Michal Gromek | Stockholm School of Economics (original) (raw)
Uploads
Teaching Documents by Michal Gromek
The Rise and Development of FinTech Accounts of Disruption from Sweden and Beyond
Adaptation of taxonomy in Crowdfunding. History of Crowdfunding, summary of advantages and distad... more Adaptation of taxonomy in Crowdfunding. History of Crowdfunding, summary of advantages and distadvantages for Entrpreeneurs and Investors on the example of the Swedish Crowdfunding market.
The Stockholm School of Economics and PA Consulting present The Next wave of Fintech, a sequel to... more The Stockholm School of Economics and PA Consulting present The Next wave of Fintech, a sequel to the 2015 Stockholm Fintech Report, focusing on the new InsurTech and RegTech segments. The report, which describes and quantifies the Swedish market for these segments, contains valuable insights and recommendations for decision makers at banks, incubators, startup companies, public authorities and investors.
The report reviews development in the Swedish FinTech sector, where the emergence of the two new segments InsurTech1) and RegTech2) is evident. A developed partnership between technology companies in these sectors and financial institutions has led to new, more customized financial services.
“Sweden with its low power structures and the high degree of cooperation has the potential to take the lead to be an excellent place for the growth of InsurTech and RegTech,” says Michal Gromek, researcher at the Department of Marketing and Strategy at the Stockholm School of Economics.
The report shows that investments, partnerships and acquisitions between established financial institutions and RegTech companies for more cost-effective and customized solutions are essential to the survival of the major banks over time.
“One of the most important conclusions that can be drawn based both on interviews and collected data, is that the dynamics between traditional players and startups are very good,” says Magnus Krusberg, Manager for Sweden at PA Consulting Group.
InsurTech – Insurance Technology
For players in the Swedish insurance market, the report provides many causes for optimism. A highly favorable climate prevails between insurance companies and InsurTech startups. Both companies and private customers seek new, more individually adapted and cheaper insurance solutions.
“InsurTech focuses primarily on improving the interface with customers, but also affects other parts of the value chain. The rapid development in connected devices (the Internet of Things) allows insurers to tailor insurance premiums based on customer behavior, creating cost-effective and profitable products and services,” says Magnus Krusberg.
There is also good availability of venture capital. Globally, USD 7.1 billion has been invested in the segment over the period 2012 to 2017. In Sweden, the highest-rated startup company, Bima Insurance, which provides access to insurance solutions to low-income individuals in developing countries, received a capital contribution of fully USD 74 million.
Organizations that utilize extensive informal networks, powered by the peer-to-peer structures of... more Organizations that utilize extensive informal networks, powered by the peer-to-peer structures of the Internet, enjoy the added benefit of increased innovation and better access to knowledge and collaborators.
The new report Plug in Your Network – A Review of the Role Of Informal Networks For Knowledge Sharing And Innovation is the second report from the three-year research project The Internet and its Direct and Indirect Effects on Innovation and the Swedish Economy under the leadership of Professor Robin Teigland.
The research project examines the role of networks in entrepreneurship, knowledge sharing and support between individuals. The report provides insight into the relationships between informal networks and company performance.
Some of the key findings from the report include the following:
A high level of valuable knowledge flows within companies’ ecosystems, even among competitors, due to informal networking opportunities.
A strong influential factor on the development and prevalence of informal networks is the Internet with its fundamental peer-to-peer structure by significantly increasing the opportunities for all sorts of horizontal communication and the kind of transboundary contacts, even between employees in competing firms.
There are also good indications that well developed informal networks can be a significant competitive advantage, both for firms and regions.
The project The Internet and its Direct and Indirect Effects on Innovation and the Swedish Economy is funded by The Internet Foundation in Sweden (Internetstiftelsen i Sverige, IIS). The project previously published the report, Chasing the Tale of the Unicorn – A study of Stockholm’s misty meadows, which investigated the roots of the current “unicorn” success in Sweden and its capital city of Stockholm. In early 2018, the project will also publish the book, The Rise and Development of FinTech: Accounts of Disruption from Sweden and Beyond, through Routledge Publishing.
The alternative finance industry is a young industry and there is not a universally accepted taxo... more The alternative finance industry is a young industry and there is not a universally accepted taxonomy yet to describe the different actors in the industry. In The European Alternative Finance Benchmarking Report from Cambridge University (February 2015) this issue was already addressed. The Benchmarking Report followed the taxonomy of nine categories of business that had been constructed in defining and segmenting the UK alternative finance market in previous studies. We choose to follow this taxonomy as well and focus in our research on the four following types of crowdfunding:
• Donation based crowdfunding
• Reward based crowdfunding
• Peer-to-Peer lending (where possible subdivided into consumer and business lending)
• Equity based crowdfunding
The lack of a clear taxonomy is a hindrance for research. In the documentation and information we received about the crowdfunding industry in different countries, terms are used that do not always follow the same taxonomy. Crowdinvesting, crowdlending and crowdfinance are frequently used terms but they aren’t accurately defined. At least they are not defined on a European level and have a different meaning in the separate countries. For example crowdinvesting is sometimes used as a synonym for equity based crowdfunding and sometimes it includes both equity and lending based crowdfunding to entrepreneurs. For the sake of uniformity, we tried to avoid the words crowdinvesting, crowdlending and crowdfinance and converted them.
The alternative finance industry is a vibrant industry that develops very quickly. Community shares, civic crowdfunding, real estate crowdfunding and marketplace lending are examples of the developments that take place in the industry. We didn’t include these kind of developments in this research, but we are sure that in future reports we can’t ignore these new phenomena. For now, it was a challenge enough to collect information about the four mainstream types of crowdfunding.
For this research we worked together with more than 30 experts in all the European countries and asked them to provide us with reports and data about the crowdfunding industry in their country and give us their insights and views on the industry. We also asked them to share their knowledge about existing and upcoming regulations. We want to emphasize that by no means we intent to give legal advice in this report.
Books by Michal Gromek
The Rise and Development of FinTech Accounts of Disruption from Sweden and Beyond - Routledge, 2018
The Rise and Development of FinTech Accounts of Disruption from Sweden and Beyond - Routledge
The Rise and Development of FinTech Accounts of Disruption from Sweden and Beyond - Routledge, 2018
The Stockholm School of Economics and Invest Stockholm release the third Stockholm FinTech Report... more The Stockholm School of Economics and Invest Stockholm release the third Stockholm FinTech Report today, which examines investments, the talent pool, and trends. This report reviews disclosed investments, assesses insights into the review of 3069 LinkedIn profiles of FinTech employees and provides interviews with 13 regional market leaders.
The Stockholm FinTech Report 2018 visualises, organises, as well as reflects upon changes since the last report, published in 2016. As of 2018, the FinTech Regional Ecosystem in Stockholm is considerably far more than just payments between users or lending brokerages. Not only has the types of services, products and technology gotten more sophisticated, the development of new Financial Service Startups has impacted the way in which business has been done.
“Instead of speaking to experienced compliance teams of bank employees in sharp suits, with FinTech we experienced to speak to the representatives of financial companies dressed in t-shirts representing a different compliance structure with a different angle of view and lingo.” Stig Johannson – Head of FinTech, Swedish Financial Supervisory Authority.
Numerous traditional financial players, regulators, dedicated co-working spaces, academic centres, and investors have worked towards regional FinTech synergy on different levels. The establishment of the Swedish FinTech Hub, the creation of the FinTech Innovation Centre by the Swedish Financial Supervisory Authority, or the creation of study fields related to FinTech by academic institutions has fuelled further development.
“Regional FinTech companies increased the level of sophistication of their services towards currently developing fields of Initial-Coin-Offering (ICO), Payment-Of-Things (PoT) and Green Digital Finance. We just still miss a couple of puzzle pieces in our digital ecosystem like a national FinTech agenda similar to Singapore and potential sandboxes models for companies” – says Michal Gromek, researcher at the Department of Marketing and Strategy at the Stockholm School of Economics.
Furthermore, this report reviews the potential developments in the field of Green Digital Finance, possible influences of Brexit on Stockholm or the Rise of Crowdfunding - towards mainstream services to purchase or sell Real-Estate.
The Rise and Development of FinTech Accounts of Disruption from Sweden and Beyond
Adaptation of taxonomy in Crowdfunding. History of Crowdfunding, summary of advantages and distad... more Adaptation of taxonomy in Crowdfunding. History of Crowdfunding, summary of advantages and distadvantages for Entrpreeneurs and Investors on the example of the Swedish Crowdfunding market.
The Stockholm School of Economics and PA Consulting present The Next wave of Fintech, a sequel to... more The Stockholm School of Economics and PA Consulting present The Next wave of Fintech, a sequel to the 2015 Stockholm Fintech Report, focusing on the new InsurTech and RegTech segments. The report, which describes and quantifies the Swedish market for these segments, contains valuable insights and recommendations for decision makers at banks, incubators, startup companies, public authorities and investors.
The report reviews development in the Swedish FinTech sector, where the emergence of the two new segments InsurTech1) and RegTech2) is evident. A developed partnership between technology companies in these sectors and financial institutions has led to new, more customized financial services.
“Sweden with its low power structures and the high degree of cooperation has the potential to take the lead to be an excellent place for the growth of InsurTech and RegTech,” says Michal Gromek, researcher at the Department of Marketing and Strategy at the Stockholm School of Economics.
The report shows that investments, partnerships and acquisitions between established financial institutions and RegTech companies for more cost-effective and customized solutions are essential to the survival of the major banks over time.
“One of the most important conclusions that can be drawn based both on interviews and collected data, is that the dynamics between traditional players and startups are very good,” says Magnus Krusberg, Manager for Sweden at PA Consulting Group.
InsurTech – Insurance Technology
For players in the Swedish insurance market, the report provides many causes for optimism. A highly favorable climate prevails between insurance companies and InsurTech startups. Both companies and private customers seek new, more individually adapted and cheaper insurance solutions.
“InsurTech focuses primarily on improving the interface with customers, but also affects other parts of the value chain. The rapid development in connected devices (the Internet of Things) allows insurers to tailor insurance premiums based on customer behavior, creating cost-effective and profitable products and services,” says Magnus Krusberg.
There is also good availability of venture capital. Globally, USD 7.1 billion has been invested in the segment over the period 2012 to 2017. In Sweden, the highest-rated startup company, Bima Insurance, which provides access to insurance solutions to low-income individuals in developing countries, received a capital contribution of fully USD 74 million.
Organizations that utilize extensive informal networks, powered by the peer-to-peer structures of... more Organizations that utilize extensive informal networks, powered by the peer-to-peer structures of the Internet, enjoy the added benefit of increased innovation and better access to knowledge and collaborators.
The new report Plug in Your Network – A Review of the Role Of Informal Networks For Knowledge Sharing And Innovation is the second report from the three-year research project The Internet and its Direct and Indirect Effects on Innovation and the Swedish Economy under the leadership of Professor Robin Teigland.
The research project examines the role of networks in entrepreneurship, knowledge sharing and support between individuals. The report provides insight into the relationships between informal networks and company performance.
Some of the key findings from the report include the following:
A high level of valuable knowledge flows within companies’ ecosystems, even among competitors, due to informal networking opportunities.
A strong influential factor on the development and prevalence of informal networks is the Internet with its fundamental peer-to-peer structure by significantly increasing the opportunities for all sorts of horizontal communication and the kind of transboundary contacts, even between employees in competing firms.
There are also good indications that well developed informal networks can be a significant competitive advantage, both for firms and regions.
The project The Internet and its Direct and Indirect Effects on Innovation and the Swedish Economy is funded by The Internet Foundation in Sweden (Internetstiftelsen i Sverige, IIS). The project previously published the report, Chasing the Tale of the Unicorn – A study of Stockholm’s misty meadows, which investigated the roots of the current “unicorn” success in Sweden and its capital city of Stockholm. In early 2018, the project will also publish the book, The Rise and Development of FinTech: Accounts of Disruption from Sweden and Beyond, through Routledge Publishing.
The alternative finance industry is a young industry and there is not a universally accepted taxo... more The alternative finance industry is a young industry and there is not a universally accepted taxonomy yet to describe the different actors in the industry. In The European Alternative Finance Benchmarking Report from Cambridge University (February 2015) this issue was already addressed. The Benchmarking Report followed the taxonomy of nine categories of business that had been constructed in defining and segmenting the UK alternative finance market in previous studies. We choose to follow this taxonomy as well and focus in our research on the four following types of crowdfunding:
• Donation based crowdfunding
• Reward based crowdfunding
• Peer-to-Peer lending (where possible subdivided into consumer and business lending)
• Equity based crowdfunding
The lack of a clear taxonomy is a hindrance for research. In the documentation and information we received about the crowdfunding industry in different countries, terms are used that do not always follow the same taxonomy. Crowdinvesting, crowdlending and crowdfinance are frequently used terms but they aren’t accurately defined. At least they are not defined on a European level and have a different meaning in the separate countries. For example crowdinvesting is sometimes used as a synonym for equity based crowdfunding and sometimes it includes both equity and lending based crowdfunding to entrepreneurs. For the sake of uniformity, we tried to avoid the words crowdinvesting, crowdlending and crowdfinance and converted them.
The alternative finance industry is a vibrant industry that develops very quickly. Community shares, civic crowdfunding, real estate crowdfunding and marketplace lending are examples of the developments that take place in the industry. We didn’t include these kind of developments in this research, but we are sure that in future reports we can’t ignore these new phenomena. For now, it was a challenge enough to collect information about the four mainstream types of crowdfunding.
For this research we worked together with more than 30 experts in all the European countries and asked them to provide us with reports and data about the crowdfunding industry in their country and give us their insights and views on the industry. We also asked them to share their knowledge about existing and upcoming regulations. We want to emphasize that by no means we intent to give legal advice in this report.
The Rise and Development of FinTech Accounts of Disruption from Sweden and Beyond - Routledge, 2018
The Rise and Development of FinTech Accounts of Disruption from Sweden and Beyond - Routledge
The Rise and Development of FinTech Accounts of Disruption from Sweden and Beyond - Routledge, 2018
The Stockholm School of Economics and Invest Stockholm release the third Stockholm FinTech Report... more The Stockholm School of Economics and Invest Stockholm release the third Stockholm FinTech Report today, which examines investments, the talent pool, and trends. This report reviews disclosed investments, assesses insights into the review of 3069 LinkedIn profiles of FinTech employees and provides interviews with 13 regional market leaders.
The Stockholm FinTech Report 2018 visualises, organises, as well as reflects upon changes since the last report, published in 2016. As of 2018, the FinTech Regional Ecosystem in Stockholm is considerably far more than just payments between users or lending brokerages. Not only has the types of services, products and technology gotten more sophisticated, the development of new Financial Service Startups has impacted the way in which business has been done.
“Instead of speaking to experienced compliance teams of bank employees in sharp suits, with FinTech we experienced to speak to the representatives of financial companies dressed in t-shirts representing a different compliance structure with a different angle of view and lingo.” Stig Johannson – Head of FinTech, Swedish Financial Supervisory Authority.
Numerous traditional financial players, regulators, dedicated co-working spaces, academic centres, and investors have worked towards regional FinTech synergy on different levels. The establishment of the Swedish FinTech Hub, the creation of the FinTech Innovation Centre by the Swedish Financial Supervisory Authority, or the creation of study fields related to FinTech by academic institutions has fuelled further development.
“Regional FinTech companies increased the level of sophistication of their services towards currently developing fields of Initial-Coin-Offering (ICO), Payment-Of-Things (PoT) and Green Digital Finance. We just still miss a couple of puzzle pieces in our digital ecosystem like a national FinTech agenda similar to Singapore and potential sandboxes models for companies” – says Michal Gromek, researcher at the Department of Marketing and Strategy at the Stockholm School of Economics.
Furthermore, this report reviews the potential developments in the field of Green Digital Finance, possible influences of Brexit on Stockholm or the Rise of Crowdfunding - towards mainstream services to purchase or sell Real-Estate.