FiNexus Lab is a multi-stakeholder project in lines with UK Government's Digital and Industrial Strategy that will build a Leeds City Region based digital innovation laboratory. It will address consumer problems in the financial services industry based on three key pillars:
- An industry lab environment focusing on test & learn for the ecosystem consisting of access to advanced technologies, sandbox, hackathons (where industry meets start-ups), compliance protection, as well as UX testing tied into a free school / city user base
- A startup ecosystem that feeds into the wider Leeds economy and consisting of a fintech incubator
- A knowledge exchange hub for both physical and virtual networking and info depository consisting of events, conferencing, flexible meeting space, idea exchange, speed dating
FiNexus Labs addresses two key problems in the UK fintech sector
a. Lack of collaboration amongst industry, university and entrepreneurs which leads to unsuccessful products
b. Lack of support available at the outset of product development journey or the idea stage
The lab will be completely kitted out with infrastructure for advance technologies and offer full time support of experts to work on these technologies.
What’s in it for:
Solve business problems - co-locate the development team to work alongside entrepreneurs and academics.
Future Customers - Sell early to the SME’s, start-ups and other early stage companies who are part of the labs - some of which will grow into big businesses
Hiring - Recruit the best tech and academic talent from north of UK, working in the labs
Research projects - Doctoral students and professors have the opportunity to work on industry projects
Start-up incubator - An opportunity for universities to support their students in starting up
Employment opportunities - Research and graduate students have the opportunity to be employed by industry within the labs and also to work on start-ups inside the lab for summer internships
Entrepreneurs have everything to gain by being part of the labs. Selected entrepreneurs are offered scholarships to launch their ideas into a commercial venture alongside the mentoring of industry as part of the start-up incubation program.