Challenge Details

On September 21, 2011 at Sibos in Toronto, the CEOs and/or founders of 10 companies, selected by their peers and expert judges, will present to an invitation-only audience of dozens of decision makers from the world’s largest financial institutions, serial entrepreneurs, investors and media.

The two best companies selected by audience vote will each receive a $50,000 cash prize.

Applications are open now and must be completed by August 14, 2011. Public voting will remain open until August 21, 2011.

What you can win

10 applicants will be selected as finalists and enjoy:

  • The opportunity to make a 5-minute demo pitch to an invitation-only audience of financial industry players, entrepreneurs, investors and media at Sibos, the world’s premier financial services event
  • Introduction to the SWIFT Innotribe team and consideration for funded participation in the Innotribe Incubator
  • Online exposure to SWIFT’s 9,700 member organizations and introductions to members who express interest in meeting you
  • A ½ day feedback/mentoring session with competition judges
  • 2 invitations to a post-competition networking dinner to network with investors and executives from institutions like CITI,Credit Agricole, Deutsche, DNBNor, HSBC, JP Morgan, OCBC and Standard Chartered

Two winning companies will each be awarded $50,000. Not investments. Not contracts. But cash prizes to honor their excellence. Prizes will be awarded on September 22, 2011 in front of the Sibos audience of up to 8000 financial industry professionals and media.

Who is eligible to apply?

The Challenge is open to innovative technology start-ups and technology-enabled financial services companies less than 3 years old and working in areas like payments, securities, trading, social media tools, big data/data analytics, security, identity, b2b or b2b2c mobile, small business apps & services &/or IT infrastructure. Eligible applicants will be able to clearly explain why banks or other organizations in the financial industry are ideal customers or partners. 

Consulting and outsourcing firms are not eligible.

Applicants must have a demonstrable “beta” product (no concept or idea stage companies) and be able to communicate effectively about both about their business and how they can leverage relationships with SWIFT and/or SWIFT member institutions to accelerate their growth.

Companies may be physically located anywhere in the world.

There is no cost to apply or participate in the competition, but applicants must have the financial means to attend Sibos 2011 in Toronto, Canada (i.e. flights, hotel, etc.).

How to apply

To apply, just click on the 'Sign Up' link in the upper right of the home-page of this website. You'll then have access to the application, can see what's required, and edit your application at any time until you submit it. Applications are due by August 14, 2011.

How winners will be selected

Companies selected as finalists will have demonstrated the potential to deliver significant innovation and value to the financial industry. The competition administrators will review all applications to verify their eligibility. Thereafter, the competition will take place in 2 rounds.

Round 1:

Competition judges, will evaluate applications and rank each startups’ novelty/innovation, market potential, competitive positioning, execution, and team as follows:

  • Novelty/Innovation: Does this product/service present a new and novel approach to solve a problem for the financial industry?
  • Market Potential:Is the market a big macro opportunity, and does the company have a scalable business model?
  • Commercial Viability: Does the company have evidence of strong execution, defensible competitive advantage(s) and market traction?
  • Team: Does the team have the talent and expertise?

Rankings during Round 1 will be weighted between public votes (20%) and judge rankings (80%) and finalists will be announced on or around August 30, 2011. 

Each applicant will be scored by multiple judges. Applicants should provide as much information as possible so judges can make a qualified assessment, as judges will score harshly if there is no information. Judges must leave a ranking, but are not required to post feedback.

Additionally, each applicant will be provided with a public url to promote their company’s profile for public votes.

The 10 highest ranked companies in Round 1 will be invited to participate in Round 2, which will take place from 4-5:30pm on September 21, 2011 at Sibos in Toronto. Round 1 rankings will not be made public.

Round 2 and Sibos Program

In Round 2, judges and audience members (including executives from financial institutions, entrepreneurs, investors and the media) will evaluate the startups’ 5-minute pitches, demonstrations and Q&A responses of the 10 finalists as follows:

  • Novelty/Innovation: Does this product/service present a new and novel approach to solve a problem for the financial industry?
  • Potential Impact: Does the product/service have the potential to deliver breakthrough value to financial industry players and customer around the world?
  • Compelling Vision: Does the company have a compelling vision for how it can leverage a relationship with SWIFT and SWIFT members to accelerate its growth and impact?
  • Team: Does the team have the talent, expertise and drive necessary to realize the company’s potential?

Round 2 presentations will be preceded (from 12-3:00pm on September 21st) by a mentoring and rehearsal session with competition judges. The Round 2 finals will be followed by an invitation-only networking dinner for finalists, judges and audience members. 

Round 2 rankings will be tallied from direct audience feedback, and two companies with the highest rankings in these area will be win the grand prizes of $50,000 each, to be awarded on September 22, 2011 during a plenary session of Sibos. Following the competition videos of the finalists’ pitches will be posted online and named in a summary press release.

Who are the judges?

See the judge page.

About SWIFT, Innotribe & Sibos

SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 9,700 banking organisations, securities institutions and corporate customers in 209 countries. http://www.swift.com

Innotribe is SWIFT’s initiative to foster collaborative innovation. http://www.innotribe.com

Every year Sibos brings together influential leaders from financial institutions, market infrastructures, multinational corporations and technology partners to do business and shape the future of the financial industry. Facilitated and organised by SWIFT for the SWIFT community, Sibos is much more than a conference and exhibition. It is a unique forum to collaborate and take collective action in payments, securities, cash management and trade. With the power to draw over 8,000 participants from across the globe, Sibos is unparalleled in its reputation to reach the entire financial services industry. http://www.sibos.com

Competition rules & restrictions

  • By applying each company agrees that SWIFT may share any information it submits as part of its application with competition judges and SWIFT members or partners invited to Round 2 of the competition. Each company further agrees that all information submitted during the application process for public disclosure may be freely published by SWIFT and its’ media partners. Neither the organizers nor judges will sign nor be bound by express or implied non-disclosure agreements.
  • Votes are limited to one vote per Applicant during Round 1 and Judges are limited to one ranking in each round. Applicants may vote for their own company in Round 1. The competition organizers have the right, at their sole discretion, to take whatever action they deem appropriate to uphold the integrity and spirit of Innotribe and the competition, including the right to void votes, or recalculate votes, in the event of, but not limited to, multiple votes from the same user from different IP addresses, or votes considered fraudulent, technical failures, errors or problems occurring with the site and/or Internet services, failure of judges to perform their duties.
  • SWIFT may the application deadline in its sole discretion.
  • Finalists must be present at Sibos to participate in Round 2.

For questions or more information

Please contact the Competition Administrator by email at: challenge (at) innotribestartups (dot) com.