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- What is proof-of-concept?
- PoC is used to test the idea of a certain technical feature, one part of the system or the general design of a product, and check if it is viable to do some specific tasks that are required of it;
- PoC is used to prove that it is possible to apply those ideas;
- PoC can represent not just one, but a couple of different processes with their own separate objectives;
- PoC could be used to test something on just one part of the product, or to check if two separate systems, or parts of the same system, can work together;
- PoC shouldn’t have all the features as the final product, not even as the proto-type;
- PoC is used before it is tried in practice with a fully working prototype;
- The main goal of PoC is to prove that it is actually possible to develop an idea and include it as part of the final product
Task: You are running your own Reg Techstart-up and due to the high volume of new regulatory changes introduced over the last years you are screening the financial industry market, and other industries, looking for business opportunities. Based on what you know about financial markets, other industries, the RegTechlandscape and the risks associated with its implementation, you must develop a PoC and/or a prototype of an idea that you think might have an impact in the specific industry. This idea should represent a solution for a specific problem that should be clearly identified, justified and analysed.
Your final PoC or/and prototype should consider the above information and answer the following questions:
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- Is your solution capturing real-time data in context? Carefully explain why and how?
- Does your solution consider legacy integration? Carefully explain why and how?
- Does your solution contemplate the trade-off between implementing the solution and a friction lesson boarding? Carefully explain why and how?
- Is the data in your solution bulletproof? Is the shared database immutable and all parties can trust that nobody can change the data it contains, as in a blockchain?
- Is your solution ready to smoothly integrate future changes? How is it prepared to do so? Who can integrate the necessary changes?
After submitting your project there is a possibility of presenting your idea to a group of people (for example, VCs, central bankers, bankers, etc.) who is potentially interested in financing your enterprise. These guests are very busy people so make sure you include a one-page summary of your PoC at the beginning of your submission for the guests to read before your presentation.
