Federated Sample emerges as leader in global research market. To gauge the opinions of consumers and stakeholders, companies regularly poll sample audiences in online surveys. New Orleans-based Federated Sample has emerged as a leader in this $60 billion global research market. Federated Sample’s flagship product, Fulcrum, is the only open market research exchange marketplace and sample operating platform. Their technology solutions have created a centralized location for real-time audience insights and transactions, greatly improving the entire industry. As Federated Sample looks toward the future, it is focused on creating new technologies that improve the experience for survey respondents by putting them first. Federated Sample’s founder and CEO Patrick Comer tells the company’s innovation story:
[Q] What inspired you to develop Federated Sample?
[A] After working in various aspects of the market research industry for much of my career, I was inspired to develop Federated Sample and our software technology business unit Fulcrum out of a desire to change an industry and meet the marketplace need. I realized there was a tremendous opportunity to drive greater transparency and choice through programmatic solutions that connect buyers and sellers.
[Q] Why did you pick Louisiana to develop Federated Sample?
[A] After moving to New Orleans in 2008 to be closer to family, I found that there were few high-growth technology companies in the region to join. Rather than leave the area, I decided to create a business that would not only disrupt the global market research industry but more importantly play a role in the revitalization of New Orleans.
I believe Louisiana is the ideal state for entrepreneurs to be successful. Brimming with opportunity from amazing talent to a wealth of tax incentives to a supportive community, Louisiana is an ideal market for a new business.
[Q] What is Federated Sample doing that no other company is doing?
[A] Federated Sample has developed the first Demand Side Platform, or DSP, and open online marketplace for the Sample Industry. Rather than focus on the traditional route of building a panel of research participants, we have instead created the technology that allows both buyers and sellers of research sample to more efficiently and effectively run their programmatic sample operations.
We first realized that Federated Sample and Fulcrum would be a success when we signed our first customer, 18 months before our product was even ready for market. This client, who took a chance on a new technology, showed us that the industry was ready for change and propelled us quickly forward as a software business.
[Q] What unexpected advantages did Federated Sample benefit from that could only be found in Louisiana?
[A] Federated Sample benefited from several unexpected advantages by launching in Louisiana – the Digital Media and Quality Jobs tax credits have been amazing. Having access to these credits allowed us to grow and hire faster. As a software business, this ability to scale has played a critical role in our success. In addition, the support of the local entrepreneurial environment has allowed us, as a software company, to not only drive our technology growth but more importantly, hire some of the best and brightest talent in the Greater New Orleans area and gain access to the a wealth of available knowledge. It should not go without being noted that Louisiana is also home to highly qualified non-tech professionals that are eager and committed to working with the entrepreneurial community.
[Q] What challenges did you face in the development phase of Federated Sample, and how did you overcome them?
[A] Our biggest challenge initially was the speed to market for our product. We had an idea and knew we needed to get it designed and into the marketplace on an aggressive timeline. To help us get there, we leveraged the amazing resources of GNO Inc., Louisiana Economic Development, The Idea Village and accelerator/co-working locations, with a passion for building Louisiana businesses, was critical to our early success. In addition, starting at LaunchPad provided Federated Sample a huge advantage with access to legal, accounting, marketing and other professional counsel not readily available to most start-ups. This meant, a wealth of resources that focused on our stage of business to advance us to the next level faster. We found that having a community to share wins with was valuable and the passion of everyone was contagious.