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Bits of Destruction is a phrase coined by Fred Wilson of Union Square Ventures to describe the disruption that incumbents face from digital ventures whose primary costs keep falling thanks to Moore's Law.
Consumer finance has already seen successful ventures such as Mint. Will the same thing happen in the B2B markets for financial services aka the capital markets aka Wall Street?
At the 30,000 foot level, this seems inevitable. A financial transaction is simply matching buyers and sellers (or lenders and borrowers). The Internet is very good at that.
This "disruptive fintech" market is moving fast. Already $10 billion has been invested in disruptive fintech ventures. For more on the underlying trends please read this.
Not so fast....what about the massive complexity of markets such as derivatives? Don't count out the huge market power, efficiency and aggression of the incumbents? It is all about who you know, servers will never replace country club connections?
When you go below the simplistic 30,000 foot level, you have to look at specific markets such as Derivatives and IPOs and M&A. Or maybe Reinsurance or Credit Ratings or Securitization or Fund Management or Bond Markets or... These markets are complex. To do anything meaningful in these markets you need people who really understand them, who understand the nuances and the killer issues. You also need people who have profitably thought outside the box, who have seen disruptive ventures go from the "that's the most ridiculous idea I ever heard" to market dominating multi billion dollar company.
Put those people in a room, give them some flipcharts and some cocktails. Maybe some interesting ideas will emerge? Or maybe a really dumb idea gets killed early when you learn how something really works? Or maybe you meet somebody who can help make it happen?
That is the idea behind this Unconference. It is free to attend.
This is an Unconference (look it up if you have never attended an Unconference). All the participants are peers and create the agenda and the content; this is not listening politely to self appointed gurus.
We hope that this will be the first of many such meetings. At this first one we hope to uncover the subjects and the experts that we will feature in future meetings.