03.09.2018 Formation, Hackathon, Lifehacks
Why You Should Build Complementary-Skills Teams at the F10 FinTech Hackathon
F10 FinTech Incubator & Accelerator is looking for talents beyond national borders that want to reshape the finance industry together. To achieve this common goal, we highly recommend working in complementary and diverse teams with a broad skill set to create synergies for the next big thing.
At the F10 FinTech Hackathon in Singapore, attendants with backgrounds in tech, finance, computer science, management, marketing and web design come together in the heart of the ASEAN economy. The three Platinum Sponsors SIX (the Swiss Stock Exchange), Julius Baer (private bank) and Zuhlke (business innovator), as well as F10 in cooperation with corporate partners from Swiss financial institutions, each provide a challenge for the Hackathon. These challenges are related to actual problems the finance industry is facing. Teams can pick one challenge and develop innovative solutions – or realize their own ideas. We strongly recommend the participants to form complementary-skills teams to benefit as much as possible from each team member’s talents and abilities. Develop innovative solutions, learn from your team mates and exchange knowledge with people from other countries and continents. In the 48 hours of coding and ideation, you will get valuable insights into FinTech, benefit from mentoring and enhance your network.
The limitations of people’s information-processing capacity make it impossible for one individual to solve multi-faceted problems on their own. Bringing people with different know-how and abilities together, does not only compensate for the shortcomings of each team member, but also leads to more objective decisions as people from different backgrounds often also have different styles and approaches to solving problems. The main ingredients to integrate those different styles, viewpoints, and approaches into the team build are mutual trust and respect . According to the Association for Project Management, “teamworking is most effective when people with complementary skills and behaviours are committed to a common objective and method of working”.
Dodge the costly pitfalls of conformity
Besides different skill sets, teams should also aim for cultural and gender diversity as diverse teams perform better than homogenous groups. “Diverse teams are more likely to re-examine facts and remain objective constantly. They may also encourage greater scrutiny of each member’s actions, keeping their cognitive resources sharp and vigilant”, a Harvard Business Review article finds. Also, greater diversity may change the way teams digest information needed to make a decision. “Our Accelerator Programs have also shown that diverse teams perform better”, says Thomas Landis, Head of F10 FinTech Incubator & Accelerator.
The Harvard Business Review article closes with an important piece of advice that helps in achieving more diversity in teams: “Though you may feel more at ease working with people who share your background, don’t be fooled by your comfort!” The authors strongly advocate heterogeneous work groups as this may allow you to dodge the costly pitfalls of conformity, which discourages innovative thinking.
Connect with like-minded people from all over the world
Working in diverse and complementary-skills teams at the F10 FinTech Hackathon in Singapore provides a unique opportunity to get access to the latest global FinTech trends and meet like-minded people with different backgrounds but one common goal: to reshape the global finance world. You can connect with inspiring people from all over the world, make new friends and may even meet your future business partners to found a Startup with. The best performing Hackathon teams get an opportunity to start their own company as they have the chance to win a golden ticket for the Top 25 of the F10 “Prototype to Product” program worth more than 205’000 SGD. F10 FinTech Incubator & Accelerator guides and supports the selected Startups on their journey from transforming business ideas and prototypes into sellable products or services. The program members receive 6-months training in Zurich, in close collaboration with specialists and experts from various fields. F10 has been ranked multiple times among Europe’s best accelerators and incubators.