One startup is betting on the rise of crowdsourcing, especially at the intersection of investing and news. Tradebird is a smartphone and Web app that launched this week.
"It provides a feed of crowdsourced news analysis and opinion on the financial markets and topics that drive them," said Ivan Ashminov, the company's CEO, adding that anyone can post or have access to the information within the app.
The service aims to help traders make actionable decisions based on information about stocks, currencies and commodities, among other topics.
"Instead of spending a lot of time browsing various sources, one can just follow the stream and see how news is developing and see the social feedback of the community and make up his mind on his next trade."
Ashminov said the app relies on users to post accurate information and that there are no safeguards in place at this moment to ensure the content as accurate.
"As the volumes grow, we plan to implement algorithms that will filter the content because we want to keep it really focused," he added.
The service already contains over 3,000 daily posts. While Ashminov said there are no plans to partner with news organizations to ensure their content is presented on the app, he's open to possible collaborations.
Ashminov said his company is focused on building user growth, experience and the quality of the content, instead of monetization.
As for the target audience, Tradebird is eyeing every day investors.
"We want to start with retail traders because their needs for information have not been addressed yet," he said. "We hope that professional traders will find it very useful," adding that there is an addictive nature to refreshing and checking the app.