InvestorMill is the fastest way to find and chart economic data from trusted sources and go from start to chart in 30 seconds – without needing to have a degree in economics.
It all started when co-founder Dane Vrabac, an economist at Morgan Stanley, noticed that there were even sophisticated investors who had difficulty finding data. They could find the GDP, but there were different sources for the information, and those sources all had their own ways of slicing and dicing the data.
“We aggregate it in a way that makes it fast and easy to access. Economic data users are not necessarily economic data experts. People avoid looking for data, even in 2014, because it’s not easy. A Google search will take you to government websites, which aren’t easy to navigate. And once you find the data, it’s inconsistent from one provider to another. Which is the right source? It’s confusing. It’s not unified. It’s not user-friendly. And you won’t find it all in one place. It’s also designed as if everyone who looks for the data has a degree in economics – and they don’t. We wanted to develop something that was straight-forward, affordable, and would make it easy for you to find the data you needed, in one place.”
Investor Mill solves a number of problems, not the least of which is expense. Bloomberg terminals are $2k a month and Haver, which is not easily searchable, $1700 a month. Installation is also easy and in fact, doesn’t even require the time and skills of the IT department, or even an admin.
The company officially launched their open beta in May. In July, they turned on the paywall – and users are converting, including big Wall Street firms, hedge funds and educational institutions, for research purposes. Banks, day traders, independent investors and the smaller firms getting on board.
“We’re getting a great reception from independent research shops. That’s a growing trend, and it’s just beginning. The people laid off by the large banks and a lot of asset managers are starting their own thing. We make finding the data they need easy quick access so they don’t have to hire an analyst or new junior guy, or learn a new product.”
Users have free access on a 14-day trial bases.
“We have over 300,000 economic and financial indicators accessible from over 50 sources,” said Vrabac.
Vrabac and co-founder Robin Lahoud plan on expanding into specific industry verticals and to the customers for whom they will solve the biggest pain points.
Leave it to a Kansas-born economist to make those sophisticated information hunters feel, well, like they’re not in Kansas anymore.