Twitter feed: MIT Enterprise Forum on NYC Innovation
There was some really great discussion at the MIT Enterprise Forum covering NYC innovation in Financial Technology last night at Microsoft. All the speakers really knew their industries, and didn’t pull any punches about what worked, and what did not, when they were starting up and growing their financial technology businesses in NYC.
We have photos and video coming, but in the meantime, the cleaned up twitter feed from the event is available below.
At MIT enterprise forum – just kicking off now with Selerity (CEO Ryan Terpstra), Axial Market (CEO, Peter Lehrman) Minyanville (CEO Todd Harrison), and TradingScreen CEO (Philippe Buhannic) are on the panel, moderated by MarketWatch Founder Larry Kramer.
Selerity CEO Ryan Terpstra: started his first company during his senior internship
AxialMarket CEO Peter Lehrman creating a platform for ” … smaller… bootstrapped companies…” looking to sell their business.
AxialMarket’s Lehrman Fun fact: Started in a private equity shop looking at testing and measurement firms.
AxialMarket CEO Peter Lehrman “Most private deals used to happen by happenstance…”
Minyanville CEO Todd Harrison “I’m an accidental entrepreneur…”
Minyanville CEO Todd Harrison: Was called into his finance professors office and accused of cheating. Showed that he aced the test on his own. Professor recommended him for a number of internships and he took the one with a name he recognized: Morgan Stanley.
Minyanville CEO Todd Harrison – fun fact: Had trouble understanding the business when he first started, but endeared himself to Morgan Stanley co-workers by making them salads.
Minyanville CEO Todd Harrison on exciting career moves: Went to Galleon after Morgan Stanley
Minyanville CEO Todd Harrison: Told Jim Cramer to short tech in 2000
Minyanville CEO Todd Harrison: 9/11 made me realize I was not happy.
TradingScreen CEO Philippe Buhannic Fun Fact: Came from a family of engineers. Scored 1st job because he could explain what a microprocessor was to his employer.
TradingScreen CEO Philippe Buhannic: First demo of electronic trading pre-TS “It took seven minutes to execute the trade.”
TradingScreen CEO Philippe Buhannic: Started TradingScreen out of a downtown NYC garage covered with graffiti.
Larry MarketWatch Founder Larry Kramer played Elliot Ness: helped eliminate middling at Vegas casino’s with real-time odds with early venture
Larry MarketWatch Founder Larry Kramer on birth of MarketWatch: The way to fight commoditization in providing financial data is with NEWS.
TradingScreen CEO Philippe Buhannic: “6 of the 12 top firms getting out of their own systems as fast as they can” on fintech outsourcing opportunities.
AxialMarket CEO Peter Lehrman: For fintech being in NYC is a badge of credibility. But Wall Street pays better than an internet startup.
MarketWatch Founder Larry Kramer: The only chance for news magazines is providing an accurate look ahead, not about the past.
Minyanville CEO Todd Harrison: We called Washington Mutual as a “dead bank walking” on Minyanville. They threatened to pull their ad $$$ off the site if we didn’t retract. We refused. A week later, they had gone under.
MarketWatch Founder Larry Kramer: For news now, it’s a higher standard. When you publish, it’s the beginning of the process, not the end.
TradingScreen CEO Philippe Buhannic: Gigantic regulatory impact, massive technology impact (cloud, etc.) – you have a liquidity revolution.
TradingScreen CEO Philippe Buhannic: Technology, regulation and market structure – It’s the best period to do ANYTHING in the fintech space.
TradingScreen CEO Philippe Buhannic on high-speed info and trading: two factors: fairness of access and pricing.
TradingScreen CEO Philippe Buhannic: …different levels of access (to info, pricing, trading speed) is almost certainly inviting regulation.”
Minyanville CEO Todd Harrison: Black-box trading “If we eliminate it, we’re going back in time many years.”
AxialMarket CEO Peter Lehrman on defense of new financial technologies: Many examples of firms that deliver info at low cost to folks that never had access to it before.
Minyanville CEO Todd Harrison on a liquidity event for his firm: My strategy – run a great company, and hope somebody notices you.
Selerity CEO Ryan Terpstra on liquidity event: I’m convinced you need to run your business as if it’s never going to happen.
TradingScreen CEO Philippe Buhannic on a liquidity event for his own firm: Your employees can often be the most impatient about a liquidity event.
AxialMarket CEO Peter Lehrman on Liquidity: Don’t raise venture capital if you’re not looking to build the biggest company possible.