246: Evaluating FinTechs: Performing Due Diligence on Startups and Emerging Technologies w/ Andy Atkins

When we hear about 'fintech' providers, most of us immediately think of a quickly shifting ad diverse landscape of startups – highly innovative companies, some of which are here today and gone tomorrow. If partnering with a fintech is even on your company's radar screen, how can procurement develop a reasonable strategy for such an unpredictable industry? I'm joined today by Andy Atkins, a professional commercial contract manager with a decade of experience negotiating and drafting complex financial, information technology and telecommunication agreements. He is an IACCM Certified Contract and Commercial Manager as well as a Certified Professional in Supply Management and Certified Professional in Supplier Diversity by the Institute for Supply Management (ISM). His broad array of industry experience has empowered him to become a subject matter expert in supplier management, including intricate multi-million-dollar transactional agreements. Andy recently authored an article for IACCM's Contracting Excellence Journal titled, 'The 'FinTech Five' – Mitigate Risk by Focusing on Five Clauses' (see link below). It caught the attention of the AoP team, and we brought him on the podcast to discuss the fintech industry (and more) for a broader procurement audience. In this conversation, Andy covers points such as: • What is fintech (or financial technology), and how mature are the providers in the market? • How to perform due diligence on startups, regardless of the product or service they provide. • What are the differences between procurement in highly regulated industries such as financial services and pharmaceuticals and managing spend in less regulated industries? • The importance of understanding your customers' perspective – no matter what industry they are in. • How procurement can be seen as a value-add rather than an internal roadblock by earning the trust of stakeholders and decision makers. --- Today's discussion does not condone nor condemn the investment, business relationship, acquisition or trading of any equity directly related to a financial technology company or entity. This podcast discussion is strictly for educational purposes and is not for legal or financial advice. The opinions represented here do not necessarily reflect those of Andy's current or previous employers and Andy is speaking today on his own behalf without further representation.