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Duedil is a UK startup which claims to be the largest database of free company financials in the world.
I've been asking Founder and CEO Damian Kimmelman about the challenges involved in building Duedil, how the company will make money, and its future plans.
In one sentence, what is Duedil?
Duedil is the world’s largest database of free company information
What problems does Duedil solve?
Traditionally, looking up information on companies has been expensive, time consuming & difficult to understand. Traditional Credit Reference Agencies serve about 20 percent of the available enterprise market.
We are looking to fulfill the needs of the long tail of that market.
When and why did you launch it?
We launched at TechCrunch's GeeknRolla in April 2011 (which we won!).
Much of the success of social media networks is based on social voyeurism; tagging people in pictures, writing on people's walls. This creates transparency and in turn, trust.
However, current business networks are largely based around jobseekers, whose intentions run counter to transparency. Duedil (which is short for due diligence) is based around business voyeurism.
Our goal is to create a compelling narrative on every company in the UK. When data is beautifully presented & digestible, it becomes intrinsically compelling.
We think snooping through your competitors' Duedil profiles can be as addictive as flicking through an ex's Facebook photos!
What was your background before launching Duedil?
I used to run a digital agency called weareVI.
After a couple years of really great projects, we came to a crossroads where we had become too big for the little clients, and too small for the big ones.
I made the difficult decision to close the company and move onto a new project, Duedil.
Who is your target audience?
Our users range from local business owners to multimillion-pound hedge-fund managers, accountants, journalists and business analysts.
Housewives & sole traders tweet at us every day, telling us how much they enjoy the service.
Football fans use it to check up on their team's solvency. We also grant extended access to journalists, who so far, seem to love the service.
While our immediate goal is to reach SME decision makers, it’s becoming increasingly evident, that there isn't an individual in the UK who couldn't benefit from a little extra Duedil knowledge.
What are your immediate goals?
Currently, we're only showing about 10% of the data we have aggregated.
For the next few weeks, we'll be concentrating on releasing some really cool new features, new data sets and really trying to wow our growing user base.
Do you have a mobile version of the site?
We're close to perfecting our iPad version of the site, which I'm really excited about!
What were the biggest challenges involved in building Duedil?
Our biggest challenge is how we prioritise what we do next.
There are so many new opportunities & possibilities, it can be hard to maintain focus on the core product.
We want to make sure our key services are as good as they could be, before expanding. We'd rather do a few things really well, than do too much, adequately.
How will the company make money?
In the future we will be launching subscription services for power users. But everything you see on the site today, will always be free.
Who is in the team and what does it look like?
There are about 12 of us at the moment but we are looking to triple in the next year. I'm very picky with hiring and will go through hundreds of CVs before I find one I like.
As time consuming as this can be, it does mean that we've ended up with a really impressive team.
Our developers are some of the best in the country. Every week they blow me away with something incredible! I always try to hire people who are smarter than I am to keep me on my toes.
It's a great environment when you're bouncing around new ideas.
Where would you like to be in one, three and five year’s time?
In one year, we'd like to be the no1 source of business information in the UK. In three years, we'd like to be the no1 source in Europe and in five years… the world?