The Venture Centre, an Arkansas-based technology start-up accelerator, has signed a deal to collaborate with FIS on the creation of a FinTech Accelerator in the state. The collaboration will see the two parties deliver a 15-week intensive and highly selective programme to help bring viable FinTech start-ups from conception to sustainable accelerated growth. The creation of the centre will boost the state’s presence in innovation and entrepreneurship by attracting start-ups, while helping FIS gain access to start-ups and their talent in their initial development.
Global FinTech investment has seen considerable growth of late, tripling from $4.05 billion in 2013 to $12.2 billion in 2014, research by Accenture shows. This growth in FinTech investment can pose both threats and opportunities to banks, who, according to the consulting firm, should adapt quickly and develop a business culture to avoid losing out.The Venture Centre, a programme to accelerate the growth of technology based start-ups, was established in the US state of Arkansas in 2014, and is situated in its capital, Little Rock. The organisation was set up in reaction to the state ranking relatively poorly in the 2013 Fast Company study of states, when it ranked #37 based on innovation and #45 on entrepreneurship. The Centre, created by a group of entrepreneurs and leaders within the business community, has a pro-business approach to entrepreneurism. It aims to connect powerful ideas to viability, creating jobs and boosting the knowledge-based economy in Arkansas. The Centre has, in its first year, created 53 new jobs in Central Arkansas on the back of $1.5 million in collections for viable initiatives.