MIT FUTURE COMMERCE FINTECH INNOVATION

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1 MIT FUTURE COMMERCE FINTECH INNOVATION David Shrier March 2017 connection.mit.edu

2 US$ 20Bn potential mid/back office cost savings from DLT & other fintech Source: Santander InnoVentures

3 600 million new jobs needed due to 15-year population growth forecast World Bank Estimate, 2015

4 4 of 5 new jobs are created by small & medium enterprises (SME) but world s 200m SME s are underbanked by US$ 2.6 trillion IFC

5 people are unbanked globally World Bank Estimate, 2015

Meeting the Challenges Challenge: US$ 20billion disruption in financial services industry Challenge: 600 million new needed (mostly Asia and Africa) Challenge: 4 out

6 Meeting the Challenges Challenge: US$ 20billion disruption in financial services industry Challenge: 600 million new needed (mostly Asia and Africa) Challenge: 4 out of 5 new jobs are created by SME s but SMEs have US$ 2.6 trillion credit gap Challenge: 2 billion unbanked people Response? Stimulate a global wave of fintech innovation

7 foundations

$promise We can only accept a fraction of the students who apply We can t do it alone to solve problems for billions of people, we need everyone working$

8 MIT s Mission Address humanity s grand challenges Advance the frontier of human knowledge to make this possible Train the leaders of tomorrow to fulfill this promise We can only accept a fraction of the students who apply We can t do it alone to solve problems for billions of people, we need everyone working together

9 Universities Lecture, Circa 1308 AD Bologna, Italy ESTABLISHED 1088 AD MIT Office of Digital Learning odl.mit.edu From Wikipedia 9

10 1 st principles fmri reveals how the brain works and how learning really can be effective Science of learning not just art

11 1 st principles (cont d) Sociometrics Allen Curve

12 hands on exercise

13 What is the world s biggest problem that fintech can solve, and how? Turn to your neighbor Take 5 minutes What the world s biggest problem is that fintech can solve? How can fintech solve this problem?

14 Deconstruction (what did we just do?) Small teams Peer interaction Stimulate saliency centers of the brain by asking questions and making you answer cold calling to stimulate alertness

15 the online transition

16 @ MIT (on campus) Over 4,000 students in 17 years Project based teams Worked examples of successful entrepreneurs Personalized pedagogy BY THE NUMBERS 450+ on-campus students per year 12+ classes and workshops offered Hundreds of projects explored companies / year

17 How do people collaborate at a distance? Online how can you replicate this? 80 professors for parity

18 New platforms to research innovation Rhythm project Breakout Slack analysis Groupware tools

19 New models Coaches & Mentors Meetups Live sessions

20 dynamic digital learning with a high touch model personalized coaching high quality video production multimedia assets novel MIT-developed group collaboration technology confidential 20

21 Guest experts from around the world Over 35 guest experts ranging from the Chief Fintech Officer of Singapore s Monetary Authority to the Chief Digital Officer of Citi Group, including Brad Burnham Co-Founder and Partner, Union Square Ventures Chris Larsen CEO and Co-Founder, Ripple Jeremy Allaire Founder and CEO, Circle Peter Arvai CEO and Co- Founder, Prezi Deven Sharma Former President, S&P Christine Loredo VP Yodlee Rene Reinsberg Founder, Locu, and VP at GoDaddy Richard Craib Founder, Numer.ai Michael Casey Senior Advisor, Digital Currency Initiative at MIT Media Lab Valery Vavilov CEO, BitFury Philip Evans Senior Advisor, Boston Consulting Group Stan Stalnaker Founding Director, Hub Culture and Ven Currency

22 Cultivating entrepreneurship

50+ companies started in 9 months Course fees funded

23 Global audience 130+ countries AVERAGE AGE: 40 Student satisfaction 500+% greater 1,300+% higher completion rates 50+ companies started in 9 months Course fees funded fellowships (student support) and further learning innovation on campus

24 Research results: prediction markets S&P 500 prediction? within 0.1% of actual 24

25 Research Results (cont d) Analysis under way on team interaction and remote dynamics

26 For future consideration How can we design digital learning experiences that surpass the in-person classroom? What will the institution of learning look like in the future? How can we inspire our students to solve the problems of today and tomorrow?

27 VisionaryFuture.com Frontiers of Financial Technology Trust::Data David Shrier Managing Director

THE CENTER FOR WOMEN S ENTREPRENEURIAL LEADERSHIP AT BABSON

THE CENTER FOR WOMEN S ENTREPRENEURIAL LEADERSHIP AT BABSON PREPARING WOMEN TO LEAD THE WORLD. PREPARING THE WORLD FOR WOMEN LEADERS. BABSON COLLEGE S CENTER FOR WOMEN S ENTREPRENEURIAL LEADERSHIP (CWEL)