In the last 12 months, Jason St. Peter and Brad Lawler, creators of the Draft app, have graduated from the University of Texas, raised $650,000 in seed funding, and gotten their product to market. It's been a packed year. And the DRAFT app has the potential to make them, and a lot of other people, quite wealthy by the time they're in their 30s.
[ibimage==32535==Medium==none==self==ibimage_align-left]Draft (formerly known as My Hrvst) is the first community-sourced investment application of its kind. It pulls all of a user's investment account information into one place, allowing them to compare performance, fees, and asset allocation against high-performing portfolios and leverage crowd-sourced data to fine-tune their approaches. Investors can learn from their peers and participate in a growing community, subverting the zero-sum arrogance that often surrounds playing the market to enrich everyone together.
[ibimage==32512==Medium==none==self==ibimage_align-right]St. Peter said that he met Lawler when they were both Longhorns. He combined his strong tech background with Lawler's enthusiasm for the investment world, and the pair took full advantage of their school's resources for ambitious entrepreneurial types. They started lean and got leaner, contracting out support to a range of talent. DRAFT has grown from a concept the pair nurtured as college students and is blooming at a presentation this week at the DEMO Conference in San Jose.
“The investment industry is broken and we all know it,” said St. Peter, who acts as CEO, in a statement. “This mobile app, DRAFT, will put knowledge and insight back into the hands of the investor. And with knowledge comes the power to fix what is broken.”
“We hope that by providing this data in a new comparative fashion, we can bring light to a problem most people don’t even realize they have,” said CTO Lawler. “If I asked you to write me a $350K check today to manage your money, you would probably say you're crazy. But yet thousands of people are doing just that every day. We want to change that.”
Have a tip for us or know of a company that deserves coverage? Email us via [email protected]