NAB to hold FinTech-focused hackathon at Sydney coworking space Fishburners
A month after announcing its partnership with Sydney coworking community Fishburners, National Australia Bank has launched its NAB Hackathon Challenge, to be held at the Harris St space on the weekend of November 27.
There are two challenges teams can work on throughout the weekend. The first asks teams what the management of money will look like in 2020, while the second asks teams to use the data, digital channels, platforms and partnerships that power NAB’s existing financial services business to create adjacent opportunities that NAB could support or enable.
Murray Hurps, general manager of Fishburners, said the hackathon will give startups the chance to focus on areas they perhaps weren’t aware of.
“Fishburners defines a startup as a company with a significant market, which uses technology to capture that market quickly. They will only target markets they’re aware of though, and often aren’t solving problems because they just aren’t aware of the opportunities,” Hurps said.
He also praised NAB for their approach to the tech and startup ecosystem. “I’ve seen a lot of corporate innovation programs, and NAB’s really is unique. They’re not just trying to find ideas. They’re not working in a bubble. They genuinely want to support new startups to help them deliver better experiences to NAB customers,” Hurps said.
The winning team for each challenge will be awarded $10,000 cash, with a $5,000 prize for second place. Winning teams will also be given the opportunity to work with NAB to commercialise the idea. They will also receive mentorship and advice from the NAB Labs and nabAPI teams.
The teams will be judged by Hurps, executive general manager of NAB Labs Jon Davey, CEO of UBank Lee Hatton, Anne Bennett, general manager of Wealth Digital and Direct Service at NAB, and a mystery VC.
Fishburners and NAB linked up last month, with Hurps saying that the bank “aligns perfectly” with the Fishburners vision. The main benefit of the partnership for the coworking community is that it is getting a customer for its startups, with NAB also given a desk at the space to work with and observe the startups each day.
With NAB having announced the launch of NAB Ventures, a $50 million innovation fund, earlier this year, the partnership also means Fishburners startups will have the opportunity to work closely with a potential investor day in and day out.
The NAB Hackathon Challenge is just one of several hackathons set to be held at Fishburners this month. HackFood, Australia’s first food-themed hackathon, is taking place this weekend. HackFood will be asking teams to identify and uncover unique technology solutions to challenges facing the Australian food industry, with the challenges including food waste, getting to market, food traceability, convenience, and healthy eating.
Image: Jon Davey of NAB Labs and Fishburners’ Murray Hurps with Fishburners members. Source: Supplied.