An open innovation framework established by the Partnership for New York City, Accenture and financial institutions spurs tech advances and economic gains.
For most business and IT executives, today’s furious rate of technology change represents both opportunities and challenges. However, at the center of everything is an issue that many struggle with: keeping up with bold innovations and noteworthy technology developments.
The nonprofit Partnership for New York City has taken aim at this issue. In conjunction with consulting firm Accenture and a group of more than 30 financial institutions—including industry heavyweights such as Ally Financial, Bank of America, Barclays, Capital One. Citi, Credit Suisse, Morgan Stanley and New York Life—it has established an open innovation framework designed to generate economic gains for the region.
Since 1996, the partnership has played a key role in promoting economic development and job creation, with a fund that is now more than $150 million. However, since 2010, the group has also operated a FinTech Innovation Lab that connects tech startups with tech experts and venture capitalists.
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