Collaboration with Nfq: what we’ve done so far

Remember our post on open innovation? Well here’s one program that has been working really well. In this post we would like to tell you how our collaboration with Nfq Advisory Services is going.

Nfq has taken innovation in-house, developing Nfq Solutions, a department that is dedicated to finding innovative technological solutions for their clients. Their managers and directors are on board, and employees are encouraged to create ideas in an entrepreneurial manner. For some time now, Nfq has also been doing collaborations with external startup communities such as Startup Grind Asturias and AsturValley, and now with us.

We started this collaboration in January of this year, and we have already done quite a few activities together.

RE[*]

The first activity was the inaugural event of Nfq’s innovation department, which was held at Tetuan Valley’s home: Campus Madrid. At this event the different sectors of their innovation department, called RE[*], were presented, divided by technology focus:

  • Big data
  • Data science
  • Artificial intelligence
  • Distributed ledger
  • Digital banking and insurance
  • Architecture and paradigms

Also at this event we presented ourselves to the Nfq community, who we are and what we do, and what the plan was in our collaboration with the company. It was great to get to meet many of the people that we would be directly or indirectly working with, and for them to know why this collaboration matters.

The finalists of the Nfq Challenge — an internal innovation competition for the employees of the company — were announced at the event and a jury picked a winner. One of our first conversations with Nfq after this event was a debrief on the event and the challenge in general, sharing what we thought went well and what could be done better next year. We also discussed possibilities of integrating prizes for their challenge with our programs at Tetuan Valley.

Tetuan Valley Shadowing

The second area of collaboration that we have been working is called Shadowing, which is a series of activities meant to facilitate the continued communication between Nfq and Tetuan Valley and our startups.

The main activity in this bundle is bi-monthly meetings at Campus Madrid where the Tetuan Valley team introduces to Nfq the way they work and shares best practices in innovation and acceleration programs. In addition, we have arranged several meetings between the Nfq team and startups at Campus Madrid, which have been very fruitful for all parties. At these meetings, the startups and Nfq show each other how they are using different technologies, and Nfq shares their expertise in the banking and insurance sector. Nfq shares how they are using cutting edge technologies to create solutions for those sectors.

So far, Nfq has met with 4 Tetuan Valley startups and at least two of them have continued communications with them. This is something that makes us really happy! Some of the startups they have met are Recogn.ai, Graphext, Datary and Leads Origins. We have also been letting the Nfq team know when there are events and meet-ups related to the technologies they are interested in, and they have already attended quite a few.

The collaboration will continue like this for the rest of the year, but we also have plans to create content together on consultant-accelerator collaborations and the use of emerging technologies both in startups and as solutions for companies. For the next month we have foreseen giving a better structure to the collaboration and continuing to explore ways in which we can mutually benefit from this relationship.