(04:12) At first, I had constant outages because people were scraping the website. So, I created an API to stop the scraping and provide a more efficient way to access the data. An API allows programmatic access to data, and since then, everything has taken off. The API now accounts for 98% of our traffic—talk about product-market fit!

(05:36) Exactly! So, what are some of the best sources for data that you see out there? I know alternative data is a big topic in the investment space. What kind of trends do you see in financial markets? Where are people getting their best data?

Well, the trend I've noticed is that people are becoming more aware of the economic impact on their finances. They're looking at inflation, interest rates, the Federal Reserve's rates, etc. You can find this data on sites like FRED and the SEC. The trend has shifted from investing for growth to investing to combat inflation. This shift started maybe one or two years ago, and now people are more focused on preserving their purchasing power rather than just growing their money.

(06:53) Another trend I've noticed is a growing interest in ESG (Environmental, Social, and Governance) investing. People want to invest in companies that are responsible and care about the planet's future. This shift in focus is evident in our database queries and user behavior, and I believe it will be a key trend in the coming years, especially for pension plans and long-term investments.

(09:36) With all this data, you might be my go-to for stock picks next! But seriously, what are some of the best ways to find and utilize financial data?

The good thing about public companies is that their data is public. You can go to the SEC's website to check each company's financial statements, insider transactions, and other important information. Investing is about more than just buying stocks like Apple or Facebook; it's about putting your money into a company to help it grow. You want to know who is running the company, why they are doing what they're doing, and what their future projections are.

(10:13) There are also plenty of platforms like FRED, Investing.com, and others that aggregate data to save you time. However, if you really want to control your investments, you need to read these reports and understand the data yourself. It's your money, after all, and you should know where it's going. (11:32) It's like with your money, you need to know where it's going, just as with taxes—you should understand what the government is doing with them. Due diligence is crucial. If you're a developer, use an API to automate and analyze data from multiple companies at once, providing a clearer industry picture. Definitely, this is what I'd recommend.

How do you see AI coming into play with analyzing large data sets, especially in identifying trends and pointing them out for a human to review?

(12:04) AI is amazing because it plays a significant role in dealing with unstructured data. For example, companies hold earnings calls every quarter to discuss their plans and results. AI can synthesize these conversations and provide summaries, which is invaluable. Before AI, we used regex or complex algorithms to extract key points, but now AI can listen to a meeting and highlight the important steps and happenings. AI saves time by automating tasks that were previously manual, like listening to earnings calls or government updates on investments and interest rates. It's all about structuring the unstructured and providing insights to investors.

(13:34) That's a smart way of putting it. The best use of AI I've seen follows the Pareto principle, or the 80/20 rule. AI can handle 80% of the heavy lifting, like structuring unstructured data, making it easier for humans to perform trend analysis and other tasks. When deployed effectively, AI is a powerful tool.

How can small and medium-sized businesses (SMBs) take advantage of macro trends to better run their business, especially considering the potential for an economic slowdown or recession?

(14:34) The key for SMBs is to use new tools and trends to restructure their business, making it as efficient as possible. In a recession, the focus shifts from income to expenses; you want to reduce costs and increase productivity. AI can be instrumental here—for instance, it can automate categorizing emails, saving time and resources. While AI can't do everything, it helps businesses get the most out of what they have. It's about maximizing efficiency and not just focusing on growth but maintaining control over expenses.

(15:51) This mindset should be a constant, not just during economic downturns. Businesses should always strive to improve processes, be more efficient, and be alert to new opportunities. Often, people wait for problems to seek solutions, but being proactive is key. Always look for ways to improve, streamline processes, and enhance quality, regardless of the economic climate.

(17:00) If you need a wake-up call, the potential recession could be it. Use this opportunity to integrate these strategies into your core values and maintain them even during good times. Aside from this, let's talk about your personal experiences. Have you ever faced failure as a founder? I’ve had my share of failures and wins, but failures often teach the most valuable lessons.

(17:24) Absolutely, I've faced tons of failures. I actually love failure, as long as it's controlled. For example, when running a company, you're constantly balancing whether to add features, enhance tech, hire more people, or improve customer support. One of my biggest mistakes was adding too many features based on user requests without considering the cost implications. The costs kept increasing, and sometimes, we were building something for just one or two users. As a French person, I tend to say yes a lot, but that can be problematic.

(17:59) Eventually, a new CTO, Jack, joined and advised taking a pause to refactor everything. It took a year and a half to completely overhaul our codebase for better scalability and efficiency. It was tough telling users we couldn't add new features because we were refactoring, but it was necessary. The biggest lesson was to build a robust foundation from the beginning. Startups can scale rapidly, especially in a large market like the U.S., and a strong technical foundation is crucial for handling that growth.

(19:53) At a high level, it's like building a skyscraper: a strong foundation allows you to build higher. In New York, for instance, some buildings seem impossibly tall, but they stand because of their strong foundations. Similarly, in business, a solid foundation supports sustainable growth and scalability. (20:22) It all starts with the foundational bricks of building everything, including a startup. It's always a great lesson to learn and revisit, asking, "Do we need this feature? Is this really solving our core customer problem?" Exactly, exactly. Is it part of our core business, or are we just trying to please someone? Understanding this helps you focus on your core, so you can build a strong foundation, like a house, and then add things on top.

(20:57) You can't try to be everything to everyone without diluting your value. It's crucial to excel at your core competencies. Some customers may request specific features, but if they don't align with the needs of the majority, they can detract from the overall product. It took us a year and a half to rebuild everything, which is why any founder should consider these issues from the beginning. As your application scales, refactoring becomes increasingly complex. The concept of an MVP (Minimum Viable Product) is critical because it forces you to focus on your product's core value proposition.

(22:03) Focusing on the MVP is not only cost-effective but also ensures that you're delivering what truly matters to your customers. It helps verify if there's a market fit before building on top of it. That's the foundation. What other challenges have you faced as a company, and how did you overcome them?

(22:29) One of the main challenges was finding the right people. In a startup, each individual is crucial—they can make or break the company. We were fortunate to start as an open-source project, allowing us to identify and hire the best contributors. Hiring people who are passionate about your mission and genuinely want the company to succeed is essential. It's not just about hiring the best developers; it's about finding people who truly care about the company's success.

(23:47) Even B players can perform like A players if they're motivated and believe in the company's mission. It's not just about hiring anyone willing to take your money; it's about finding those passionate about solving the problem your company addresses. A motivated team can accomplish anything, even if they don't have everything figured out from the start.

(24:40) Transparency is also vital. Be open with your employees about the company's challenges and successes. Share information about the tech, revenue, and any difficulties. When people trust you, they'll do their best. We have daily and weekly meetings where we share everything, allowing team members to voice concerns and suggest improvements. This openness builds trust and ensures that everyone feels like a vital part of the company.

(25:46) It's all about problem-solving. Rather than ignoring issues, it's important to be transparent and tackle them head-on. This approach fosters a sense of purpose among team members. I prefer using the term "team member" instead of "employee" because it reflects a shared commitment and value within the team. What are your thoughts on this?

(26:43) Absolutely. Founders must recognize that without their team, they can't accomplish anything. Everyone works together toward a common goal: making customers happy and creating an amazing company. It's not about tasks to complete; it's about collaborating as equals to achieve a shared vision. When everyone feels they are part of the team, it leads to a more motivated and engaged workforce.

(27:56) If you love what you do, you never work a day in your life. Even a 12-hour day can feel fulfilling if you're solving problems and contributing to something meaningful. Cultivating a company culture where everyone feels purposeful and engaged is key to growth. What are some of your favorite books you've read in the last year that other founders might find inspiring?

(28:19) One of my favorite books is a French book called "André Bers." It's not about finance; it's a story about a father seeking justice for his murdered child. It took the French government 30 years to bring the culprits to justice. (29:07) The book describes how the protagonist spent his life fighting for the truth, showing the determination that sometimes such struggles require. As a founder, it resonates with me because all founders have an inherent drive to achieve a mission, to accomplish something deep inside. This is often difficult to explain to others, but we all understand it. The protagonist's mission was to find out what happened to his child, and the book is amazing in how it portrays the complexity and worthiness of such a struggle. It’s a great read, available in English as well, and it illustrates that sometimes you just need to keep faith and not let go.

(30:21) Don’t expect overnight success. Entrepreneurship is a career, and success might not come from your first, second, or even third venture. It could take time, as it did for the founder of Kentucky Fried Chicken, who started in his 60s. The key is passion and a genuine care for solving people's problems. When you empathize with customers' needs and create products that truly help them, they will appreciate your work, and that’s the foundation of a successful business.

(30:44) As for Financial Modeling Prep and our API, we're very excited about the future. We're deeply invested in new technologies like AI, which we're using to extract as much data as possible, transforming unstructured data into structured information. Our goal is to continuously evolve, embrace new technologies, and provide comprehensive data to help investors understand the business landscape better. We're also expanding into private companies, aiming to provide exposure to them as well. Previously, it was difficult to access data from PDFs and unstructured text, but now, with advancements in technology, everything has become more accessible, including news parsing.

(31:59) We’re thrilled because we now have a solid infrastructure, reliable data, and unlimited potential for future enhancements. As technology continues to improve, it benefits everyone, making financial data more accessible and actionable. For those serious about financial market data, our platform offers a comprehensive solution.

(32:42) I highly recommend not attempting to parse all this data on your own; our platform has the sources and tools to make it easier. Our mission to make unstructured data more structured will help people make smarter market moves. You can check out our platform at FinancialModelingPrep.com or find us on NachoNacho’s B2B SaaS Marketplace, where we offer 25% cashback for premium members. NachoNacho is a great place to buy SaaS, and Financial Modeling Prep is the best place to get your financial market data.

(33:04) Thank you for having me. I'm looking forward to what's next. Likewise, thanks, Antoine. Have a great day.