On Wednesday November 7th, OLC attended the November NY FinTech Startups event. The evening featured Derek Webster, Founder/CEO of LocalBonus and Matt Turck of Bloomberg Ventures.
The night started with brief introductions and explanations about what NY FinTech Startups is all about. Derek Webster, CEO at LocalBonus, spoke first. LocalBonus allows you to use your existing credit and/or debit cards to automatically earn cash back rewards at local businesses. Webster discussed how is program companies create a loyalty product for the customers. “LocalBonus prevents ‘keychain junk’,” said Webster, by making the card you already have (credit/debit card) your loyalty card. Webster also discussed how his company keeps all credit data encrypted, for security purposes. He then spoke about how he started LocalBonus. “Big companies like being risk adverse. This creates a culture of not doing things.” He explained, when discussing why he liked startup companies. Startups must build, which means trying lots of things, he pointed out. “Knowing who your customer is, knowing who your audience is, and making sure your product works for as many as possible, were some of the tips Webster offered the audience.
The second speaker was Matt Turck, Managing Director at Bloomberg Ventures. Bloomberg Ventures is the “incubator and investment arm at Bloomberg.” The company tended to create and operate start-ups within the company, but has begun to evolve. Turck is also an active mentor in the tech community. Turck gave the Domain Expert presentation. Bloomberg Ventures, as a company, believes in “long-term vision, loyalty, innovation and transparency.” Turck revealed that Bloomberg will be launching a terminal platform to 3rd party apps, starting in early December.