Discover how this app helps millennials engage with the stock market.
Around eighty percent of millennials aren’t investing. This generation came of age, graduated from college, or entered the workforce during the Great Recession, so it’s no wonder they’re wary.
They have other excuses for not investing as well. Financial woes (those student loans really suck), lack of information, or suspicion of stockbrokers and the stock market in general keeps them from pouring money into stocks.
No Investment, No Retirement
Jinmin Cho, a former media planner, understood the drastic implications a generation who stayed away from the stock market could have. Failure to invest means many of them won’t be able to retire, just like the generation before them. Cho decided he needed to do something about it.
Millennials [have invested] less in the stock market since the recession in 2008 and 2009, Cho said, So I thought it would be a good idea if we encourage millennials by delivering crowd predictions.
Stock Market Experiment
Before he could do that, though, he decided to dabble in the stock market himself. He joined the smattering of millennials (approximately one in four) who do invest.
At the end of his experiment, Cho ended up losing money and he understood just why millennials aren’t investing: it’s a tricky business. He is a layman when it comes to investing, and he struggled to access relevant information about the stock market to help him invest wisely.
Like most millennials without investment experience, knowing the ins and outs of Wall Street was difficult for him.
I experienced how hard [it was] to get information, Cho said of his experience, and personally I lost some money.
A Risk-Free Way To Engage With The Stock Market
Cho’s previous role involved dealing with data, and after his experience, he wondered if crowd predictions could help millennials invest wisely. What if there was an app that allowed millennials to dabble in the stock market risk free and that also provided information about individual stocks?
So Cho built Stock Streak, a simple iOS app that gets millennials engaged with the stock market. Once they download the app to their phone and create their profile, they’ll be able to pick one stock a day that they think will go up in price.
When they pick a winning stock at least two days in a row, they’ll have a winning streak. In the future, Cho plans to award cash prizes each month to users with the longest winning streak.
Wall Street meets social media on this app. Users can search other user profiles to see what stocks their friends are picking. Before they make a choice, Stock Streak also allows users to view information about individual stocks so they can make an informed decision. They can scan leaderboards to see which users have the longest streaks and what their winning stocks have been.
Cash-strapped millennials don’t have to worry about risking money in the stock market with Stock Streak. It’s a fun, useful tool that helps them learn more about investing. As they use the app, Cho hopes they gain confidence to eventually risk money in the stock market–and win.
Investing Based On Crowd Predictions
Cho also believes his app will provide valuable data for for investment professionals and financial institutions.
While finance professionals already have computer predictions to use, Cho thinks data that takes human choice into account could play a powerful role in the future of investment. He plans to use data from Stock Streak to build reports based on the app’s crowd predictions.
Computers can pick one stock a day, Cho said. They can predict better than people but only based on data. People can choose. Humans can choose and they can make decisions.
Outsourced Development For Non-Technical Founders
When Cho was looking for developers to build Stock Streak, he was afraid his non-technical background would prevent him from hiring the best fit. If he used one of the other outsourcing platforms available, he would have to interview several developers, but without a knowledge of coding languages, he felt like he would be going in blind.
Because he doesn’t have an IT background, he was concerned he wouldn’t know which freelancers were the best developers for his project.
When Cho found out about Gigster, he decided to give it a try. He liked the concept of dealing with a project manager who was responsible for the rest of the development team. He communicated his ideas to his Gigster project manager who found the right developers for the project. Additionally, Cho’s project manager was able to suggest other ideas that Cho hadn’t thought of for his app.
Having one single channel was more convenient and easier for me to communicate, Cho said. The project manager was very proactive and provided some ideas that I wouldn’t think of due to his different background.
Cho feels that Gigster is a good fit for founders with non-technical backgrounds. When he came to Gigster, he had the idea for his app, and Gigster helped him flesh it out while streamlining communication with his development team.
Crowd Predictions: The Future Of Investing?
Stock Streak has been open since the end of 2015. As the app continues to grow, Cho plans to build reports from the data he gathers to help both businesses and individuals have a better understanding of investing.
Are you a non-technical founder? Let Gigster help you turn your ideas into reality.