There is a daily, constant stream of news and information. How does a company or organization recognise what is relevant to their business and consumers? Heckyl Technologies identified this key question early on and works to filter out the relevant information and transform it into something useful. Established by Mukund Mudras, Som Sagar, Jaison Mathews and Abhijit Vedak, Heckyl Technologies has changed the way retailers, brokerages and financial institutes look at information. We chat with the founders.
An Excerpt from the Interview:
• What made you start your venture?
Around 4 years ago, we were working with the Traders in the US and discovered that the social media, open database space was really exploding in terms of information and we could see the value it could add in the financial space. While traders had all the tools necessary for making the big calls, they were still trying to explore this space. It was then that we thought why do we not capture all the information in the public space and make this available to the Retail traders who at that point of time had no single platform to make the news available to them.
• What has been the key to your business’s success?
Our four pillars of success are product, people, place and price.
Innovation has always been at the forefront of our ethos. We believe in pushing the bar when it comes to creating a solution. We believed in making a change for the retail trader and that change was modeled around how we could present information for their consumption. That has primarily led us to receiving several awards and being recognized as a product disruptor.
None of this can be done, without the significant back up of the team who puts it together every single day. Passion exudes from within the team, who each feel responsible towards keeping up the company’s promise of making ground breaking product solutions every single day.
Of course, nobody can ignore that a solution is valued best when there is a need for it and we believe that we struck it at the right time /place and with the right offering.
• What are the major challenges in your line of business and how did/do you overcome them?
The product is targeted at Brokerages and Financial institutes and at the time when we launched the product, the Financial Markets were going through a tough phase and no one was ready to spend money on anything. However, in time the customers did see the merit and the value add we were bringing to the trading platform and then they started signing.
The other challenge we saw was of our global proposition and nobody was aware of such a product. Since the offering was a first of its kind in the Indian financial market, therefore we had to invest our time in attending seminars and positioning our product in those meets, several educational initiatives were undertaken to spread awareness of such a product potential.
One of the other bigger challenges was our tyrst with the Indian customer’s psychology of trust – the fact that we were capable of supporting them on a sustainable basis had to be reinforced. So we invested our time with the customers to prove that we were to stay and support them in the times to come.
• Do you have a mentor who guides/advices you on matters of the business?
We are continuously learning everyday with the help of our friends, and customer/partners, as they have been our believers from day zero. We are always encouraged by them to push the envelope on our capabilites and potential. This is manifested into small discoveries being made from within our team that helps build upon knowledge base in handling business issues.We are also backed with very strong Board members to help and guide us.
• Have you benefitted from the use of any specific technology for your regular operations?
Yes, we have benefitted from using the right technology for our analytics.We take data from 1.5 million sources and analyse them in real time to provide a simple analytics platform to the Retail traders.
• What strategy do you follow for Customer Satisfaction & Expansion?
We are targetting the Brokerage space, where a lot of knowledge exists through years of research and experience. Our strategy was to indeed integrate both the value propositions, from Heckyl as well as the Brokerages. Customer Satisfaction boils down to different lengths and breadth of the interaction and conversations with them to identify their requirements and issues that can be resolved using our product and technology.
We understand the vision of the brokerages and what they would like to achieve in the given timeframe and we are able to work with them on their expansion in terms of the product or feature offering.
• What, according to you, are the top 3 skills needed to be a successful entrepreneur?
1. Perseverance for Innovation/Creativity 2. Collaboration or Networking. 3. Quick Decisions for first mover advantage.
Visit their Website: http://www.heckyl.com/
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