TradeKing Encourages Innovative Entrepreneurs with API Competition

In May, TradeKing announced major enhancements to its open API. Now, TradeKing wants to see the API's functionality shine in creative new apps; TradeKing recently announced the TradeKing Financial Entrepreneur Pitch-Fest Competition. TradeKing has partnered with Sramana Mitra of the One Million by One Million initiative to launch and support the competition. TradeKing will select 12 winners to attend the One Million by One Million program for one year. In turn, One Million by One Million "will assist [the winners] in establishing their businesses to create financial services platforms, 'Apps' and trading experiences using the TradeKing API."

The contest idea sprung from an interview Mitra conducted with TradeKing CIO, Dan Raju. In the interview, Raju commented: "Today’s increasingly app-centric world is changing how we live, interact, collaborate, consume services – and now, invest online." Accordingly, the contest "is designed to encourage and support new entrepreneurs to develop, launch and create financial services platforms related to Application Programming Interfaces (APIs)." According to Mitra, all companies will be considered, "regardless of their prospective Total Available Market (TAM) or the speed at which the business will grow. Small, niche businesses comprise the operating system of the global economy, and any small business owner can benefit from being trained."

Applicants must apply by September 10, 2012. The requirements for application submission are few: "Applicants must have a concept or existing business providing a financial services product or service that offers any of a wide variety of features and benefits, with a special focus on online tools providers, mobile tools providers, Platform SDKs and data visualization tools." The actual application is a simple business plan (template found here). Raju further summarized the purpose and the potential of the competition: "The TradeKing technology platform and API can play a crucial role in encouraging innovation across new entrepreneurial talent.  I’m looking forward to working with Sramana and her team throughout this Pitch-Fest process."

Be sure to read the next Financial article: How APIs Are Fueling the Mobile Banking Wars