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Doing due diligence on a stock can be difficult and time consuming. It can also be very expensive. That’s what Joe McCann is trying to change.
He started Slingshot Insights after realizing that most investors do not have access to the kind of research that his firm was afforded.
“We sought to create a solution that would bring the same access to expert interviews, management teams, and customer surveys not just to professionals, but every investor,” McCann said. “Once we had the insight that by crowdfunding the cost of these resources we could drastically reduce the per person cost, we got started on building the company.”
In anticipation of the 2016 Benzinga Fintech Awards, Benzinga got the scoop on Slingshot Insights and how they aim to revolutionize retail investing.
Benzinga: What do you think makes you unique in the fintech space?
McCann: We are filling a void in the investment process landscape for many investors. Our competitors are extremely expensive and exclusionary. They offer their customers 1×1 consultations with experts without capturing the information shared for wider consumption. Slingshot Insights uses technology and transparency to get this information into the hands of every interested investor.
Benzinga: What’s one thing you want users to remember your company by?
McCann: The high quality of the expert and diligence resources we offer. We solved the cost and access problems with traditional expert networks, not by diluting the offering or going for “cheaper” experts, but with innovation. We want our members to know they are speaking to the same people the best institutions are on any given topic.
Benzinga: What drives you to get up every single day and work on your business?
McCann: It pains us to watch individual investors blindly following near fraudulent managements to bankruptcy, all while crying that ‘The shorts are just manipulating the stock!’. Most often the true story is that institutions did their diligence and are on to underlying problems, not a conspiracy. Slingshot Insights is about leveling the informational playing field and knocking down the barriers between investor classes. We hope this business can prevent heartache and loses for our members just as often as it helps them find outsized gains. Benzinga: Do you offer investors any unique data points that can help their trading/investing decisions?
McCann: All of the data points, conversations, and sentiment indicators that we offer our members are unique. With the exception of document requests from the federal government we do not pull any information explicitly from third party vendors. The key to our offering is that it is a platform for investors to ask their own questions. These answers are then unique to our site and community. I think one of the key features of our product is that the diligence projects, catalysts to track, and strategic initiatives to monitor can be input by any member. The power of what we offer is how it is only limited by the creativity and thoroughness of our users.
You can find out more about Slingshot Insights at their website, or email them at [email protected].