- Wealth PMS
This is a guest post by Mukund Mohan, on an event in Bangalore that involved technology and finance. Mukund is the Director of Microsoft Ventures, which runs a fund, an accelerator and startup engagement programs globally. You can follow his blog on startups at Best Engaging Communities.
On Sunday I had a chance to judge the #hackafin hackathon at the NASSCOM 10K startup warehouse. While many other industries are going through immense disruption globally, (Books – Kindle, Cabs – Uber, Hospitality – AirBnB) the innovation in Finance is largely at the fringes (Second Market, Angel List and smaller companies).
The Yodlee team provided a set of API’s and training for the 100+ entrepreneurs and hackers that attended the 2 day event. There were 16 teams that participated at the hackaton. My experience has taught me that hackathons that focus on a specific vertical tend to get far fewer attendees (example the travel hackathon tHack organized by Tnooz) but the level of sophistication of the apps themselves is very high.
Overall the conversion of hackathon participation to entrepreneurial ventures is fairly low (2-4%) and in India it is much lower (0.5 -1%). Which means of the total of 60+ hackathons held in India in 2013, only 7 hackathons had startups created after the event. On average a total of 23 teams participated, so about 1400 hacks and ideas were generated. Of these 1400 hacks, only 11 ended up becoming startups, which resulted in a conversion of 0.7%. The positive news is that hackers are participating in droves, with the average attendance reaching 85 developers per hackathon.
There were some very interesting ideas that the hackers presented at #hackafin. Here the top 5 that caught my eye, in no particular order.
While I think most of these won’t be actual companies, many will end up being just good ideas that are part of a product, the fact that we have so many creative folks thinking of disrupting the existing way of doing business is excellent.
Capital Mind Note: We are kicking ourselves for not attending.