Navigating the Blockchain Path: Should You Work at a Bank’s Innovation Lab or Start a Startup?
As blockchain technology continues to revolutionize various industries, individuals often find themselves at a crossroads, considering whether to join a bank’s innovation lab or start their own startup. This decision is not straightforward and depends on a variety of factors, including personal experience, priorities, and goals. Let's explore the advantages and disadvantages of each path.
Domain Expertise and Networking
Whether you are already part of a team or starting on your own, there are several compelling reasons to consider working in a bank’s innovation lab. One of the most significant benefits is the unique access to the inner workings of banking operations. This specialized domain expertise is highly valued and can be difficult to acquire from the outside.
Inside Access to Banking Operations
Working in a bank’s innovation lab provides you with unparalleled insights into how banking systems operate, including the intricacies and challenges faced by financial institutions. Understanding these nuances can be invaluable when developing and implementing blockchain solutions. It's truly eye-opening to realize how complex and broken some systems are, which is essential knowledge for creating effective and targeted solutions.
Building a Network
Another significant advantage is the opportunity to build a robust network. Working in an innovation lab allows you to connect with professionals from both banking and startup sectors. This network can be crucial when it comes to understanding industry trends, securing funding, and collaborating on innovative projects. If you call a blockchain startup and identify yourself as being from a bank, you are likely to receive a prompt and positive response, given the current industry dynamics.
Financial Stability vs. Growth Potential
Financial stability is another crucial factor to consider. A position at a bank is generally more stable than a startup, at least in the short to medium term. However, it's important to recognize that banks can also experience downturns and layoffs. The innovation lab, in particular, is often seen as a cost-saving target during such periods. This stability can provide a solid foundation and potentially offer better benefits and job security.
Intellectual Property and Ownership
If you are a tech-savvy individual or a developer, intellectual property rights can be a deal-breaker. Most banks consider everything created within their organization to be the property of the bank, even if you have made significant contributions. This can limit your ability to leverage your ideas or receive recognition for your work. The upside, if any technology is used, accrues to the bank, not the developer. This reality can be challenging if your primary goal is to own the technology you create.
Personal Growth and Flexibility
On the other hand, starting a startup offers unparalleled flexibility and the potential for significant personal and financial growth. While it may be more challenging to secure funding and navigate the complexities of a bank, the rewards can be substantial. You can maintain control over your intellectual property and potentially take your ideas to market, provided you can secure the necessary resources.
If you are already well-versed in blockchain technology, the innovation lab can be a great place to learn about banking operations and build valuable industry connections. However, be prepared to start from scratch if you decide to return to the startup world. The ability to adapt and pivot based on your priorities and goals will be crucial.
Conclusion
The decision between joining a bank’s innovation lab and starting a startup is highly individualized and depends on your specific circumstances. By weighing the pros and cons, including domain expertise, networking, financial stability, and intellectual property rights, you can make a more informed decision that aligns with your career goals and aspirations.