The Annual Michigan Ross Fintech Challenge concluded on Friday, February 25th with a keynote speech from Rebecca Lee, presentations from seven finalists and an industry panel. The theme of this year’s challenge, cryptocurrency, challenged cross-functional teams from Ross, the College of Engineering and the School of Information to develop and pitch an innovative fintech solution using cryptocurrency technology. The challenge, which stretched one month, featured workshops and hands-on learning opportunities. The first-place team, Relic, took home the grand prize of $5,000, whereas second-and-third place teams Dellama and DemocraFi won $3,000 and $2,000, respectively.
Prior to the finalists’ presentations, Lee, a Principal in PwC sInternational Tax Services Group, discussed trends in the industry, including regulatory concerns, and how cryptocurrency has “gone from being a nascent technology to fully part of our financial system.” She said that moving forward, the challenge will be weighing regulations and consumer safety concerns with fostering innovation and encouraging development of new technologies .
Relic
Team members: Bryce Rajabian, Andrew Yang, Julien Faro, Mustafa Cagil Isik, and William Bonner
Over seventy Division 1 athletic programs discontinued in 2021 due to lack of funding. Relic aims to support university athletic departments through a ticketing solution that leverages non-fungible tokens (NFTs) and the Ethereum Blockchain. Under the proposed network, Relic would partner with the University of MIchigan Athletics Department to offer a limited set of special commemorative tickets for purchase. Five percent of sales would go to the university and be earmarked to subsidize non-revenue sports.
Dellama
Team members: Michael Beals, Jihee Yoon, Adam Leemans, Leen Habbal, and Anna Searle
Dellama offers a solution for the impending freelance labor boom as a result of the Metaverse. The proposed web3 labor marketplace would link the workforce with metaverse tasks that require human input, such as service jobs and testing products. Users are able to see task information, choose which metaverse to work in and receive cryptocurrency as compensation. By creating an inclusive community of users, Dellama works to ensure metaverse content is safe and verified in an affordable, efficient manner.
DemocraFi
Team members: Kelvin Chang, Jessica Zhang, Shaohua Li, Catherine Neubrand, and Caroline Hauck
DemocraFi is a solution for the future of small and midsize business (SMB) loans, using a decentralized finance platform to transform individuals into investors and connect them with SMBs. Built on the Stellar Network, DemocraFi offers a solution for the shortage of funding options for small businesses, which lack finance opportunities and are limited to bank, online and credit union loans. Its slogan, “Power to the People” aims to reflect the necessity of encouraging entrepreneurship through an intuitive and impactful funding model.