PricewaterhouseCoopers (PwC), one of the Big Four auditors and a multi-bln dollar professional services firm, launched a program called “Startup Collider” in early September of last year. The program, which begins today, will support young entrepreneurs and startups working within the Blockchain and fintech industries.
What is Startup Collider by PwC?
Startup Collider, presented by PwC CEE, differs from the vast majority of startup accelerators or venture capital initiatives. Startups selected and welcomed by the PwC Startup Collider administrative team will cooperate directly with PwC, its experts, analysts and partner firms to test, implement and commercialize their technologies.
Blockchain or fintech-focused companies will cooperate with PwC advisors who will guide them through difficult hurdles such as regulatory conflicts and market penetration. More importantly, PwC connects startups within the Startup Collider program with its partner firms and clients to ensure entrepreneurs experience a smooth process of market penetration.
During the three-month program, startups and entrepreneurs will be housed in a mansion of PwC in the city of Phoenix. Mentors and advisors from the field of finance, fintech and Blockchain will visit the mansion to meet the entrepreneurs, secure connections with the startup and help young companies pave their way towards a highly competitive market of finance.
PwC CEE stated:
“The first cohort of our accelerator will focus on startups with solutions applicable to the financial sector, where you will have the opportunity to take a part in the three-month boot camp. By the end, you should have refined value propositions, business plans, processes and possess knowledge about your respective markets, client needs, regulations and many more.”
Can startups pivot away from initial products?
By the end of the program, PwC hopes to see its startups cooperate with industry leaders and introduce their technologies to mlns of users and consumers. Dissimilar to many venture capital firms or accelerators, PwC also allows startups to test their technologies with its multi-bln dollar clients and partner corporations. If startups wish to pivot away from their focal point to another market within fintech or Blockchain, PwC will support the decision.
It is important to consider the valuable proposition PwC is providing to young startups as many Blockchain and Bitcoin companies tend to pivot away from their initial products. Some popular examples include itBit’s move to Blockchain solutions and Circle’s termination of Bitcoin trading services.
While it is early to speculate what impact these unique startup acceleration programs will have on the global Blockchain and fintech markets, flexible programs allow startups to work in a friendlier and adaptable ecosystem wherein they can freely exploit the potential of their technologies.
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