Energy Trader Finds Opportunity In Tech Startup
Professional traders, unabashed risk-takers, are always looking for the next hot opportunity not only to trade, but to own. Many are entrepreneurs in other businesses outside of investing and financial services — they're in varied fields from sports betting to mobile apps to commercial real estate.
We talk to the pros about the investments they believe in and explore the entrepreneurial endeavors that have them following the money on and off of trading desks.
Trader Ira Eckstein's energy is certainly evident on the Nymex trading floor. After a full day of trading energy futures, however, Eckstein is still going, off to his newest venture, a start-up tech company.
When asked about his inspiration for this endeavor, he gives us two words: social and mobile. "A lot of venture capitalists, a lot of money and a lot of time is going into the space right now," notes Eckstein.
That space now has a new mobile app called "Venuing" that Eckstein's company created. It allows fans to interact with each other in real-time at sporting events and other venues.
The mobile app gives fans direct access to other fans, according to Tom Stuart, chief creative officer of Venuing. And in return, sponsors and vendors for various venues — from sporting events to concerts — can have a new platform to advertise.
Product development is complete, and now Eckstein is talking to potential buyers ... just as he does every day in the trading pits.
"I rode the oil wave for all these years and it was great," Eckstein says. Now he's riding the next wave in social media in a new company, creating a new venue of his own.
Next in the Series: A Golden Opportunity for Anthony Neglia on Wednesday, Feb. 1 on Fast Money
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