Welcome to our Founder Spotlight Series, where we bring you the stories of visionary startup founders and entrepreneurs shaping the future. Today, we’re thrilled to introduce you to Josh Furstoss, the driving force behind Incued, a financial data analysis software company. Join us as we dive into his remarkable career, the fintech industry’s challenges, and the exciting path ahead for Incued.
Hi Josh, welcome to our Founder Spotlight series. Can you tell us about your background and what inspired you to start Incued?
Josh: I started off my career in the startup world as the first employee at a company called Supplymind. We were building AI to help with healthcare supply chain problems. After this, I worked on intelligence and security technology at Motorola Solutions before beginning to advise gov tech startups. Eventually, I found my way into being a venture partner and head of Founders Network Chicago where I discovered the problem we’re solving. Ultimately, I was fascinated by the problem, and my background in AI and big data tech was a perfect fit, and solving the problem was the only thing I could think about.
Incued focuses on meeting the specific needs of leaders at investment firms. Could you elaborate on their unique challenges and requirements in financial data analysis?
Josh: Basically, we have 97% of businesses in the US and $25T in traded capital assets YoY that have no transparency or high-quality data for decision making by investors. Traditionally, data is gathered via email by asking for spreadsheets and PDFs. These are prone to errors, rarely updated and as a fund grows and as companies move to later stages the funds have a very hard time capturing this information. We automate that, leading to massive cost reductions for the funds and increased ROI on investments.
The financial industry is known for its strict regulations and data security concerns. How does Incued address these challenges while providing data analysis solutions?
Josh: I could go on about this for a while, but the simplest way I can put it is. High level encryption where data is encrypted in transit and rest plus Soc2 compliance standards being met. Operationally, the data security of our customers is our #1 priority.
As a CEO, how do you foster a culture of innovation and collaboration within your company, and how does this culture benefit your customers?
Josh: Trust, honesty and transparency. Let people learn from their mistakes, and be honest and upfront with people. Don’t hold grudges, and understand that everyone is always in the process of learning. Our customers appreciate this because we take a very genuine interest in what they are doing, the problems they need solved and don’t over promise and under deliver. We do what we say we are going to do and treat our customers with respect as people not as a commodity.
What are some of the key trends and emerging technologies in the field of financial data analysis, and how is Incued staying ahead of the curve in adapting to these changes?
Josh: Private markets in general is an amazing growth industry and frankly (acknowledging I’m biased), I believe that private market data is the baseline for this industry to take off.
Induced is staying ahead of these changes by being the first private market automation tool that exists and leading the charge into the future of private markets.
What advice do you have for entrepreneurs starting their journey or considering entering the fintech sector?
Josh: Haha, just don’t quit. Give it a bunch of time, talk to as many people as you can and again never give up. It’ll get hard, it’ll be lonely, but the longer you do it the easier it will become as things come together.
Lastly, what is your long-term vision for Incued, and how do you see the company contributing to the evolution of financial data analysis in the coming years?
Josh: We want to create a bloomberg terminal for private markets to enable liquidity across the board. Instant ability to buy and sell private securities, eliminate fraud in the private markets.
As we wrap up our conversation with Josh Furstoss, we’ve uncovered a world of insights and innovation in the field of financial data analysis. Josh’s commitment to solving the unique challenges faced by investment leaders through Incued is truly inspiring.
We’re grateful to Josh for sharing his vision and expertise in this Founder Spotlight. We wish all the success for the team at Incued.