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Vinny Jindal on how tech entrepreneurs are moving full speed ahead into the finance space with social networking and mobile apps.
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An area -- just talking about stock picking but there's fix social aspect to this now I know I've never heard that I thought about it being on FaceBook people got one stock into the dollar sign -- taker.
Dot playing -- PL for apple the next little holes -- sitting on the social sphere.
With stocks and -- Jindal is CEO of stock parent ST OCK car that's right is joining us so tell me about your company and -- got the idea to start it.
-- the idea came from the fact that like you're saying people love to social network and real life and now on line as platforms have gotten better and better.
I can have a real relationship with someone I can know your name I can interact with you and when you say something you can come directly to me.
So real identity and real social tools making it easier for us to form real relationships of people.
And that doesn't happen online about stocks I -- great global network of friends at FaceBook domestic -- on what they're thinking and feeling what they had for breakfast you feel like you.
Top -- everyday and you don't tell you stay current you know you -- to -- the best of may be what they're thinking at that time.
And I can't do that about stocks and I wanna talk about stocks -- -- all the places are an authentic in terms of identity.
The thing about the message -- Triton when -- anonymous you can just scream at people when you yourself you talk to them.
-- -- and people talk to each other about stocks -- giving them a social platform.
Where they can use the real name -- real relationships can get real information.
Resonates with how people pick stocks that resonates with how to use the Internet.
So we created if -- kind of like a FaceBook Burlington for stopped so.
You can talk about this topic without feared being spent.
And you can bring in all the constituencies that talk about.
Stocks of for example what happened recently with Reed Hastings and Netflix.
-- a CEO of a public company who wanted to share.
He wanted to share information.
Now FaceBook might not be the right place to do it because.
Netflix wants to talk to their consumers.
And and we want to talk to each other Mormon on -- consumer level.
And FaceBook and Linkedin they want to talk about how great their benefits are and why should work there.
There's no place for them to really talk about.
Earnings per share and talk about -- top and the things and investors care about so if you have a place where companies are.
Open and willing and and able to talk about themselves as the stock.
-- -- -- -- -- He got a a letter from the SEC it doesn't mean that he got in trouble yet.
But we do see is that there's this instinct you on must -- it just the week before.
They want to share what's happening with their company and social media platforms are places where there are a lot of people.
-- -- you do you have any of those concerns that the SEC -- that you might be a trigger for.
Punitive action for providing a forum for being people who own big companies to -- -- additions that.
Now I mean ultimately -- -- medium so if he said it on you know vs FaceBook there wouldn't be Gmail -- but the truth is that disclosure has to change.
You know if I put out a press release on a material event for my public company for example and I put it on Yahoo! finance which gets fifty million people -- month.
That's still 110 of the 500 million people come to FaceBook.
So for FaceBook to be -- less legitimate disclosure channel then Yahoo! doesn't make sense so how many people are -- -- We just launched just little while yes we have 101000 people that's right so we have 3000 people on the site -- -- and some of the conversations we're seeing other things that drove us to build Stockard.
I love FaceBook silencing of my friends relatives but if I could use it to connect to someone who -- -- if you -- or someone who's a scientist at -- I could have a conversation and somebody you can keep me smarter about automotive stocks throughout Biotech stocks and -- be -- -- -- getting ideas and trading ideas and.
But it's been a personal responsibility and -- or poster responsibility to bet that they specific hearing about these stocks trade because exactly thank you said it is just to social medium.
For people can say whatever they want to save -- your investment decisions.
Are your investment decisions and perhaps should be vetted in a more authentic way look.
That's absolutely right it's sort of like people watching your channel to getting great ideas they're hearing from experts.
But after they hear from us they're gonna ask may be their friend or someone else -- -- Not -- social this is social shown that there is real producers who are hired by real human resource department putting out yeah me where that it.
That's kind of we know that end and -- -- is not that.
Comment today.
That's right it's meant to give anybody -- voice because we recognize that there are Smart people among this in the populous.
Not all the smartest people who understand Internet stocks our research analyst for example there are a lot of people who work in the industry.
And they have a voice may want to say something in if you listen to than you benefit from the way that -- that is how social systems that people.
Social systems have this immune system like if you lie on FaceBook.
Different they're gonna call you out on it -- if you post something incorrect on your resume on Linkedin -- get found out from social systems -- lots of people are looking at the content.
Tend to being true fear and and that makes total sense -- what stocks have spoken -- must.
Well you'd imagine that our early adopters love technology and we love the Internet so it's LA apple and FaceBook apple and -- -- and then whatever is in the news obviously a lot of you -- talking about Netflix would replace these things came out and said that.
You're segment test well when -- on must disclose what was happening with -- -- It's a really actually very good snapshot of what's hot in the market today and that's what we want people to be able to see.
Not just the news but what are people saying yes we all eyes hello read the message boards even though we're gonna we know we're gonna get you -- -- competition -- -- and a we didn't have -- -- who is your big competitors.
Would -- need be out -- lost when they hear they're starting something other some -- -- they had they invested in some zero and and as sincere as a close network so did you know -- who founded it.
Claims to process 80% of the applications and make sure that people in their network are all professional investors so they're enriching the network through.
You know manpower.
But the truth is that can't scale how can they process hundreds of millions of applications.
-- -- but there's a billion people and those you may not -- -- be friends tell them they've given you the technology to create your own enriched network from that population and Stockard as the same thing.
-- And and that final question ventured the magazine had is US -- for startups looking to reinvent finance from the Los Angeles not Newark.
Police who worry you that -- veterans and Monica okay.
So I mean when I think of California I think that's start up VC company.
That your bringing -- the Wall Street angle to yeah I mean is that because.
And you Wall Street losing its good reputation and it's lost its good reputation -- it going to where you are.
Wall Street will stay in New York.
You know but the great thing about technology is companies can use technology and build anywhere so we can make a -- for Wall Street now I -- -- yourself.
And when you from.
Hopefully back on this telling you that we have 300000 users.
How well good luck I don't think you're gonna have a problem they need to -- thanks so much for coming on CEO.
Stuff -- And there -- your web site -- everybody.
