University of Utah Launches New Fintech Education Center, Start-up Incubator and Student Entrepreneur Venture Fund – TechBuzz News
University of Utah President Taylor Randall today announced the launch of yet another entrepreneurial initiative designed to increase student entrepreneurial activity and strengthen Utah’s already enviable reputation for entrepreneurship and financial technology innovation and education.
In collaboration with the Stena Foundation, whose founders are Steve and Jana Smith, the University of Utah will create the Stena Center for Financial Technology, thanks to a commitment of up to $65 million over the next ten years from the Stena Foundation.
The new center will feature industry-sponsored labs, a startup incubator, venture funds and fintech-focused degrees and certificates. Reinvestments from the venture funds are expected to ultimately fund the center in perpetuity.
Randall says pairing education with fintech is like putting chocolate with peanut butter – magic.
“The Stena Center for Financial Technology provides the opportunity to accelerate and incubate important advances in financial technology innovation and businesses that will continue to drive the fintech industry forward and cement Utah as a center of excellence,” says Randall. “This world-class center will leverage our outstanding research and education with resources that provide critical hands-on experiences for students.”
The center will work with academic units on campus to develop programs and degrees, including the David Eccles School of Business, the John and Marcia Price College of Engineering, and the SJ Quinney College of Law, as well as the Office of the President. As part of the new financial technology center program, the university recently began offering a minor emphasis in fintech. Over the next four years, U will also start offering bachelor’s and master’s degrees in fintech.
Randall continued, “We provide exceptional foundations in education, humanities, science, social and health sciences. The chance to put your ideas and knowledge into the real world is the next step.”
Center initiatives will be launched with an incubator – fintechXstudio – and venture capital funds will be made available to qualified student entrepreneurs working in fintech.
With six research-focused laboratories, industry-sponsored projects, an innovation center and student-focused investment funds, the center aims to unite education and industry to accelerate financial innovation and inclusion in Utah and beyond. The center will be led by managing director Ryan Christiansen.
“The Stena Foundation is pleased to partner with the University of Utah and other leading financial technology organizations in establishing the Stena Center for Financial Technology,” said Steve Smith, Chairman of the Stena Foundation. “This progressive center, in alignment with its strategic partners, will build on the success of the fintech community in Utah and will become an important hub for ongoing financial technology innovation and real economic impact.”
Smith is the former chairman, CEO and co-founder of Finicity, a Salt Lake City-based fintech firm founded in 2000 that was acquired by Mastercard for nearly $1 billion in 2020. He is a founding member and current co-chair of the Financial Data Exchange (FDX) . He and his wife Jana founded the Salt Lake City-based Stena Foundation as a way to strengthen economic prosperity through the basic building blocks of increased financial inclusion and access to quality education.
FintechXstudio will start with an annual cohort of ten student entrepreneurs and companies working on financial technology innovation. Students will have access to expert faculty, office space, industry mentors, technology solution partners, curated courses, prototyping tools and technology, venture capital, and the university’s global education programs. Each year, the venture fund will invest a total of at least USD 1 million in ten or more student-led fintech companies. A large part of the operating income from these investments will be reinvested in the centre.
“The Stena Center will blend Utah’s broad experience in the fintech industry with the energy and creativity of U students,” said Ryan Christiansen, Executive Director. “This unique partnership will connect fintech leaders’ workforce skills and experience with students’ passion and ideas – accelerating innovation to place Utah at the forefront of global fintech excellence.”
The center will also host an annual symposium – fintechXchange at the University of Utah. The first symposium will be held a year from now, 29-31 January 2023.
Speakers will include:
- Utah Governor Spencer Cox
- President Taylor Randall
- Finicity founder Steve Smith
- Salt Lake City Mayor Erin Mendenhall
- Jack Henry CTO Ben Metz
- Galileo CEO Derek White
- Tomo Credit CEO Kristy Kim
Speakers and sessions will focus on:
- The future of banking – how fintech affects and changes the banking sector
- Regulatory overview – a broad view of the various existing and developing regulations affecting the fintech sector
- Financial inclusion – what the fintech industry is doing to extend financial services to the under and unserved
- University research – presents ground-breaking research on fintech
The Stena Center builds on existing entrepreneurial experiences already active on campus – including the 20-year-old Lassonde Entrepreneur Institute, the Sorensen Impact Center, the Doman Innovation Studio and the Kahlert Initiative on Technology.
