Knowing what information is important when making investment is imperative, but deciding what’s important is what separates successful investors from the average. Startup HedgeChatter is an online service that allows any investor real time analytics based on what’s being discussed on social media regarding investment.
There’s enough social media chatter discussing investment that can influence stock behavior including price and potential profit. Not only is this data clearly shown through HedgeChatter, but it also shows who those important people are.
We had the chance to talk to cofounder James Ross about HedgeChatter and here’s what he shared with us :
How did you come up with the name for your company?
Since we monitor financial chat messages we were looking for something cool and catchy. We wanted to somehow merge Hedge Funds (The smart guys wanting our service) with Chat Messages (what we are actually monitoring) and blended the two to form HedgeChatter.
What’s the very first thing you do at work everyday?
Very first thing we do in the morning is review the hottest chatted stocks from social media and report this to our members. Next we check any requests or questions from our members and respond to them.
How many people did you start the company with and how many people work for you now?
We started the company with 3 founders and have 2 part time people working for us. We just launched a few weeks ago, the response has been amazing, so we’ll be bringing on new talent shortly.
Remember the early days starting up? Maybe you can share one anecdote that describe the struggle you went through?
One of the biggest struggles we had early on was getting the right talent engaged to build our system. The backend is highly complex, although you couldn’t tell from the interface because it’s so easy to use. We engaged several companies who failed miserably. We then held a mini contest and had developers build mockup’s for us. Based on that experience we choose the right players and nailed it!
How do you handle frustration? When/how was the last time you dealt with frustration?
We mostly compartmentalize frustration internally as a process rather than an emotion. In a startup stress is high and it can consume you. Generally we’ve found frustration has 2 outcomes if not handled correctly. One is Anger and the other is Resentment, both of which can have very negative consequences if not dealt with. If any of us begin to reach anger or resentment, we schedule a meeting, call it a “clean slate”, and work through the issues. By calling it a “clean slate” it resets everyone back to normal and makes it very easy to move forward.
What’s your office environment like?
We all work remotely from our home offices. Two of our founders reside in Atlanta and the other in Dallas.
How do you picture your company in 5 years?
In 5 years we see our service integrated in the majority, if not all, of the current stock trading platforms. This is because so many people are making trading decisions based on the information they’re reading online. Social media, blogs, forums, and other content sources are driving massive influence which is what we capture and measure, as it relates to stocks. Think about it, 5 years ago Social Media didn’t have an impact on much of anything, of course that’s because half the world wasn’t on Facebook. Today, it’s an entirely different landscape.
Who or what inspires YOU?
Honestly, what inspires us the most, is the NEED to create something really freaking cool that people will say wow, “I didn’t know that was possible & thank you”.
How’d you fund this venture?
First, we personally funded the development of the backend software. After our algorithms were complete we began trading stocks, using our own service we were going to provide others with, and took those profits and built the front end. It was really exciting to see all the chatter to stock price correlations taking place. One of the challenges was to not get caught up simply trading, but to finish the project so we could offer it to others.
Got any great bootstrapping tips for the lean startups out there?
As always, find the lowest cost but most reliable service. Are you wanting to work with people that have great communication but slow delivery or people who have slow communication and accurate/fast delivery.
What would you be doing if you had one year off and $500,000 to spend?
Travel across the US and International locations to teach underprivileged kids how to utilize the internet to start a business and provide income for them and their families.
Do you consider yourself a successful entrepreneur right now? If not, what’s it gonna take to make you feel successful?
Each day I consider myself successful as long as there is forward momentum.
Website you couldn’t live without and why?
Google, because it’s my gateway to researching information.
Mobile App you’re in love with and why?
What’s the greatest thing about your company/website/idea?
It allows traders and investors to instantly understand how social media is impacting stock price. If you’re buddy tells you he’s got a great stock tip, and you use our service to instantly find out everyone is chatting about shorting it, you’ll think twice before you place that bet.
Where can our readers get ahold of you?
Whats the single biggest contributor to your success so far?
Getting in front of our customers. Great marketing has allowed us to find, attract, and build a good starting customer base.