
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New platforms to research innovation
Rhythm project
• Breakout
• Slack analysis
• Groupware tools
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New models
• Coaches & Mentors
• Meetups
• “Live” sessions
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dynamic digital learning with a“high touch” model
20
personalizedcoaching
high quality video production
multimedia assets
novel MIT-developedgroup collaboration
technology
confidential
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Guest experts from around the world
Over 35 guest experts ranging from the Chief Fintech Officer of Singapore’s Monetary Authority to the Chief Digital Officer of Citi Group, including…
Brad BurnhamCo-Founder and Partner,
Union Square Ventures
Chris LarsenCEO and
Co-Founder, Ripple
Jeremy AllaireFounder and CEO,
Circle
Peter ArvaiCEO and Co-
Founder, Prezi
Deven SharmaFormer President,
S&P
Valery VavilovCEO, BitFury
Rene ReinsbergFounder, Locu, and
VP at GoDaddy
Richard CraibFounder, Numer.ai
Michael CaseySenior Advisor, Digital
Currency Initiative at
MIT Media Lab
Philip EvansSenior Advisor, Boston
Consulting Group
Stan StalnakerFounding Director, Hub
Culture and Ven Currency
Christine LoredoVP Yodlee
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Cultivating entrepreneurship
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Global audience
AVERAGE AGE: 40•130+ countries
• Student satisfaction 500+% greater
•1,300+% higher completion rates
•50+ companies started in 9 months
• Course fees funded fellowships (student support) and further learning innovation on campus
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24
Research results: prediction markets
S&P 500 prediction? within 0.1% of actual
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Research Results (cont’d)
• Analysis under way on team interaction and remote dynamics
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For future consideration
•How can we design digital learning experiences that surpass the in-person classroom?
•What will the institution of learning look like in the future?
•How can we inspire our students to solve the problems of today…and tomorrow?
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VisionaryFuture.com
Frontiers ofFinancialTechnology
Trust::Data
David ShrierManaging Director