Analyzing Billions of Transactions to Understand Consumer Behavior - Michael Babineau and Kevin Hale

Michael Babineau is cofounder and CEO of Second Measure. Second Measure analyzes billions of credit card transactions to answer real-time questions on consumer behavior. They were in the Summer 2015 batch of YC and you can check them out at SecondMeasure.com. https://twitter.com/mikebabineau https://secondmeasure.com/ Kevin Hale is a Partner at YC. Before working at YC he cofounded Wufoo. https://twitter.com/ilikevests The YC Podcast is hosted by Craig Cannon. https://twitter.com/craigcannon Y Combinator invests a small amount of money ($150k) in a large number of startups (recently 200), twice a year. Learn more about YC and apply for funding here: https://www.ycombinator.com/apply/ *** Topics 00:00 - What idea did Mike apply to YC with? 00:45 - Where did the idea come from? 4:00 - From project to company 9:45 - What info did investors want to know that Second Measure could provide? 11:30 - Their first customers 14:00 - The primary use case of Second Measure for VCs 16:45 - What questions are they trying to answer? 19:00 - Data examples from their blog 20:30 - Post: Fashion retailers have nothing to fear (yet) from the rise of Stitch Fix [https://secondmeasure.com/datapoints/fashion-retailers-have-nothing-to-fear-yet-from-the-rise-of-stitch-fix/] 23:00 - Post: Holiday sales rocket Peloton memberships ahead of SoulCycle active riders [https://secondmeasure.com/datapoints/peloton-subscriptions-doubled-over-past-year/] 24:30 - Post: Prime members deliver for Amazon every day [https://secondmeasure.com/datapoints/prime-members-deliver-for-amazon-every-day/] 27:00 - Second Measure's product development process 29:00 - Finding good data scientists who work from first principles 36:30 - Why is credit card data so messy? 41:30 - Cleaning data 43:45 - Using their product for competitive analysis 47:00 - Their sales process 48:30 - Raising money from Goldman Sachs and Citi 51:30 - Focusing on a specific problem 53:30 - Keeping the product compelling when it's table stakes

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