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ING opens innovation studio for fintech startups

Dutch bank ING is inviting early stage Fintech startups to join their innovation studio program. With this corporate accelerator program startups get access to ING mentors and experts, workshops and training, in return for giving ING a small stake in their company.

Anyone following the startup scene knows that technology is disrupting traditional financial institutions. This creates opportunities for new startups and initiatives that support these startups, such as Startupbootcamp Fintech and Holland Fintech. For traditional institutions like ING this means that they have to adjust rapidly to changing circumstances. Like other corporates have done before, ING is willing to learn from external parties through open innovation. They announced today that they are searching for external startups to join their corporate accelerator program, called innovation studio.

Added value

ING ‘s announcement to collaborate with and invest in startups follows other companies. Companies such as Eneco, Sanoma and KPN have started similar initiatives before, with mixed results. TMG just announced that they are closing down their program. These past experiences show that the quality of the program is important: accelerator programs only add value if they can truly accelerate the startups that commit to the program. So how is ING doing?

For a traditional bank like ING, the step to be more approachable for startups is an important step in the right direction, and the program seems to offer value, especially for early stage startups that would like to get in touch with ING.

Target startups

The target group for the innovation studio is early stage startups. “We see a strong opportunity for teams in our program to integrate within ING or continue with other accelerator programs such as Rockstart or SBC.” says innovation driver Willem Schellekens. The innovation studio would thus function as a growth step early in the process, before accelerators such as Rockstart and Startupbootcamp.

Application

All information about the program is published at the official page with the promising URL www.innovationstudio.ninja. Applications are open until August 14.

 
Image provided by ING Innovation Studio

Sieuwert van Otterloo
Sieuwert van Otterloo is IT expert by day and startup enthusiast by night. IT expert via Softwarezaken | innovation expert via Node1 | editor and cofounder of StartupJuncture | member of StartupDelta | startup investor. Reach out to Sieuwert via otterloo @ gmail .com

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