Rethinking Innovation from the Inside Out: Evan Schnidman's Vision for Fidelity Labs
From Academic Curiosity to Fintech Innovation:
Evan didn't set out to become an entrepreneur. His journey started in academia - pursuing a PhD in political economy at Harvard, where he was deep in game theory and small group decision-making models. While researching how the Federal Reserve communicates with markets, he became increasingly frustrated with how little structure or objectivity existed around analyzing central bank statements. So, he built it.
What began as a research methodology turned into Prattle, a startup that used natural language processing to quantify "Fed-speak" and other market-moving language. He didn't plan to commercialize the idea - at least not at first. But the more he tested it, the more he realized the market wasn't just theoretical. There was real demand, even if the initial customer base was smaller than he expected.
“Too many people focus on solving their own problem and not enough on understanding the market size”
— Evan Schnidman, Head of Fidelity Labs
That first company gave him a crash course in product, sales, and investor management. It also gave him his first hard lesson: predicting behavior isn’t the same as building a business. The insight behind Prattle was directionally right, but the market was narrower than he’d hoped. Still, the experience taught him how to turn a vague idea into a venture - and when to move on.
After leading Prattle to acquisition, Evan went on to advise dozens of companies and served as a fractional CDO and AI strategist. But he never stepped away from building entirely. His academic instincts - to test, refine, and rethink - carried into every role.
Eventually, that mindset led him to Fidelity Labs, where he now leads innovation across one of the world’s largest financial institutions. Instead of chasing academic insight or startup traction, he’s now focused on creating real-world impact - at scale.
Lessons in Leadership
Leadership in a startup often looks like rapid decisions and fast bets. But sometimes, the ones you say yes to too quickly can become distractions.
One example? An acquisition Evan led at Prattle early on. The logic was sound on paper—they wanted to double down on macroeconomics. It would boost cash flow and expand reach.
But in reality, it meant trying to run two completely different businesses at once. It became an 18-month distraction. His reflection?
“Synergy is more important than rapid economic growth.”
— Evan Schnidman, Head of Fidelity Labs
It’s a reminder for any founder: don’t just ask if an opportunity is good. Ask if it fits.
Building the Future at Fidelity Labs
Today, Evan leads Fidelity Labs - a role that sits at the intersection of innovation and infrastructure.
He was drawn to the role because it checked three key boxes that every entrepreneur should consider:
- Long time horizons
- Access to resources and customers
- Distribution
“A lot of people are building great products, but can you actually commercialize them?”
— Evan Schnidman, Head of Fidelity Labs
That’s the hard part. And it’s where Fidelity’s unique position comes in.
As he steps into leadership, he’s bringing a more hands-on approach. He's focusing on real prototyping, quicker iteration, and a venture studio model with centralized support functions. It’s a shift toward building to learn, not building to present. Evan describes it as “moving from slide decks to software.”
Whether the end goal is internal transformation or a spin-out-ready business, he’s building a model that supports both paths - leaner, faster, and more interconnected. By adding shared legal, finance, and growth services, he’s freeing up teams to focus on what matters: the product, the user, and the experiment.
In his words, it’s about building faster - and smarter.
AI and the Future of Fintech
We couldn’t talk about innovation without touching on AI. The biggest value of AI, Evan believes, isn’t just in the outcomes - it’s in the process.
“AI is the engine. Data is the fuel. You can't fly a fighter jet on low test gasoline; you need high quality jet fuel”
— Evan Schnidman, Head of Fidelity Labs
So, the real opportunity isn’t just building with AI - it’s building with the right data. That means investing in clean, structured, accessible data systems from day one. At Labs, AI isn’t a buzzword. It’s a tool to accelerate learning and prototyping, not a shortcut to skip them.
When asked about underappreciated trends, Evan doesn’t hesitate. One being the generational transfer of wealth. Fidelity is uniquely positioned in this shift, with deep ties to products like 401(k)s. But it’s not just about the assets - it’s about what the next generation expects from financial services.
Another trend: the growing gap between private and public markets.
“The average time a company stays private has significantly increased"
— Evan Schnidman, Head of Fidelity Labs
That shift is creating pressure to build better private market infrastructure. Right now, it’s optimized for top investors. But Evan sees an opportunity to democratize access - to bring new services and solutions to the middle of the market, where IPOs don’t always make sense.
For the First-Time Founders
We ended with some advice for the next generation of builders.
“It never gets easier. You just get better at dealing with it.”
— Evan Schnidman, Head of Fidelity Labs
Every phase brings new complexity. But if you’re learning - and growing with it - you’re on the right path. Evan’s story isn’t about one big breakthrough. It’s about sharpening instincts through trial and error, zooming out to spot the broader market, and knowing when it’s time to pivot.
He went from building based on a thesis to shaping the way one of the largest financial institutions approaches innovation. And in between, he learned what makes ideas stick - and what makes them scale. If there’s a lesson in all of this, it’s this: Success comes not from building the “right” thing, but from asking the right questions, again and again.
About the Author:
Sophie Almé is a Product Management intern with Fidelity Private Shares, a startup in Fidelity Labs. As part of her summer internship, Sophie conducted an interview with the new Head of Labs, Evan Schnidman, for a deep dive into his role, experience, and how an unexpected journey into entrepreneurship drastically changed his career path. Sophie is currently studying Finance and Business Analytics at the HULT International Business School. With a strong interest in tech, venture capital, and private equity, she brings a thoughtful lens to emerging trends. Outside of work, she enjoys running and horseback riding.
Find Sophie's LinkedIn profile here.