Officially dubbed the FinTech Innovation Lab, the 12 week boot camp offers free office space and consulting for six startups courtesy of Accenture the New York City Investment Fund, who want to expand its role in the NYC tech scene. The stated goal of this latest venture from the investment fund is to cultivate a financial services company that’s beneficial for Wall Street’s institutions.
The boot camp is now open to entrepreneurs with early stage technology that can be applied on financial services. It is widely believed this new initiative will seal a profitable marriage between Wall Street and New York’s tech street, so to speak.
To further entice interested participants, financial heavyweights have been brought in like Bank of America, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street and UBS.
Also participating are several prominent venture capital firms such as Contour Venture Partners, Polaris Venture Partners, Rho Ventures, RRE Ventures, Village Ventures and Warburg Pincus.
New York City Investment Fund President Maria Gotsch had this to say: “New York should be a more prominent player in financial service technology…We are trying to make sure it does.”
Those interested in submitting proposals have until January 31, 2011. The program climaxes on July the same year with an awarding ceremony for the best performing startup. Get to know more about this program at fintechinnovationlab.com
UPDATE: The FinTech Innovation Lab is sponsored both by the New York City Investment Fund and Accenture jointly. We apologize for the error.